As we look ahead to Fiscal Year 2022, barring another forced shutdown or a significant downturn caused by
macroeconomic influences, we anticipate a continuation of the strong retail market, as RVing continues to be embraced as a wonderful way to spend time with family and friends and adopted as a safe alternative compared to other means of travel and
vacationing. We believe that new buyers will result in a growth of our overall market and that THOR is well-positioned to perform well in that market.
Governance Developments
In Fiscal Year 2021, we stayed on our intentional journey to continually improve corporate governance. At THOR, our system of governance secures our
financial integrity and sustained performance.
As we diligently
managed our cash flow during the pandemic, one area that remained a focus was our developing ESG program. THOR believes that the value of a company must be measured through many lenses and not solely on its profit. THOR is very focused on its impact
on people and the environment. In 2019, we created our ESG Committee with oversight by our Board. The ESG Committee has followed its strong start with a great year of advancement as significant progress has been made on reducing THORs carbon
footprint. THOR remains focused on our commitment to have net zero GHG emissions by 2050. Last year, we undertook many specific projects, including
|
|
a partnership with the National Forest Foundation to plant 500,000 trees over the next five (5) years. We are
committed to these reforestation efforts to ensure that our national forests can be enjoyed for generations to come, even as the trees we plant help capture greenhouse gases and provide essential oxygen. Each of these actions shows our firm
commitment to protecting the environment and ensuring we have beautiful outdoor spaces for people to enjoy in the generations to come. Recently, THOR released its third annual ESG Report which provides details of our progress along our ESG journey.
It can be found on our website at www.thorindustries.com.
THOR also continued making progress on its goal of establishing a more inclusive and diverse workforce. Under the leadership of Chandria Harris, a
nationally recognized leader in inclusion training and leadership, THOR has experienced significant improvements in its own diversity. In Fiscal Year 2021, THOR continued to extend its diversity and inclusion initiatives beyond its walls as it
entered into a partnership with the Outdoor Recreation Roundtable to form The Together Outdoors coalition to support and equip the recreation economy in raising awareness of equity and inclusion issues in outdoor experiences and provide education
and awareness to help eliminate existing barriers.
Additionally,
during Fiscal Year 2021, our Board continued to execute upon its Board refreshment strategy that is focused on top quality candidates that bring diversity to our
|
|
boardroom. In October of 2020, William J. Kelley, Jr. joined our Board, and on September 1, 2021, Christina
Hennington and Laurel Hurd joined our Board.
As part of our Board
refreshment strategy, long term Board member Allen Kosowsky retired at our meeting in October of 2021. Allen brought great financial acumen and experience to our boardroom and was a catalyst for many important advancements in the governance of your
Company. Under his leadership as chair of our Nominating and Corporate Governance Committee, we shifted to an independent Chairman, added a diversity policy, and a mandatory retirement age among many other key initiatives. While we added strong
members at the time of his retirement, Allen was an important voice in our boardroom and will be missed by the Board and Management alike.
Looking Ahead
The retail market remains robust. Our dealers inventory levels are unusually low. Fiscal Year 2022 has started as strong as Fiscal Year 2021
ended, and our expectation is that Managements continued focus on its strategic plan in favorable market conditions will drive another successful year for your Company. As we look ahead, we remain confident in the future of THOR Industries and
thank you our Shareholdersfor the trust and confidence that each of you place in THOR.
The Board of Directors of THOR Industries, Inc.
|