Our Governance
We believe that we must conduct ourselves in accordance with the highest moral and ethical standards. Our behavior is guided by our Code of Business Conduct, which promotes maintaining best practices, transparency and accountability to all our stakeholders. TDS is controlled by the family that founded the Company 50 years ago. While we understand that this structure is not typical for public companies in the United States, it has provided us the ability to make investments that may have longer-term benefits for our customers and our other stakeholders, achieving business stability and a positive culture for our people.
The TDS Code of Business Conduct provides the guiding principles by which the TDS enterprise conducts all of its business activities. These guiding principles are applicable to the Board of Directors, executive officers and all associates.
Professional and ethical
Highest standards of honesty and integrity
Comply with laws, rules and regulations affecting our business
Use of assets and human resources for proper and legal purposes only
Managing the Company for Long-Term
Sustainability and Growth
TDS has had over 50 successful years in business, and we are continuing to focus on the future. There are three foundational pillars that position the company for long-term sustainability and growth.
Maintaining a sound financial foundation
We look to have the right mix of both long-term maturities and shorter-term financings, sufficient undrawn revolving credit facilities, and adequate cash balances so that we are not moved off course by disruptive market scenarios.
Investing in our businesses
Wireless – Through 5G deployment plans, we are evolving our network to capture new and emerging revenue opportunities.
Wireline – Focused on fiber expansion, a long-term investment, to improve competitive position and generate revenue growth.
A controlled company
As a controlled company, we are able to take a long-term perspective regarding the best interests of our company.
Engaged Board of Directors
TDS believes good governance begins with an engaged and diverse board. We consider it desirable for the board to have directors with diverse backgrounds, experience, skills, education, and attributes to permit the board to have a wide variety of views and insights.
- Annual election of all directors, ensuring accountability to shareholders
- Policy prohibiting pledging or hedging of company shares
- The positions of Chair of the Board and President and CEO are separate
- Annual self-assessment of board
Risk Management Responsibility
Risk is managed throughout the organization. The TDS Board of Directors has primary responsibility for oversight of risk at TDS. In support, management has developed a robust Enterprise Risk Management Program (ERM) to identify and manage risks that may affect the achievement of organizational objectives. The ERM program provides a common enterprise-wide language and discipline around risk identification, quantification, and mitigation. The TDS Board of Directors receives periodic updates about the status and progress of the ERM program and takes action to the extent appropriate based on such updates.
Other board committees assist in additional risk mitigation and management. The Audit Committee addresses major financial and operational risk, including those related to data privacy. The Compensation and Human Resources Committee assesses risk related compensation policies and practices and the Technology Advisory Group Committee reviews, monitors and informs the board on technology matters affecting operations.
Board Oversight of Cybersecurity
TDS believes oversight of cybersecurity risks is the responsibility of the full board of directors and the board of directors receives regular updates regarding TDS' assessment of threats and mitigation plans. The Audit Committee also exercises oversight over the control-related cybersecurity risks and mitigation plans and receives updates at least bi-annually. The Audit Committee oversees the Company’s processes over internal controls and financial reporting that includes controls and procedures that are designed to ensure that significant cybersecurity incidents are communicated to both management and the Audit Committee. Cybersecurity is also discussed at the Technology Advisory Group as warranted, typically on an annual basis.