Investor Relations

Corporate Responsibility & Corporate Governance

Integrity without compromise is Intuit's #1 operating value — and it has been since our operating values were formalized in 1993. Bottom line, everyone at the company is accountable for living up to the highest standards of business conduct and ethics. Following is an overview of some of the steps we've taken to ensure integrity in everything we do.

Intuit's Operating Values

Intuit was founded in 1983 with a commitment to integrity and fair play — and that commitment has always been central to our business ever since then. As the company grew, employees wanted to preserve the spirit of the principles they had already embraced as a written legacy for the future. In 1993, we shut down for a day so all employees could gather to brainstorm how to clearly define our vision, mission and operating values.

Ideas were gathered and refined over the next few months by employee teams and formalized as our Operating Values. These same values are taught today and, in concert with our Code of Conduct & Ethics (which applies to all employees, including our CEO and senior financial officers), remain the foundation of our actions and decisions.

Intuit's Corporate Governance

Good governance is about doing the right things for Intuit and its shareholders. This has always been our priority.

Board of Directors

Intuit's board is composed of 11 members, a majority of whom are not Intuit employees and who are otherwise independent of the company. In addition, all of our Acquisition Committee, Audit Committee, Compensation and Organizational Development Committee, and Nominating and Governance Committee members are independent. The key practices and procedures of our board of directors are outlined in the Corporate Governance Principles adopted by the board. In addition, members of Intuit's board operate under the company's Board Code of Ethics.

Steve Bennett was Intuit's president and chief executive officer from January 2000 to January 2008 and has been a member of the board of directors since January 2000.

Before joining Intuit, Bennett spent 23 years with General Electric Co. in various roles. He was an executive vice president and a member of the board of directors of GE Capital, the company's financial services subsidiary, from December 1999 to January 2000. Previously he was president and chief executive officer of GE Capital e-Business from July 1999 to November 1999. He was also president and chief executive officer of GE Capital Vendor Financial Services from April 1996 to June 1999.

Bennett also serves on the board of directors of Qualcomm Incorporated and he holds a Bachelor of Arts degree in finance and real estate from the University of Wisconsin.

Chris Brody has been a director of Intuit since December 1993.

He has been chairman of Vantage Partners LLC, a private investment firm, since January 1999. From 1971 to 1998, Brody was a partner of Warburg, Pincus & Co., a venture capital and private equity investment firm.

Brody also serves as a director of several privately held companies. He holds a Bachelor of Arts degree in English literature from Harvard College and a Master of Business Administration from Harvard Business School.

Bill Campbell has been a director of Intuit since May 1994. He has served as chairman of the board since August 1998 and was acting chief executive officer from September 1999 until January 2000. He was also Intuit's president and chief executive officer from April 1994 to July 1998.

Campbell serves on the board of directors of Apple, Inc. He holds both a Bachelor of Arts degree in economics and a master's degree from Columbia University, where he has been appointed to the board of trustees.

Scott Cook, a founder of Intuit, has been a director of Intuit since March 1984 and is currently chairman of the executive committee. He served as Intuit's chairman of the board from April 1984 to July 1998 and as the company's president and chief executive officer from April 1984 to April 1994.

Cook also serves on the boards of directors of eBay Inc., and the Procter & Gamble Co. He holds a Bachelor of Arts degree in economics and mathematics from the University of Southern California and a Master of Business Administration from Harvard Business School, where he serves on the Board of Dean's Advisers. Cook also serves on the boards of the Asia Foundation and the Center for Brand and Product Management at the University of Wisconsin.

Diane Greene has been a director of Intuit since August 2006.

She is the former president and chief executive officer of VMware, Inc. Before co-founding VMware in 1998, Greene held technical leadership positions at Silicon Graphics Inc., Tandem Computer and Sybase Inc., and was chief executive officer of VXtreme, Inc.

Greene holds a bachelor's degree in mechanical engineering from the University of Vermont and master's degrees in naval architecture and computer science from Massachusetts Institute of Technology and University of California, Berkeley, respectively.

Mike Hallman has been a director of Intuit since December 1993.

He has been president of The Hallman Group, a management consulting firm, since October 1992. Previously, Hallman was president and chief operating officer of Microsoft Corp. from March 1990 to April 1992.

Hallman is also a director of InFocus Corp., and a privately held company. He holds a bachelor's and a master's degree in business administration from the University of Michigan.

Edward Kangas has been a director of Intuit since July 2007

He has been the non-executive chairman of Tenet Healthcare, an owner/operator of acute care hospitals and related healthcare services, since July 2003 and served as a director since April 2003. From 1989 to 2000, Kangas was global chairman and chief executive officer of Deloitte. He also served as the managing partner of Deloitte & Touche (USA) from 1989 to 1994.

Kangas is also a director of Eclipsys Corporation, Hovnanian Enterprises, Inc., and United Technologies Corporation. He holds a bachelor's degree and a master's degree in business administration from the University of Kansas.

Suzanne Nora Johnson has been a director of Intuit since July 2007.

Nora Johnson previously spent 22 years with The Goldman Sachs Group in various roles. She was chairman of the firm's global markets institute, head of the global investments research division, senior director and member of the firm's management committee.

Her board affiliations include American International Group, Inc., Pfizer Inc., VISA Inc., the Brookings Institution, Carnegie Institution of Washington, American Red Cross, RAND Health and the Markle Foundation. Nora Johnson earned a bachelor's degree from the University of Southern California and a juris doctor from Harvard Law School.

Dennis Powell has been a director of Intuit since February 2004.

He has been senior vice president and chief financial officer at Cisco Systems, Inc. from May 2003 to February 2008, when he became an Executive Advisor to Cisco. From June 2002 until his appointment as CFO, he served as senior vice president, corporate finance. He also served as vice president, corporate controller from January 1997 until June 2002. Before joining Cisco, Powell was employed by Coopers & Lybrand LLP for 26 years, most recently as a senior partner. Powell is also a director of Applied Materials, Inc. and VMware, Inc.

Powell holds a bachelor's degree in business administration with a concentration in accounting from Oregon State University.

Stratton Sclavos has been a director of Intuit since August 2001.

He has been a partner with Radar Partners since December 2007. He was president, chief executive officer and a director of VeriSign, Inc. from July 1995 to May 2007. Sclavos is also a director of Juniper Networks, Inc. and Salesforce.com. He holds a Bachelor of Science degree in electrical and computer engineering from the University of California, Davis.

Brad Smith has been Intuit's president and chief executive officer and a member of the board of directors since January 2008. Before being named CEO, Smith served as senior vice president and general manager of Intuit's Small Business Division beginning in May 2006. From May 2005 to May 2006 he ran Intuit's QuickBooks Group. Before moving to QuickBooks, Smith led Intuit's Consumer Tax Group from March 2004 through May 2005. He joined Intuit in February 2003 and was vice president and general manager of Accountant Central and Developer Network. Prior to joining Intuit, Smith was senior vice president of marketing and business development at ADP. He also held various sales, marketing and general management positions with Pepsi, Seven-Up and Advo, Inc.

He holds a Master's in management from Aquinas College and a Bachelor's degree in business administration from Marshall University.

Acquisition Committee

Our Acquisition Committee consists of Chris Brody, Suzanne Nora Johnson and Dennis Powell. The committee assists the Board by reviewing and approving certain acquisitions, divestitures and investment transactions. The Acquisition Committee Charter contains more details about the committee's roles and responsibilities.

Audit Committee

Our Audit Committee consists of Diane Greene, Suzanne Nora Johnson and Dennis Powell, who serves as its chairman. The committee assists the board in fulfilling its oversight responsibilities relating to our financial accounting, reporting and controls. The committee holds quarterly meetings to discuss financial and accounting related matters, earnings announcements public company filings. The Audit Committee Charter contains more details about the committee's roles and responsibilities. In addition, we have an Internal Audit Department headed by a vice president who reports directly to the Audit Committee.

Compensation and Organizational Development Committee

Our Compensation and Organizational Development Committee consists of Chris Brody, Mike Hallman, Chairman of the Committee, and Edward Kangas. The committee determines compensation for all of Intuit's senior officers and provides guidance to management on general compensation matters. In addition, the committee also provides guidance to management on organizational development activities to build an organization that will facilitate and support our growth. The committee holds quarterly meetings that coincide with full Board meetings and also has informal meetings and discussions with management throughout the year. The Compensation and Organizational Development Committee Charter contains more details about the committee's roles and responsibilities. The committee also works closely with Intuit's management on its employee equity program, seeking to balance the trade-off between attracting, retaining and rewarding a high-performing work force and shareholder dilution.

Nominating and Governance Committee

Our Nominating and Governance Committee consists of Chris Brody and Stratton Sclavos. The committee identifies and evaluates potential new Board members and provides information about potential nominees for the full Board to consider, in accordance with the Process of Identifying and Evaluating Nominees for Director. In addition, the committee oversees the review of Board and committee performance, as well as reviews and recommends governance practices for Intuit. The Nominating and Governance Committee Charter contains more details about the committee's roles and responsibilities.