The following was copied directly from the "Press Room" Section of the Land O Lakes Corporate Website in 2003.

Interestingly, in the recent re-design of the Land O' Lakes corporate website they seem to have deleted this message and any link to it.

Culture of Accountability Required for Success ... Land O'Lakes Chairman Reports

Feb 26, 2003 - Minneapolis, Minn. -

Setting the tone for the 82nd Land O’Lakes Annual Meeting, Board Chairman Jim Fife reflected on the past, described the current climate of agribusiness, and addressed Land O’Lakes “culture of accountability.”

“Let me tell you why our culture of accountability will sustain us,” Fife said, building on the meeting’s “People, Principles, Performance” theme. “The management is accountable to the board, the board is accountable to the membership, and the membership is accountable to be involved in its cooperative.”

Fife explained management is accountable to the Board, which carefully monitors business performance, direction and focus, and works with management to develop critical strategies for the system as a whole. The Board is accountable to members, as their elected representatives, to preserve, protect and grow member equity in the cooperative.

“We are your elected representatives,” Fife said. “We represent you. You ultimately control the direction of your co-op. And that is why you are accountable to Land O’Lakes to be involved.”

Fife said cooperative boards often bring unique insight to their responsibilities.

“The Land O’Lakes Board of Directors is different than other boards because we are a reflection of you, the members,” Fife said. “Unlike directors at other companies, who oftentimes are not experts, nor even involved in the industries they serve, your directors are active participants in our industry. Your board understands agriculture and agribusiness.

“Our system of governance, and tiers of accountability, also set us apart from those business-as-usual corporations. It is member involvement that ultimately sets the direction, and makes cooperatives the grassroots, democratic organizations that they are,” Fife continued.

The Land O’Lakes Board is focused on the future of its cooperative system and in doing what it takes to achieve solid business performance such as managing its business portfolio, deciding on appropriate strategic growth opportunities and maintaining a strong commitment to Land O’Lakes cooperative principles and mission, Fife said.