By Brandon Loveridge, CFO
BPC just concluded its 17th board of directors meeting at the home office last week. Good corporate governance is very important to both us and our partner AXA XL and we take this responsibility very seriously. Some of our newer employees may not be as familiar with this part of the business, so I will outline a few of our management practices and why they are important.
BPC was incorporated as a limited liability corporation in the state of Delaware in August 2010. Shortly thereafter the company formed a partnership with Global Asset Protection Services to provide them with jurisdictional and other risk evaluation services. Since then, BPC’s board of directors has met twice a year to provide the strategic direction for the company. The board is comprised of three members – one representative from AXA XL and two BPC executives. Together as a group they make major decisions for the company based on input from our employees, management team, tax and insurance advisors, and our legal counsel. Each of the board members has a fiduciary duty to make sound decisions that will keep the company on the right track. In addition to regular board meetings, we also have an annual year-end meeting with our tax advisors to review our financials in detail and talk about how to best manage our revenue and expense growth for the following year. Their input is very helpful since they are able to advise us on financial best practices as well as how we compare to other companies our size and in similar industries. These annual meeting are important because they provide transparency to our partner AXA XL, which has full access to our books and records. The meetings are also an opportunity to discuss face to face what the opportunities and challenges are for each partner, and how we can each help the other address them effectively.
The result is that the company is moving in the right direction and is on very sound financial footing. Since 2010, BPC has grown at an annual rate of 15% per year. We are poised next year for record revenue and field staff headcount as we push aggressively into the government market and into new states for CO2 work. We appreciate each of you being a part of our team, since we simply cannot achieve great results without great effort from great people. Keep up your hard work, and rest assured that we are working hard to ensure BPC will be around for a long time and will continue toward the goal of being the employer of choice for inspection professionals.