Corporate governance relates to the activities of the board of directors (the “Board”) which are elected by, and are accountable to, the company’s shareholders. The Board appoints and oversees the individual members of the management team who are charged with the day to day operation of the company. The Board is committed to sound corporate governance practices, which are both in the interest of its shareholders, and contribute to effective and efficient decision making.

 

01

Board of Directors

The Board of the company facilitates its exercising of independent supervision over the company’s management through meetings of the Board and both directly and indirectly through its committees. Except as disclosed below, all of the company’s current directors are “independent” directors in that they are independent and free from an interest, and any business or other relationship which could reasonably be perceived to, materially interfere with the director’s ability to act with the best interests of the company, other than interests and relationships arising from shareholders. 

 

02

Nomination of Directors

The Board determines new nominees to the Board. No formal process has been adopted. 

 

03

Compensation of Directors

The directors are compensated for their services through incentive stock options and director fees.