Corporate Governance
The value of change and honesty has long been a guiding light of our firm.
Its history is one of credibility and open communication. While investor
confidence has been challenged worldwide due to the actions of a few, the
Company has consistently supported a culture focused on openness, honesty and
the utmost in ethics.
Our Board of Directors formalized its fundamental beliefs, instituting
enhanced corporate compliance policies and adopting a philosophy that we
should be leaders in corporate governance.
Full compliance with the Sarbanes-Oxley Act of 2002, new Securities and
Exchange Commission and American Stock Exchange rules were placed as top
priorities.
Our Board has a substantial majority (89%) of non-employee directors. Since
our Board adopted its corporate governance policies, and through fiscal 2003,
our non-employee directors have been independent in accordance with those
policies.
Our overall governance structure migrated toward an increased focus on Board
committees, ensuring that each committee is keenly focused on its individual
charter and deeply knowledgeable concerning activities and directions of the
Company.
All committees consist solely of independent directors.
We have and are continuing to strengthen our Audit Committee, ensuring a
broad and enhanced base of financial expertise.
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