The Board can delegate any of its powers, authorities and discretions to committees, consisting of directors and other persons as it thinks fit. In order to manage the Company in an efficient manner, the Company has established a number of committees, including:
The purpose of the Audit Committee is to assist the Board by reviewing (i) quarterly, interim and annual financial information of the Company; (ii) external and internal audit reports; and (iii) systems of corporate governance and control which management and the Board have established. It will also oversee the Company’s efforts to be compliant with J-SOX.
The mandate of the Compensation Committee is to assist the Board by reviewing and determining the compensation to be paid to employees and Offi cers of the Company. The Committee is authorized to do all things that the Board would otherwise be authorized to do in respect of compensation of Offi cers and employees of the Company.
The Investment Committee has the authority to review and approve investment transactions proposed by Company’s management valued in an amount not to exceed, for any particular transaction, up to US$2,000,000 in cash, stock or a combination thereof.