The Board and the Company’s management review our corporate governance procedures on a regular basis in order to be fully compliant with all NYSE and SEC new rules.

The Board has a long-standing commitment to sound and effective corporate governance practices. The Board’s Corporate Governance Guidelines address a number of important governance issues such as:

• Selection and monitoring of the performance of the Company’s senior management;
• Succession planning for the Company’s senior management;
• Qualifications for membership on the Board;
• Functioning of the Board, including the requirement for meetings of the independent directors; and
• Standards and procedures for determining the independence of directors.

The Board believes that the Corporate Governance Guidelines and other governance documents meet current requirements and reflect a very high standard of corporate governance.