director may have about any aspect of the Company’s business. Directors should also review the materials provided by management and advisors in advance of the meetings of the Board and its committees and should arrive prepared to discuss the issues presented.
Separate Sessions of Non-Management Directors
Non-management directors will meet regularly, in executive session, without management. If not a member of management, the Chairman will preside in executive session. If the Chairman is absent or disqualified, the Chairperson of the Audit Committee, if independent, will preside. If the Chairperson of the Audit Committee is absent, or not independent, an independent director designated by the other independent directors will preside.
In the event that the non-management directors include directors who are not independent, the Company will, at least once a year, schedule an executive session including only independent directors.
DIRECTOR COMMUNICATIONS
Director Communications with Management and Outside Advisors
It is management’s job to formulate, propose and implement strategic choices and the Board’s role to approve and evaluate strategic direction and results. However, the Board and management are better able to perform their responsibilities if there is an ongoing dialogue among the Chief Executive Officer, other senior managers and Board members. To facilitate these discussions, directors will have access to the Company’s senior management team. In addition, non-management directors are encouraged to contact senior managers of the Company without senior corporate management present. The Board and its committees shall have the right at any time to retain independent outside accounting, financial, legal or other advisors, and the Company shall provide appropriate funding, as determined by the Board or any committee, to compensate such independent outside advisors, as well as to cover the ordinary administrative expenses incurred by the Board and its committees in carrying out their duties.
Board Interaction with Institutional Investors, Analysts, Press and Customers
Generally, management should speak for the Company. Each director should refer all inquiries from institutional investors, analysts, the press or customers to the Chief Executive Officer or his or her designee.
DIRECTOR COMPENSATION
The Board, upon the recommendation of the Compensation Committee, will establish the form and amount of compensation to be paid to directors, if any, and review this compensation each year.
DIRECTOR ORIENTATION AND CONTINUING EDUCATION
The Company will provide each new director with an orientation packet to familiarize him or her with, among other things, the Company’s (i) its business and strategic plans, (ii) significant