While not all of the NASDAQ’s corporate governance standards apply to us as a foreign private issuer, it intends to comply with a number of those rules. For example, while not required under Marshall Islands law, we have a board of directors that is comprised of a majority of independent directors. In addition, we have an audit committee comprised entirely of independent directors, although our nominating and corporate governance committee are not comprised entirely of independent directors. In addition, our board of directors may, from time to time, designate one or more additional committees, which shall have the duties and powers granted to it by our board of directors. In lieu of a compensation committee comprised of independent directors, our board of directors will be responsible for monitoring the fee paid for the administrative services provided by Maritime and for overseeing the services of our executive officers. Under Marshall Islands law, compensation of the executive officers is not required to be determined by an independent committee.
The composition of our audit committee and nominating and corporate governance committee as well as the charters of these committees can be found here.