GSL's Board of Directors has established Audit, Nominating / Corporate Governance and Compensation Committees, each comprised entirely of independent directors.
The Audit Committee reports to the Board of Directors on all matters related to the preparation of our financial information and its disclosure. The Audit Committee's Charter also includes recommending the appointment and review of external auditors, performing the internal audit function, overseeing significant financial transactions and financial policy and strategy, identifying and monitoring business risks and ensuring we fully meet disclosure requirements of regulatory authorities.
The Nominating / Corporate Governance Committee reports to the Board of Directors on and is responsible for issues succession planning and the appointment, development and performance evaluation of the members of the Board and senior executives of the Company. It also assesses the adequacy and effectiveness of our Corporate Governance Guidelines, reviewing and recommending changes to the Board whenever necessary.
The Compensation Committee is responsible for and reports to the Board of Directors on the evaluation and compensation plans, reviews and determines director compensation and prepares any report on executive compensation required by the rules and regulations of the SEC.