The corporate governance standards of the NYSE are different for United States domestic issuers and foreign private issuers, such as GSL. While a number of the NYSE corporate governance standards for domestic issuers do not apply to us as a foreign private issuer, we still intend to comply with many of those standards.
For example, our Board of Directors is comprised of a majority of independent directors. We also have an Audit Committee, a Nominating / Corporate Governance Committee and a Compensation Committee, each 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 and which may or may not be independent.