Corporate governance functions are performed by the board of directors as a whole or in part. At present, two of our directors are independent. The formal structure of various governance committees is subject to change from time to time. Major activities involving the board on an as-needed basis include the following.
Steering activities include consideration of the scope, direction, quality, investment levels, and execution of implementation strategies, and the provision of guidance on the execution of strategies formulated by management. Such strategies may include financings, investments, acquisitions and divestitures, new business, spin-offs, research and development investments, and strategic relationship strategies. Steering activities also include assessing the scope and quality of the company's activities in general, including the health of any potential or existing acquisitions and joint ventures.
Audit matters involving the board include selecting and engaging our independent registered public accounting firm; meeting periodically with management to consider the adequacy of the company's internal controls, the objectivity of the company's financial reporting, and the company's accounting policies and practices; meeting with the company's independent registered accounting firm and with internal financial personnel regarding these matters; and reviewing the company's financial plans and reporting recommendations to the board of directors for approval and to authorize action.
Compensation matters involving the board include: reviewing and recommending policies, practices, and procedures relating to the compensation of our directors and executive officers; the establishment and administration of the company's employee and consultant benefit plans; and, advising and consulting with the company's officers regarding managerial personnel.
General governance matters involving the board include reviewing and recommending nominees for election as directors; assessing the performance of the board of directors; reviewing and administering corporate governance guidelines; and consideration of any other issues relating to corporate governance.