The Board of MyTravelGrab.com has five existing committees: the Financial, Allocation of current funds; the Compensation for our Independent Business Owners (IBOs), Contractors; MTG Finance; MTG Fundraiser; the Finance and Investment Policy Committee; the Long-Range and Strategic Planning Committee; and the Nominating, Corporate Governance and Public Policy Committee.
The charters include information regarding the committees’ composition, purpose and responsibilities as listed by current attendees below.
The reporting Board meeting leaders have responsibilities as follows:
Financial / Allocation of Funds –
This committee assists in the Board’s oversight responsibility to the shareholders and investment community regarding: i) the integrity of our financial statements and financial reporting processes; ii) our internal accounting systems, financial and operational controls; iii) the qualifications; iv) the performance of our CFO internal accounting function; and v) our compliance with ethics programs, including the International Travel Organization Code of Business Ethics, and legal and regulatory requirements.
In carrying out these duties, this committee maintains free and open communication between the Board. This group communicates with management, at least quarterly, and could include past and present Board members. In addition, these individuals conduct monthly conference calls with management and the prior to our earnings releases to discuss the results of the quarterly reviews and fiscal year-end.
The responsibilities of this committee are: i) to determine and approve the Chief Executive Officer’s compensation and benefits package; ii) to determine and approve executive and director compensation; iii) to appoint officers at the level of senior vice-president and above, other than the Chief Executive Officer; iv) to oversee incentive compensation and equity-based and other employee and contractor benefit plans; and v) to oversee our human capital policies involving revenue share and other programs.
Finance and Investment Policy –
This group advises the Board regarding our financial policies and financial condition to help enable us to achieve our long-range goals. This group also can include Board members and consultants related to Company to achieve it goal. This committee evaluates and monitors the: i) protection and safety of our cash and investments; ii) achievement of reasonable return on financial assets within acceptable risk tolerance; iii) maintenance of adequate liquidity to support our activities; iv) assessment of the cost and availability of capital; and v) alignment of our strategic goals and financial resources.
Long-Range and Strategic Planning –
This group works with management to develop our long-range plans. These plans may include forming strategic alliances, acquiring other companies, diversifying or eliminating product lines and expanding into new markets.
This group also reviews our long-term financial objectives and long-term development concepts.
Nominating, Corporate Governance and Public Policy –
This committee assists in the Board’s responsibilities related to general corporate governance, including Board organization, individuals for
evaluation. It also reviews and recommends to the Board corporate governance principles and presents qualified individuals for election to the Board. Finally, this committee oversees the evaluation of the performance of the Board and each standing committee of the Board. Further information regarding our director nomination process is available on the Corporate Governance section of our MyTravelGrab.com Website.