After reflecting over the past several months, I realize that the CIRI Board of Directors has had a very busy summer and fall. The board meets approximately every other month for regular scheduled meetings with an occasional special meeting as needed. Along with board meetings, many hours are required of board members to participate on the various standing committees. I would like to give you an overview of the different committees within CIRI and how they benefit the corporation.
The Board of Directors continues to recognize the benefits of maintaining regular standing committees within CIRI. These committees are empowered to make recommendations to the board regarding matters within their respective areas of authority and expertise. The chairman of the CIRI Board selects the members of the standing committees on an annual basis. These committees conduct their affairs subject to the supervision and authority of the board and in accordance with the approved charter for the standing committees. The charter recognizes five standing committees for the CIRI Board of Directors.
The Executive Committee reviews and makes recommendations to the board with respect to the corporation's general planning process. Other duties include the development of the five-year plan, corporate philosophy, and additional strategic planning matters. The Executive Committee is comprised of the officers of the CIRI Board of Directors.
The Nominating Committee evaluates and recommends candidates for nomination to the CIRI Board of Directors. This committee also has the authority to make recommendations to the CIRI Board regarding nominees to the non-profit boards of directors of which the CIRI Board has appointment authority.
The Compensation Committee reviews and makes recommendations to the board regarding the compensation structure and philosophy of executives and directors of the corporation. This committee also reviews benefit programs for the employees.
The Audit Committee is responsible for financial reporting procedures. This committee also reviews financial controls, and participates in the preparation of the financial statements.
The Finance & Investment Committee makes recommendations to the board regarding the allocation and investment of the corporation's assets. This committee reviews business priorities, proposed acquisitions, loans, and other credit and lending matters.
The committee descriptions mentioned are brief, and certainly there are many more responsibilities of each committee. The point I want to make is that there is a great deal of work and business that is done within each committee before board meetings. The committee process has worked well for the CIRI Board allowing us to work more efficiently on complicated issues.
It is important to mention that all CIRI Board members serve on one or more of the standing committees. We also have one shareholder, who is not a director, on the Audit Committee, as well as one shareholder on the Finance & Investment Committee. The chairpersons for the three Shareholder Participation Committees sit on the Nominating Committee.
These committees provide additional opportunities for shareholders to participate in the corporation.

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