The directors and managers of Grandview Gold Inc. are committed to maintaining high standards of corporate governance. Our corporate governance practices are the responsibility of the Board of Directors and are consistent with the fourteen guidelines for effective governance set out by the Toronto Stock Exchange. All corporations listed on the Toronto Stock Exchange must annually disclose their approach to corporate governance with respect to these specific guidelines. Our disclosure with respect to each guideline is described in Grandview Gold is described in Grandview Gold Inc.'s management and proxy documents, available on SEDAR.
The Board oversees Grandview Gold's business strategy, operating strategy and business practices. The Board meets regularly and is consulted with on major issues such as planning, acquisitions and divestitures and its focus is the protection of our assets and shareholder value. The Board has established two standing committees to facilitate the carrying out of the Board's duties and responsibilities and meeting applicable statutory and regulatory requirements.
These two committees are the Audit and Compensation Committee. In addition, from time to time, ad hoc committees may be appointed when special circumstances dictate, with specific assignments for a limited duration.
With respect to corporate governance, the role of the Board is to determine the overall approach to addressing corporate governance issues. The Board monitors, assesses and reviews matters pertaining to the organization and the composition of the Board of Directors, the organization and conduct of Board Meetings, and the effectiveness and independence of the Board, its committees and individual directors. The Board and Advisors also monitors matters pertaining to standards of business and ethical conduct.
Members of the Audit Committee are Mr. D. Richard Brown and Dr. Peter Born
Members of the Compensation Committee are Mr. D. Richard Brown and Mr. Michael Hitch.
The role of the Compensation Committee is to assist the Board of Directors of the Company in fulfilling its responsibility by reviewing matters relating to the human resource policies and compensation of the directors, officers and employees of the Company and its subsidiaries within the context of the budget and business plan of the Company when applicable. This includes matters such as compensation philosophy and remuneration policy, Board retainer fees, performance objectives and evaluation of the Chief Executive Officer, compensation and benefit package for senior officers, proposed stock option or share purchase plans, bonuses, and the annual disclosure of compensation information required by securities law.