The goal of the Compensation Committee in making compensation recommendations is to recognize and reward individual performance as well as to provide a competitive industry level of compensation, taking into consideration the individual's experience and performance and the financial performance of the Corporation.
The mandate of the Compensation Committee includes developing appropriate compensation policies for the senior management of the Corporation, including the Corporation's Stock Option Plan, and evaluating senior management performance. Following review of data and discussion by members of the Compensation Committee, recommendations are made by the Compensation Committee to the Board for their consideration and approval. In all cases, the Board of Directors has acted upon Compensation Committee recommendations without modification in any material way. The Compensation Committee meets on an annual basis to fulfill its mandate.