So right now we have 3 directors who are officers of the company, and thus don't qualify as independent directors, yet we need to have a majority of directors who are independent? Correct?
Thus as it currently stands we need 7 directors total to have a majority of 4 independent ones, correct?
The audit committee consists of these independent directors.
If we reduce the required directors to 2 or 1 from 3 how are we going to get the majority number of independent directors since you need at least 3 to meet the 5600 requirement, that is 1 company, and 2 independent directors, correct?
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