Outline of Committee Responsibilities - Committee members to be appointed
The Audit Committee's functions include: selecting and engaging our independent registered public accounting firm; meeting periodically with management to consider the adequacy of the company's internal controls, the objectivity of the company's financial reporting; and the company's accounting policies and practices; meeting with the company's independent registered accounting firm and with internal financial personnel regarding these matters; and reviewing the company's financial plans and reporting recommendations to the board of directors for approval and to authorize action.
The Compensation Committee's functions include: reviewing and recommending to our board of directors, policies, practices, and procedures relating to the compensation of our directors and executive officers and the establishment and administration of the company's employee benefit plans. They also exercise administrative authority under the company's stock plans and employee benefit plans and advise and consult with the company's officers regarding managerial personnel.
Corporate Governance Committee's functions include reviewing and recommending nominees for election as directors; assessing the performance of the board of directors; developing guidelines for the compensation of the board of directors; and reviewing and administering our corporate governance guidelines. This committee also considers any other issues relating to corporate governance.
The Steering Committee assesses the health of the company’s acquisitions and the scope and quality of its activities. It makes recommendations to the Board as to scope, direction, quality, investment levels, and execution of implementation strategies. It provides guidance on the execution of strategies formulated by Ironwood’s Management team including; investments, acquisitions and divestitures; new business, and spin-offs; research and development investments; and strategic relationship strategies.