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The Board of Directors has two standing committees, an Audit Committee and a Compensation Committee. Given the size of the Board of Directors and that a majority of the members are independent, as defined under NASDAQ Stock Market Listing Standards, the Board of Directors adopted a "Board of Directors Nomination Procedures" policy in lieu of appointing a standing nominating committee.
Audit Committee
The duties and responsibilities of the Audit Committee are set forth in a written charter adopted by the Board of Directors. The Audit Committee is comprised solely of directors who meet NASDAQ's definition of independence as is currently applicable to Blue Dolphin by the Board of Directors. The Audit Committee reviews and reassesses the written charter annually and recommends any changes to the Board of Directors for Approval. In addition, the Audit Committee periodically reviews relevant requirements of the Sarbanes-Oxley Act of 2002, proposed and adopted rules of the Securities & Exchange Commission and new listing standards of the NASDAQ Capital Market regarding Audit Committee procedures and responsibilities to ensure Blue Dolphin is in compliance.
Members:
Laurence N. Benz (Chairman)
Harris A. Kaffie
Erik Ostbye
< Audit Committee Charter >
Compensation Committee
The Compensation Committee does not have a charter. However, its duties are to oversee and set Blue Dolphin's compensation policies, approve compensation of executive officers and administer Blue Dolphin's stock incentive plan.
Members:
John N. Goodpasture
Harris A. Kaffie
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