|
Mr. Foster, CPA, is a founding member and Senior Managing Director of Main Street Captial Partners, a licensed small business investment company managing a $100 million fund. He spent nearly 20 years as a partner at Arthur Andersen. He also serves on the boards of U.S. Concrete, Inc., Quanta Services, Inc., and Carriage Services, Inc.
The Audit Committee, which met nine times during fiscal 2006, is charged with the duties of recommending the appointment of the independent certified public accountants; reviewing their fees; ensuring that proper guidelines are established for the dissemination of financial information to the Company’s shareholders; meeting periodically with the independent certified public accountants, the Board of Directors and certain officers of the Company and its subsidiaries to ensure the adequacy of internal controls and reporting; reviewing consolidated financial statements; and performing any other duties or functions deemed appropriate by the Board.
The Board of Directors has adopted a written charter for the Audit Committee. The Board has determined that Vincent D. Foster and Louis A. Waters are audit committee financial experts within the meaning of SEC regulations. In addition, the Board of Directors has determined that each member of the Audit Committee is independent, as independence is defined in Section 121A of the listing standards for the American Stock Exchange. The Audit Committee is established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. Mr. Foster is Chairman of the Audit Committee and serves with Messrs. Waters, Laborde, and Johnson. | 