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This excerpt taken from the ISLN DEF 14A filed Mar 31, 2009. Audit Committee At the beginning of fiscal 2008, the audit committee was composed of Messrs. Jurgensen (committee chair), Ruckelshaus and Richardson. In May 2008, Mr. van Oppen was appointed to our audit committee. The board has determined that all current members meet the requirements for independence and financial literacy under the current rules of Nasdaq and SEC rules and regulations. Our board of directors has determined that Mr. Jurgensen is an “audit committee financial expert” within the meaning stipulated by the SEC and satisfies the financial sophistication requirements of Nasdaq. Our audit committee met nine times during our 2008 fiscal year. As outlined more specifically in the audit committee charter, the audit committee has, among other duties, the following responsibilities:
This excerpt taken from the ISLN DEF 14A filed Apr 24, 2008. Audit
Committee
At the beginning of fiscal 2007, the audit committee was
composed of Messrs. Jurgensen (committee chair), McIlwain
and Ruckelshaus. In March 2007, Mr. Richardson was
appointed to our audit committee. In April 2007,
Mr. McIlwain resigned as a member of our audit committee in
order to ensure our compliance with the corporate governance
standards of Nasdaq and the Securities Exchange Act of 1934, as
amended, or the “Exchange Act,” which provide that
each member of our audit committee must be an independent
director (as defined by such standards) by no later than the
first anniversary of the completion of our initial public
offering. The board has determined that all current members meet
the requirements for independence and financial literacy under
the current rules of Nasdaq and SEC rules and regulations. Our
board of directors has determined that Mr. Jurgensen is an
“audit committee financial expert” within the meaning
stipulated by the SEC and satisfies the financial sophistication
requirements of Nasdaq. Our audit committee met thirteen times
during our 2007 fiscal year.
As outlined more specifically in the audit committee charter,
the audit committee has, among other duties, the following
responsibilities:
This excerpt taken from the ISLN DEF 14A filed Apr 9, 2007. Audit
Committee
The Audit Committee has four members and met ten times in 2006.
Our board of directors has determined that each of
Messrs. Jurgensen, Ruckelshaus and Richardson meet the
requirements for independence and that all of the members of our
Audit Committee meet the requirements for financial literacy
under the current rules of Nasdaq and SEC rules and regulations.
Our board of directors has determined that Mr. Jurgensen is
an “audit committee financial expert” within the
meaning stipulated by the SEC and satisfies the financial
sophistication requirements of
Table of Contents
Nasdaq. Under the corporate governance standards of Nasdaq and
the Exchange Act, by no later than the first anniversary of the
completion of our initial public offering, each member of our
Audit Committee must be an independent director.
Mr. McIlwain intends to conclude his service as a member of
our Audit Committee prior to December 2007 in order to ensure
our compliance with this requirement.
As outlined more specifically in the Audit Committee charter,
the Audit Committee has, among other duties, the following
responsibilities:
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