This excerpt taken from the PARF DEF 14A filed Apr 28, 2009.
TABLE OF NOMINEES
It has always been the Companys policy that each of our incumbent Directors attends the Annual Meetings of Shareholders. All of the Companys board members were present at the 2008 Annual Meeting of Shareholders, and we anticipate that all board members will be in attendance at the upcoming 2009 Annual Meeting.
Directors Meetings, Committees, Independence, Audit Committee Financial Expert
During the fiscal year ended December 31, 2008 (Fiscal 2008), the Board of Directors held a total of twelve (12) meetings. All Directors attended at least seventy-five percent (75%) of the meetings held.
It must be noted that all of the Directors of the Company are also executive officers of the Company. As a result, none of the Companys Directors may be deemed independent as that term is defined in the listing standards for NASDAQ companies. Under the circumstances, the Board believes it is appropriate not to have a separately designated nominating committee or compensation committee, and the Board has not adopted charters relating to its nominating or compensation functions. Instead, all of the Directors participate in the consideration of director nominees and executive compensation decisions. All of the Directors have dutifully and loyally served the Company for over eighteen (18) years, and it has not been necessary for the Board to seek a new director nominee since 1990. Therefore, the Board has not established a process for identifying or evaluating Nominees, nor set minimum qualifications and specific qualities or skills that it believes are necessary for one or more of the Companys Directors to possess. For the same reason, the Board does not have, and believes it is appropriate under the circumstances to not have, a policy regarding Board consideration of director candidates nominated by Shareholders.
Similarly, the Company does not have a standing audit committee and has not adopted a written charter relating to the Boards audit duties. Instead, the entire Board of Directors acts as an audit committee for the purpose of overseeing the accounting and financial reporting processes, audits of the financial statements of the Company, and the independence of the Companys auditors. The Securities and Exchange Commission (the Commission) recently adopted new regulations relating to audit committee composition and functions, including disclosure requirements relating to the presence of an audit committee financial expert serving on its audit committee. In connection with these new requirements, the Companys Board of Directors examined the Commissions definition of audit committee financial expert and the Board concluded that Mr. Eugene Weiner, although not independent, qualifies as a financial expert.