The Board of Directors
The size of the board facilitates effective decision-making, and direct, immediate communication between directors and management. It also permits individual directors to involve themselves on specific issues where their personal inclination or experience will best assist the company. The Board does not have committees for corporate governance nor nominations, but performs these functions at Board level. The Board and its committees nominate new directors and assess the effectiveness of the Board, committees and members individually and as a whole, and approving requests of directors to engage outside advisors at Accord’s expense. It also reviews and sets director’s compensation, based on workload, responsibilities and a review of compensation paid in similar-sized public companies.
As there have been a limited number of new directors since 1996, no formal orientation or education program is considered necessary. However, as circumstances dictate, each new director receives a detailed company orientation, covering the nature and operation of Accord’s business and the responsibilities of the directors.
Directors are expected to attend regular seminars and review publications and materials as provided by management, auditors, lawyers and other sources in order to maintain the skills and knowledge necessary to meet their obligations.