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REGI U.S., INC. ANNOUNCES DETAILS OF ITS AUDIT COMMITTEE AND CORPORATE DISCLOSURE PRACTICES
REGI U.S., INC. ANNOUNCES DETAILS OF ITS AUDIT COMMITTEE AND CORPORATE DISCLOSURE PRACTICES.
About this update from Regi U.s., Inc.
[{"type":"text","content":"\nSpokane, Washington, July 25, 2018 (GLOBE NEWSWIRE) -- REGI U.S., Inc. (“REGI” or “RGUS” or \"the Company\") RGUS (OTCMKTS) announces the details of the Company's audit committee and corporate disclosure practices in response to a request from the B.C. Securities Commission.\n Audit Committee The Audit Committee is responsible for the Company's financial reporting process and the quality of its financial reporting.  The Audit Committee is charged with the mandate of providing independent review and oversight of the Company's financial reporting process, the system of internal control and management of financial risks, and the audit process, including the selection, oversight and compensation of the Company's external auditors.  The Audit Committee also assists the Board in fulfilling its responsibilities in reviewing the Company's process for monitoring compliance with laws and regulations and its own code of business conduct.  In performing its duties, the Audit Committee maintains effective working relationships with the Board, management, and the external auditors and monitors the independence of those auditors.  The Audit Committee is also responsible for reviewing the Company's financial strategies, its financing plans and its use of the equity and debt markets. Audit Committee Charter The Company adopted a new audit committee charter on June 10, 2018. The Charter is available on the Company’s website at https://radmaxtech.com/document/news/2018/2018-07-20-audit_committee_charter-317.pdf Implementation of the new charter has begun with the active recruitment of two independent members of the Board of Director with the required background, skills and expertise to be assigned to the Audit Committee.  Composition of Audit Committee and Independence Until the successful recruitment of two independent directors the Company’s Board of Directors serve the functions of the Audit Committee. NI 52-110 provides that a member of an audit committee is \"independent\" if the member has no direct or indirect material relationship with the Company, which could, in the view of the Board, reasonably interfere with the exercise of the member's independent judgment.   The Board of Directors is currently comprised of Paul Chute, Paul Porter and Michael Urso. Mr. Paul Chute is n...