The structure of S3Tel. Inc. requires detailed corporate governance rules to ensure external parties understand the way S3Tel. Inc. operates and it is accepted that corporations embracing an appropriate governance structure will enjoy recognition and respect as a world-class player.
Foreign employees, the association with partners, consultants and suppliers whose remuneration is based on performance, require that S3Tel. Inc. provides credible and audited annual numbers. The calculation of bonuses and fees are acceptable only if based on audited results, and hence the existence of a Risk and Audit Committee as well as a Remuneration and Nomination Committee is critical to the governance structure.
The complexity of multiple geographical operations requires analysis of the world, discussions on possibilities, and alternatives and strategic revisions. The Working Strategy Committee is a forum where these issues are reviewed, opportunities evaluated, and decisions made for the Group to respond in the appropriate fashion. As S3Tel. Inc. is a private company, we do not issue results. However, we do have exposure to the international press, and hence, our corporate governance includes a framework for the management of external communications.