Mr. Joe Mulvey:

The beauty of it would be that there would be no contamination between the two boards in so far as they could maintain their independence. Flawed as it may be, the oversight board would be independent and could not carry on a legacy from the board of directors.

Germany has a tried and tested system of oversight committees that works. Many companies there have a board of directors but also have a supervisory board to ensure the board’s work does not go untoward. This two-tier senate board is used in many companies there and they have found it works quite well. I know we are subject to much German influence in finance. We examined this system and noted it works. It is also used in Canada. The supervisory board does not get involved in the business of the board but ensures it is carried out.