Why Directors Are Accountable To Their Shareholders.
The members of the Board of Directors is selected in light of an evaluation of the company's need for expertise, capacity and balanced decision making, and with the aim of ensuring that the Board of Directors can operate independently of any special interests and function effectively as a collegial body. Board
Board meetings and minutes are visible from the board calendar. The Board of Directors determines policy for the District and appoints the General Manager, who is responsible for the District's operations. The Board of Directors is responsible to the Member Representatives for the effective management of AURA and the achievement of its purposes. Although the Board of Directors cannot delegate its broad legal and fiduciary responsibilities, it does delegate responsibility for day-to-day operations to the president and chief executive officer, who in turn delegates responsibilities to his or her management team. It is the duty of the Board of Directors to serve as a prudent fiduciary for shareholders and to oversee the management of the Company's business. Management This includes management of the corporate assets (funds, intellectual property, trademarks, and support equipment) andallocation of corporate resources to projects. More information about potential factors that could affect the Company's business and financial results is included under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Company's Annual Report on Form 10-K for the year ended December 31, 2006 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, which are on file with the SEC and available at the SEC's website at www. These guidelines are subject to modification from time to time as the Board of Directors deems appropriate in the best interests of the Company or as required by applicable laws and regulations. To fulfill its responsibilities and to discharge its duty, the Board of Directors follows the procedures and standards that are set forth in these guidelines. |