The board of directors of our general partner has appointed two functioning committees: an audit committee and a conflicts committee.
The audit committee consists of two directors. All members of the audit committee are independent under the independence standards established by NYSE American and SEC rules. In addition, Mr. Langdon, the audit committee chair, is an audit committee financial expert, as defined under the SEC rules. The audit committee is directly responsible for the appointment, compensation, retention and oversight of the work of the independent public accountants to audit our financial statements, including assessing the independent auditor’s qualifications and independence, and establishing the scope of, and overseeing, the annual audit. The committee approves any other services provided by public accounting firms. The audit committee provides assistance to the board in fulfilling its oversight responsibility to our unitholders, the investment community and others relating to the integrity of our financial statements, our compliance with legal and regulatory requirements, the independent auditor’s qualifications and independence and the performance of our internal audit function. The audit committee oversees our system of disclosure controls and procedures and system of internal controls regarding financial, accounting, legal compliance and ethics that management and our general partner’s board of directors has established.
The conflicts committee consists of two directors. The conflicts committee reviews specific matters that the board believes may involve conflicts of interest. Our partnership agreement provides that members of the conflicts committee may not be officers or employees of our general partner or directors, officers or employees of any of our general partner’s affiliates or, subject to certain exceptions, a holder of any ownership interest in our general partner or its affiliates and must meet the independence standards for service on an audit committee of a board of directors as established by NYSE American and SEC rules. Any matters approved by the conflicts committee will be presumed to be taken in good faith.
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