The President and CEO and the Board of Directors of PAKIT™ believe that adherence to sound corporate governance policies and practices is vital to ensuring that PAKIT is governed and managed with the highest standards of responsibility, ethics and integrity and in the best interests of its employees, customers, suppliers and shareholders.

The Board has adopted a Mission Statement which provides for effective corporate governance, reflects a set of core values, and provides the foundation for internal management systems and the company's interactions with external parties. PAKIT’s board of directors consists of six directors, three of whom are independent.

The Audit Committee, comprised of independent directors, is appointed by the Board to assist the Board in monitoring the integrity of the financial statements of the Company, the independent auditor's qualifications and independence, the performance of the Company's independent auditor, and the compliance by the Company with legal and regulatory requirements.

The Compensation Committee, comprised of independent directors, develops the Company's philosophy and structure for executive compensation, determines the compensation of the Chief Executive Officer, and approves the compensation of the executive officers. It reviews the performance of the CEO on an annual basis, and reviews and makes recommendations on executive management organization and succession plans. The Committee also oversees the administration of the Company's stock option plans.