Director Independence Policy
Approved: July 11, 2018
Community Bancorp. is a public company subject to the provisions of Sarbanes Oxley and other regulatory legislation.
Community Bancorp.’s stock is listed on the OTCQX exchange, a US financial marketplace providing price and liquidity information for almost 10,000 over-the-counter (OTC) securities. The Company follows the NASDAQ standard for independent directors.
Under NASDAQ standards, an independent director is a person other than an officer or employee of the Company or the Bank or any other individual having a relationship which, in the opinion of the Board of Directors, would interfere with the exercise of independent judgment in carrying out his or her responsibilities as a director.
Company policy is that a majority of the Board will be independent, as defined under NASDAQ standards. Any executive officer who retires from the Company will be subject to Director Independence rules for three more years after retirement.