CBL International (BANL)2025-04-16 20:00Corporate Governance - The audit committee held a total of 5 meetings in 2024, with all independent directors attending all meetings[262][263]. - The compensation committee conducted 4 meetings in 2024, with full attendance from all independent directors[266][267]. - The nominating and corporate governance committee also held 4 meetings in 2024, with all independent directors present[270][271]. - The company is classified as a "foreign private issuer" and may rely on home country governance practices instead of Nasdaq corporate governance standards[272][274]. - The Company adopted a Clawback Policy on November 6, 2023, to recoup executive compensation in case of accounting restatements due to noncompliance with financial reporting requirements[284]. Employee and Shareholder Information - As of December 31, 2024, the company had 39 employees across various countries, including Hong Kong, Malaysia, Singapore, South Korea, China, and Ireland[279]. - The company has a total of 27,500,000 ordinary shares issued and outstanding, with beneficial ownership determined according to SEC rules[281]. - CBL (Asia) Limited holds a significant ownership interest of 47.9% in the Company, allowing it to exercise approximately 47.9% of the total voting power[283]. - Straits Energy Resources Berhad owns 29.4% of the Company, indicating a strong shareholder base[283]. Financial Risks - The Company is not exposed to significant foreign currency risk as the majority of operations are denominated in U.S. dollars[354]. - Interest rate risk is present due to a receivable purchase facility from a bank, with interest costs fixed upon drawdown for short-term advances[355]. - The Company mitigates market price risk through contractual agreements that incorporate a pass-through mechanism for price fluctuations[356]. - Inflation does not materially affect the Company's business or operational results[357]. - Seasonality does not materially impact the Company's business or operational results[358]. Compensation Practices - The company has not adopted any equity compensation plans and had no outstanding equity awards as of December 31, 2024[277][278].