Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 445

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 445
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 immediate supervisor or to our president or chief executive
officer. If the incident involves an alleged breach of the Code of Conduct and Ethics by our president or chief executive officer, the
incident must be reported to any member of our Board of Directors or use of a confidential and anonymous hotline phone number. Any failure
to report such inappropriate or irregular conduct of others is to be treated as a severe disciplinary matter. It is against our company
policy to retaliate against any individual who reports in good faith the violation or potential violation of our Code of Conduct and Ethics
by another. Our Code of Conduct and Ethics is available, free of charge, to any stockholder upon written request to our Corporate Secretary
at Innovative Payment Solutions, 56B 5th Street, Lot 1, #AT, Carmel by the Sea, California, 93921. A
copy of our Code of Conduct and Ethics can be found at www.ipsipay.com.

Composition of
the Board

In accordance with our Articles of Incorporation,
our board is to be elected annually as a single class.

31

Board Committees

We currently do not have
a separate Audit Committee, Nominating, Governance Committee or Compensation Committee. Our full board currently serves as our Audit Committee
and Compensation Committee. Due to the size of our Board of Directors and our company, we believe the structure is sufficient. None of
our directors is considered an “Audit Committee” financial expert. The Audit Committee will review the results and scope of
the audit and other services provided by the independent auditors and review and evaluate the system of internal controls. The Compensation
Committee will manage any stock option plan we may establish and review and recommend compensation arrangements for the officers. The
Nominating and Governance Committee will assist our Board of Directors in fulfilling its oversight responsibilities and identify, select
and evaluate our Board of Directors and committees. No final determination has yet been made as to the memberships of the other committees.

We will reimburse all
directors for any expenses incurred in attending directors’ meetings provided that we have the resources to pay these fees. We will
provide officers and directors liability insurance.

Leadership Structure

The chairman of our Board
of Directors, and Chief Executive Officer positions are currently the same person, Mr. Corbett. Our Bylaws do not require our Board of
Directors to separate the roles of chairman and chief executive officer but provides our Board of Directors with the flexibility to determine
whether the two roles should be combined or