Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 221

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 6
Chunk 221
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   To select a peer group of companies against which to benchmark/compare the Company’s compensation systems for principal officers elected by the BOD;                                           
●   To annually review the Company’s compensation policies and practices and assess whether such policies and practices are reasonably likely to have a material adverse effect on the Company;    
●   To determine and oversee stock ownership guidelines and stock option holding requirements, including periodic review of compliance by principal officers and members of the board of directors;
Nominating and Corporate Governance Committee
 
Ms. Carina Chui, Ms. Monique Ho and Mr. Kenneth Liu are members of our Nominating and Corporate Governance Committee and Mr. Kenneth Liu is the chairman. All members of our Nominating and Corporate Governance Committee are qualified as “independent” under the current definition promulgated by Nasdaq. We have adopted a charter for the Nominating and Corporate Governance Committee. In accordance with its charter, the Nominating and Corporate Governance Committee is responsible for identifying and proposing new potential director nominees to the BOD for consideration and reviewing our corporate governance policies.
 
The Nominating and Corporate Governance Committee is responsible for, among other things:
 

●   Identify and screen individuals qualified to become Board members consistent with the criteria approved by the BOD, and recommend to the BOD nominees for election at the next annual or special meeting of shareholders at which directors are to be elected or to fill any vacancies or newly created directorships that may occur between such meetings;
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●   Recommend directors for appointment to Board committees;                                                                                                                                                                                                                                                                                                   

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●                          Make recommendations to the BOD as to determinations of director independence;                       
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●   Oversee the evaluation of the BOD;                                                                                          
●   Make recommendations to the BOD as to compensation for the Company’s directors; and                                         
●   Review and recommend to the BOD the Corporate Governance Guidelines and Code of Business Conduct and Ethics for the Company.
Director Independence
 
Our Board reviewed the materiality of any relationship that each of our directors has with us, either directly or indirectly, and the Company determined that Ms. Monique Ho, Ms. Carina Chui, Mr. Kenneth Liu and Mr. Henry Yeung are “independent directors” as defined by NASDAQ.
Family Relationships
 
Mr. Bong Lau and Mr. Bun Lau are brothers and Mr. Wynn Hui is the father of Mr. Errol Hui. Except for the foregoing family relationship, there are