Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 243

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 3
Chunk 243
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The Board of Directors has determined
that Yang Zou, Shitong Jiang, Dongshan Wang and Shengwei Ma are independent under Rule 5605(a)(2) of the NASDAQ Listing Rules. In making
this determination, our board of directors considered the relationships that each of these non-employee directors has with us and all
other facts and circumstances our board of directors deemed relevant in determining their independence. As required under applicable NASDAQ
rules our independent directors will meet on a regular basis as often as necessary to fulfill their responsibilities, including at least
annually in executive session without the presence of non-independent directors and management. In addition, under applicable rules and
regulations, and as determined by the Board, all of the members of the Audit, Compensation, and Nominating and Corporate Governance Committees
are “independent” directors.

51 

Board Committees

Our board of directors has established
standing committees in connection with the discharge of its responsibilities. These committees include an Audit Committee, a Compensation
Committee and a Corporate Governance and Nominating Committee. Our board of directors has adopted written charters for each of these committees.
Copies of the charters are available on our website at www.gulfresourcesinc.com. Our board of directors may establish other committees
as it deems necessary or appropriate from time to time.

Board Operations

Mr.
Xiaobin Liu holds the positions of chief executive officer and chairman of the Board of the Company. The Board believes that Mr. Liu’s
services as both chief executive officer and chairman of the Board is in the best interest of the Company and its shareholders. Mr. Liu
possesses detailed and in-depth knowledge of the issues, opportunities and challenges facing the Company in its industries and businesses
and is thus best positioned to develop agendas that ensure the Board’s time and attention are focused on the most critical matters
relating to the business of the Company. His combined role enables decisive leadership, ensures clear accountability, and enhances the
Company’s ability to communicate its message and strategy clearly and consistently to the Company’s shareholders, employees
and customers.

The
Board has not designated a lead director. Given the limited number of directors comprising the Board, the independent directors call and
plan their executive sessions collaboratively and, between meetings of the Board, communicate with management and one another directly.
Under these circumstances, the directors believe designating a lead director to take on responsibility for functions in which they all
currently participate might detract from rather than enhance