Company: CMTV
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000534
Chunk: 25

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 25
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 relationship with Company’s Corporate Secretary and Treasurer and Bank Executive Vice President and CFO, Louise Bonvechio. Former President and CEO Kathryn Austin serves on the Company’s Compensation Committee and both Ms. Austin and Company President and CEO Christopher Caldwell serve on the Company’s Corporate Governance/Nominating Committee. Under NASDAQ standards, Ms. Austin is not considered to be independent due to her recent previous executive management position with the Company and Mr. Caldwell is not considered to be independent due to his current executive management position with the Company. Additional information about each of the three standing committees is set forth below. Audit Committee .The Audit Committee, which operates under a written charter, oversees the Company’s accounting and financial reporting process, internal controls and audits. Under the Committee’s charter, all members of the Committee must be independent. The Audit Committee consults with management, the internal auditors and the independent auditors on, among other items, matters related to the annual audit, the published financial statements and the accounting principles applied. As part of its duties, the Committee appoints, evaluates and retains the Company’s independent auditors. It has responsibility for the compensation, termination and oversight of the Company’s independent auditors and evaluates the independent auditors’ qualifications, performance and independence. The Committee has similar authority regarding selection and oversight of the Company’s internal auditor. In addition, the Audit Committee pre-approves all services provided by the independent auditors, including both audit and permitted non-audit services. Those services and fees are described elsewhere in this proxy statement under the caption “PROPOSAL 4 – RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS—Fees Paid to Independent Auditors.” The Committee is also involved in the review of the Company’s periodic reports filed with the SEC, including participation by one of its members in the meetings of the Company’s Disclosure Control Committee. The Audit Committee has established so-called “whistleblower procedures” for the receipt, retention and treatment, on a confidential basis, of complaints received by the Company regarding accounting, internal accounting controls or auditing matters. These complaint procedures, as well as the Audit Committee’s charter, are posted on the Company’s website at www.communitybancorpvt.com. These procedures are in addition to the Board’s general policy, described below, regarding shareholder communications with the Board. Under SEC rules, companies must disclose whether at least one member of the Audit Committee qualifies as a “financial expert.” As defined by the SEC, the concept of financial expert is heavily focused on individuals who have