Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 888

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 888
---
ating 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 separated based upon our needs.  Our Board of Directors believes the combination
of the chairman and the chief executive officer roles is the appropriate structure for our company at this time. Our Board of Directors
believes the current leadership structure serves as an aid in the Board of Directors’ oversight of management and it provides us
with sound corporate governance practices in the management of our business.

Risk Management

Our Board of Directors
discharges its responsibilities, and assesses the information provided by our management and the independent auditor, in accordance with
its business judgment.  Management is responsible for the preparation, presentation, and integrity of the Company’s financial
statements, and management is responsible for conducting business in an ethical and risk mitigating manner where decisions are undertaken
with a culture of ownership.  Our Board of Directors oversees management in their duty to manage the risk of our company and
each of our subsidiaries. Our Board of Directors regularly reviews information provided by management as management works to manage risks
in the business. Our Board of Directors intends to establish board committees to assist the full Board of Directors’ oversight by
focusing on risks related to the particular area of concentration of the relevant committee.

Director Independence

Our Board of Directors,
in the exercise of its reasonable business judgment, has determined that David Rios qualifies as independent directors pursuant to Nasdaq
Stock Market Rule 5605(a)(2) and applicable SEC rules and regulations.

Potential Conflicts
of Interest

Since we did not have
an Audit Committee or Compensation Committee comprised of independent directors, the functions that would have been performed by such
committees were performed by our directors. Thus, there was an inherent conflict of interest. 

Delinquent Section
16 Reports

Section 16(a) of the