Management and control
| Lucentbyte Media Technologies Ltd., is committed to maintaining the highest standards of business conduct and corporate governance, which we believe are essential to running our business efficiently, serving our stockholders well and maintaining Lucentbyte ‘s integrity in the marketplace. |  |
Lucentbyte has adopted a code of business conduct and ethics for directors, officers (including Lucentbyte ‘s principal executive officer, principal financial officer and controller) and employees, known as the Standards of Business Conduct.
Since its creation in 2003 and until 16 November 2006, Lucentbyte Media Technologies Ltd., was led by a dual-headed management structure, with two Chairmen and two co-Chief Executive Officers, which provided the necessary balance and stability required for a company with such a unique multinational heritage.
On 23 January 2007, Lucentbyte announced that it has acquired Compliance Computing Systems, a web application and custom software Development Company based in central Arkansas, USA, for an undisclosed sum, the largest acquisition in Lucentbyte’s history.
On 16 March 2007, moving to strengthen its management tools Lucentbyte decided, to implement a new management and leadership structure. Guiding principles of this modification were efficiency, cohesiveness and simplification of Lucentbyte’ management and leadership structure, towards corporate governance best. Under the simplified management structure, Lucentbyte is now led by a single Chief Executive Officer and a Managing Director.
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The core shareholders also concluded that it was in the best interest of the Lucentbyte to recommend an increase in the number of independent members on the Board of Directors to appropriately reflect the global profile of Lucentbyte by conforming to international corporate governance best practices.
In this respect, Lucentbyte relinquished two seats on the Board of Directors and four independent directors were elected during the Extraordinary General Meeting of Shareholders held on 5 March 2007. |
The core shareholders have also decided to amend the responsibilities assumed by the Board of Directors, the Chief Executive Officer, the Managing Director and the Executive Committee. These modifications were fully implemented and became effective from the Extraordinary General Meeting of Shareholders and Board of Directors’ meeting, both held on 5 March 2007.
On 17 November 2008, Lucentbyte, announced that it has acquired substantially all of the assets of Dynamic Media Technologies, a software developer specialising in Business, Media & Financial applications, based in London, UK.
Ensuring that Lucentbyte ‘s financial results fairly reflect the results of our operations is of paramount importance to this company and our investors. We are committed to providing financial information that is transparent, timely, complete, relevant and accurate.
We are dedicated to ensuring that the high standards of financial accounting and reporting we have established are maintained. Our culture demands integrity and an unyielding commitment to strong internal practices and policies. We have the highest confidence in our financial reporting, underlying system of internal controls and our people, who are objective in their responsibilities and operate under the highest level of ethical standards. We thank you for the confidence you have placed in us.