We are delighted to welcome Mr. Liu to join the Board. He brings with him a wealth of experience and knowledge, which we trust will be invaluable to the Company's operations. We look forward to working with him going forward.
According to the voluntary guidelines issued by the Ministry of Corporate Affairs, the maximum number of public companies in which an individual may serve as an independent director should be restricted to seven. It needs to be examined whether to restrict the number of independent directorships.
Foot Locker is fortunate, to not only have an exceptional leader such as Dick Johnson to serve as Chairman of the Board in addition to his executive responsibilities, but also to have such a strong independent director as Dona Young to take on the very important role of Lead Director.