CORPORATE GOVERNANCE

CORPORATE GOVERNANCE

Corporate Governance is the process and rules by which a company is managed on behalf of the shareholders and stakeholders. The Board of Directors of Southern Lithium Corp. recognizes the importance of sound corporate governance and follows governance standards for board conduct. This helps assure that the directors are aware of and accountable for the financial condition of the Southern Lithium. Consequently, the Board has established the following committees:

Audit Committee

This committee provides oversight of the financial reporting process, selection of the independent auditor, and receipt of the audit results. The audit committee assists the board by fulfilling its corporate governance and overseeing responsibilities in relation to Southern Lithium’s financial reporting, internal control system, risk management system and external audit functions. This committee’s role is to provide recommendations and advice to the Board.

Compensation Committee

This committee’s role is to establish corporate goals, objectives, and awards relevant to compensation for Southern Lithium. More specifically, the compensation committee recommends and advises the Board as to the level of compensation for the senior level of management for Southern Lithium, including stock options.

Governance Committee

The governance committee ensure that the majority of Board members and each Committee are independent and that their conduct and ethics remains aimed at fostering a healthy governance structure at Southern Lithium. This committee recommends and advises the Board of its ongoing evaluation of the Board and its Committees.