Travelzoo 2002 Annual Report Download - page 6

Directors and of the committees on which he or she serves. Ms. Kavert attended 50 percent of the total
number of meetings of the Board of Directors. Prior to her resignation, Ms. Roth attended 50 percent of
meetings of the Board of Directors and 100 percent of the Audit Committee meetings.
Board Audit Compensation
Mr. BartelÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Chair Chair
Mr. EhrlichÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Member Chair
Ms. Kavert ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Member
Ms. Mak ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Member
Mr. Neale-May ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Member Member
Ms. UrsoÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Member Member Member
Ms. RothÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Member Member
Number of 2002 Meetings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4 2 1
Audit Committee
The Audit Committee's primary responsibilities are to oversee and monitor (i) the integrity of
Travelzoo's Ñnancial statements, (ii) the qualiÑcations and independence of our independent auditor, (iii) the
performance of our independent auditor and internal audit staÅ, and (iv) the compliance by Travelzoo with
legal and regulatory requirements. A complete description of the committee's responsibilities is set forth in its
written charter. The Audit Committee is responsible for recommending the appointment of the auditors and is
directly responsible for the compensation and oversight of the work of our independent auditors. The Audit
Committee is composed solely of independent directors as deÑned in The NASDAQ Stock Market Rules and
operates under a written charter adopted by the entire Board of Directors. A copy of the Audit Committee
Charter is attached as Appendix A. The Report of the Audit Committee is included below.
Compensation Committee
The Compensation Committee reviews and approves the compensation and beneÑts for the Company's
executive oÇcers and directors, and makes recommendations to the Board of Directors regarding such
matters. The Report of the Compensation Committee is included on page 8.
Disclosure Committee
The Disclosure Committee's primary responsibilities are (i) to design, establish and evaluate controls and
other procedures that are designed to ensure the accuracy and timely disclosure of information to the SEC and
investment community and (ii) to review and supervise preparation of all SEC Ñlings, press releases and other
broadly disseminated correspondence.
Audit Committee Report
The Audit Committee oversees Travelzoo's Ñnancial reporting process on behalf of your Board of
Directors. Management is primarily responsible for the Ñnancial statements and reporting process including
the systems of internal controls, while the independent auditors are responsible for performing an independent
audit of Travelzoo's consolidated Ñnancial statements in accordance with auditing standards generally
accepted in the United States, and expressing an opinion on the conformity of those Ñnancial statements with
accounting principles generally accepted in the United States.
In this context, the committee has met and held discussions with management and the independent
auditors. The committee discussed with Travelzoo's independent auditors the overall scopes and plans for their
respective audits. The committee met, at least quarterly, with the independent auditors, with and without
management present, and discussed the results of their examinations, their evaluations of Travelzoo's internal
controls, and the overall quality of Travelzoo's Ñnancial reporting. Management represented to the committee
that Travelzoo's consolidated Ñnancial statements were prepared in accordance with accounting principles
4