3 of 7 is not enough. I believe you need 50%, so someone who is not independant would have to step down. This came into effect after Bush signed the SOX law in 2002 after Enron. I believe on the TSX it is "recommended" but on the NYSE and Nasdaq it is "required". I believe this requirement is because of the aforementioned law and the same would apply to AMEX. If it is our objective to one day be listed on AMEX then we will need 50% of our directorship to be independant.

All IMO...I'm no lawyer!