Statement of Significant Differences between the Corporate Governance Practices of Navios Maritime Partners L.P., a Marshall Islands limited partnership, and the Corporate Governance Standards of the New York Stock Exchange, Inc. (the "NYSE").
Pursuant to an exception for foreign private issuers, we are not required to comply with the corporate governance practices followed by U.S. companies under the NYSE listing standards. However, pursuant to Section 303.A.11 of the NYSE Listed Company Manual, we are required to state any significant differences between our corporate governance practices and the standards required by the NYSE. In order to provide adequate protection to our unitholders, we have voluntarily adopted all of the NYSE required practices, except we do not have a nominating/governance committee but all nomination/governance decisions, other than those nominating decisions dictated by our partnership agreement, are currently made by a majority of our independent board members. The significant difference between our corporate governance practices and the NYSE standards is set forth below.
Nominating/Governance Committee. The NYSE requires that a listed company have a nominating/governance committee of independent directors and a committee charter specifying the purposes and responsibilities of the committee.