IIn order to compensate company officers in a manner that reflects annual performance and results placing the emphasis on their treatment while in office rather than post-retirement benefits, I-Net Corporation has decided to eliminate the retirement allowance program for company directors and auditors and not to provide retirement allowances hereafter effective as of the conclusion of the Company’s regular General Meeting of Shareholders to be convened on June 24, 2005.
Concomitant with this, the Board of Directors passed a resolution at its meeting convened today (May 16, 2005) to submit a proposal for deliberation at the regular General Meeting of Shareholders scheduled for June 24, 2005, for the payment of the retirement allowance that has until now been paid to all directors and auditors in office for their term of office (pursuant to the current Director and Auditor Retirement Allowance Rules) upon the expiry of their term of office.