Participants also focused on the roles of the nominating , compensation , and audit committees noting that ( 1 ) nominating committees need to independently identify candidates for board membership rather than rubber stamp management 's candidates , ( 2 ) compensation committees need to focus more on achievements related to the company 's long-term strategic objectives and less on short-term accomplishments , such as meeting earnings projections , and ( 3 ) audit committees need to work more effectively with the independent auditor as defined by the Sarbanes-Oxley Act of 2002 , and not get tied up in procedural matters concerned with their legal liabilities as committee members .
Participants focused on nominating committees ' roles in developing the board of directors .