This week, you will answer some questions about board of director committees. GouldCo is a tech company with shares listed on the New York Stock Exchange. Sam Dean, the chair of the board and CEO of GouldCo has proposed that Richard Jones be nominated to the GouldCo board. Richard Jones is semi-retired and currently is the chair of the board of trustees of the university where he received his undergraduate degree. He has had a long business career, including several years as the CEO of a NYSE-listed company. He was an engineering major in college and has an M.B.A. in finance. He has no technology industry experience. Sam and Richard have been friends since high school. Their families are friendly and frequently vacation together. Richard's wife, Susan, is the chair of the board and CEO of the modern art museum in the city where GouldCo has its headquarters. GouldCo frequently hosts business events at the museum in its public event space and pays commercial rates for these events. GouldCo and Sam have contributed generously over the years to fundraising drives for both the university and the art museum. Sam and Richard also have made real estate investments together, although neither is financially dependent on the other. Questions: GouldCo's Nominating and Governance Committee is considering Richard's qualifications to join the GouldCo board as an independent director. The Nominating and Governance Committee has asked for a legal opinion on the following: 2. Is Richard qualified to serve as a member of GouldCo's Compensation Committee? 3. Is Richard qualified to serve as a member of GouldCo's Audit Committee?