The Audit Committee's primary purpose is to assist the Board in fulfilling its oversight responsibilities with respect to:
- the integrity of annual and quarterly financial statements to be provided to shareholders and regulatory bodies;
- compliance with accounting and finance based legal and regulatory requirements;
- the independent auditor's qualifications, independence and compensation, and communicating with the independent auditor;
- the system of internal accounting and financial reporting controls that Management has established;
- performance of the internal and external audit process and of the independent auditor;
- financial policies and strategies including capital structure;
- financial risk management practices; and
- transactions or circumstances which could materially affect the financial profile of the Corporation.
The Committee will be comprised of at least three directors. All Committee members will:
- "independent" under the Categorical Standards for Director Independence adopted by the Board and applicable law;
- "financially literate" under the definition set out in applicable law; and
- appointed and removed by the Board.
The Committee Chair will also be appointed by the Board.