Solid governance leads to better decisions

Audit Committee

Purpose

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.

Composition

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.

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