The Board relies heavily on its Committees to fulfill its mandate and meet its responsibilities. Committees of the board allow Directors to share responsibility and devote the necessary resources to a particular area or issue. The Board and each of its Committees prepare annual agendas of items to be considered.
Each Committee has specific terms of reference, is composed entirely of unrelated Directors, and regularly holds in camera meetings without management present. Charters for each Committee have been adopted. Committee Chairs report on each of their meetings and seek approvals as required from the Board.
Audit and Risk Management Committee meetings will be held in advance of Board meetings, at which time financial statements will be presented for approval. In this way, the Audit Committee has more time to deliberate on our financial results and is able to make adjustments or changes, as necessary, before delivering its report to the Board.
Reviews of the structure, mandates and composition of the Committees are conducted regularly.