The Board has appointed three standing committees: the Audit Committee, the Governance and Compensation Committee and the Reserves Committee.
|P. Jane Gavan||Member|
|Margaret A. McKenzie||Chair||Member|
|James M. Estey||Member|
|Sheldon B. Steeves||Member||Member||Chair|
|Grant A. Zawalsky||Member|
|Myron M. Stadnyk||Chair||Member|
The Audit Committee is comprised of three directors, all of whom are independent and financially literate within the meaning of that term under NI 52-110.
Margaret A. McKenzie, Chair
P. Jane Gavan
Sheldon B. Steeves
The specific responsibilities of the Audit Committee are set out in the Audit Committee Mandate.
(i) review management's identification of principal financial risks and monitor the process to manage such risks;
(ii) oversee and monitor the Company's compliance with legal and regulatory requirements;
(iii) oversee and monitor the integrity of the Company's accounting and financial reporting processes, financial statements and system of internal controls regarding accounting and financial reporting and accounting compliance;
(iv) oversee audits of the Company's financial statements;
(v) oversee and monitor the qualifications, independence and performance of the Company's external auditors;
(vi) provide an avenue of communication among the external auditors, management and the Board; and
(vii) report to the Board regularly.
The Company believes that each of the members of the Audit Committee possesses substantially all of the following:
(i) an understanding of the accounting principles used by the Company to prepare its financial statements;
(ii) the ability to assess the general application of such accounting principles in connection with the accounting for estimates, accruals and reserves;
(iii) experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the Company's financial statements, or experience actively supervising one or more individuals engaged in such activities; and
(iv) an understanding of internal controls and procedures for financial reporting.
For a summary of the education and experience of each member of the Audit Committee that is relevant to the performance of responsibilities as a member of the Audit Committee,
see Board of Directors.
Governance and Compensation Committee
The Governance and Compensation Committee is comprised of three directors, all of whom are independent for the purposes of NI 58-101.
Myron M. Stadnyk, Chair
Sheldon B. Steeves
The specific responsibilities of the Governance and Compensation Committee are set out in the Governance and Compensation Committee Mandate.
Its primary function is to assist the Board in carrying out its responsibilities by reviewing corporate governance and compensation issues in support of the achievement of the Company's business strategy and making recommendations to the Board as appropriate. In carrying out its mandate, the Committee is expected to (i) act in an advisory capacity to the Board and (ii) evaluate the performance of the Committee on an annual basis.
(i) develop, implement and monitor governance standards and best practices;
(ii) review the mandates of the Board and its committees;
(iii) regularly assess the effectiveness of the Board as a whole, the committees of the Board and the contributions of individual directors;
(iv) oversee the preparation of the annual "Statement of Corporate Governance Practices";
(v) identify and recommend individuals for nomination as members of the Board and its committees and for appointment as officers; and
(vi) review and recommend to the Board all matters pertaining to the compensation of directors and management.
The Reserves Committee is comprised of three directors, all of whom are independent for purposes of
Sheldon B. Steeves, Chair
Margaret A. McKenzie
Myron M. Stadnyk
The specific responsibilities of the Reserves Committee are set out in the Reserves Committee Mandate.
(i) act in an advisory capacity to the Board;
(ii) review the Company's procedures relating to disclosure of information with respect to crude oil, natural gas and NGL reserves and resources data;
(iii) annually review the selection of the qualified reserves evaluators or auditors chosen to report to the Board on the Company's crude oil, natural gas and NGL reserves and resources data; and
(iv) review the Company's annual reserves and resources estimates prior to public disclosure.
- Royalty Revenues and Fee Simple Lands
- Leadership, Board & Governance
- Corporate Governance