The following is a brief summary of the mandates of the four committees of the Board:
The primary mandate of the Audit Committee is to review the financial statements of the Corporation and public disclosure documents containing financial information and to report on such review to the Board, to be satisfied that adequate procedures are in place for the review of the Corporation’s public disclosure documents that contain financial information, to oversee the work and review the independence of the external auditors, and to review any evaluation of the Corporation’s internal control over financial reporting. The Audit Committee is also responsible for monitoring the implementation of, and compliance with, the Corporation’s Global Anti-Bribery Policy. In performing its duties and exercising its powers, the Audit Committee considers and addresses the risks related to the establishment, maintenance and implementation of disclosure controls and procedures and internal control over financial reporting and the risks related to cyber security that would reasonably be expected to have a material effect on the Corporation.
* Mr. Vanaselja was appointed to the Audit Committee on May 10, 2018.
Number of meetings in 2018: 4Audit Committee Charter
The primary mandate of the Compensation Committee is to approve compensation policies and guidelines for employees of the Corporation, to approve compensation arrangements for executives of the Corporation, other than executives who are also executives of Power, to recommend to the Board compensation arrangements for the Directors and the President and Chief Executive Officer, to oversee the management of incentive compensation plans and equity compensation plans, to consider the implications of any risks associated with the Corporation’s compensation policies and practices, and to review succession plans for senior management.
* Ms. McArthur was appointed to the Compensation Committee on May 10, 2018.
Number of meetings in 2018: 6Compensation Committee Charter
The primary mandate of the Governance and Nominating Committee is to oversee the Corporation’s approach to governance issues, to recommend to the Board corporate governance practices consistent with the Corporation’s commitment to high standards of corporate governance and to address potential risk related to governance matters. The Governance and Nominating Committee is responsible for identifying new candidates for Board nomination and, after considering the objectives of the Corporation’s Diversity Policy, for recommending to the Board those candidates who possess the qualifications and skills to fulfill Board and Board Committees responsibilities. The Governance and Nominating Committee is also responsible for assessing at least annually the performance and effectiveness of the Board, Board Committees, and individual Directors to ensure that they are fulfilling their respective responsibilities and duties.The Committee has responsibility for monitoring the implementation of the Corporation’s policy and strategy with respect to corporate social responsibility.
Number of meetings in 2018: 1Governance and Nominating Committee Charter
The primary mandate of the Related Party and Conduct Review Committee is to recommend to the Board procedures for the consideration and approval of transactions with related parties of the Corporation and to review and, if deemed appropriate, to approve such transactions.
The Related Party and Conduct Review Committee considers transactions between the Corporation and the following parties: (i) Directors and officers of the Corporation or any of its affiliates (and spouse and minor children of such persons); (ii) the Corporation’s controlling shareholder; and (iii) any entity, other than a subsidiary of the Corporation, in which a party listed in (i) above beneficially owns or controls (A) securities representing more than 10 per cent of the voting interests, or (B) securities representing more than 25 per cent of the equity interests. Generally, the Corporation and its subsidiaries are prohibited from entering into a related party transaction if the transaction is not on terms and conditions at least as favourable to the Corporation (or its subsidiaries) as market terms and conditions.
In performing its duties and exercising its powers, the Related Party and Conduct Review Committee considers and addresses risks related to any proposed transactions with related parties of the Corporation.
Number of meetings in 2018: 3Related Party and Conduct Review Committee Charter