The board of directors (the "Board") is primarily responsible for supervising the management of the Company’s business and affairs. Its authority is determined by the provisions of the Canada Business Corporations Act and by the Company’s By-laws. The Board regularly reviews its guidelines and policies and, not less than annually, considers how its corporate governance practices align with guidelines established by the regulatory authorities, including the Toronto Stock Exchange.
The Board meets as required to conduct its business, which includes the approval of the quarterly and annual audited financial statements of the Company. The Board’s Chairman is responsible for the management, development and effective performance of the Board, for monitoring the Company’s development through regular contact with the President and CEO, and for ensuring that the Board regularly receives reports concerning the development of the Company’s business and operations, including progress in respect of operating results, liquidity and significant contractual matters.
