The board of directors is primarily responsible for accountability of the management of the company’s business. Its authority is determined by the company’s By-laws. In addition, the board’s activities are governed by a set of procedural rules which are adopted by the board. The board regularly reviews its guidelines and policies.
The board meets regularly to conduct its business, which includes the approval of the quarterly unaudited and annual audited consolidated financial statements of the company.
The President and CEO ensures that the board regularly receives reports concerning the development of the company’s business and operations, including progress in respect to value creation, liquidity and significant contractual issues, including acquisition of assets.
The audit committee is comprised of two board members, each of whom is independent of management and financially literate. The audit committee reviews and reports to the board on the integrity of the financial statements of the company. The audit committee ensures the company has designed and implemented effective internal financial controls and reviews compliance with regulatory requirements as they relate to the financial statements, taxation and disclosure of material information to the market.