Husky’s Board of Directors is principally responsible for the Company’s corporate governance practices. The Board of Directors has delegated to the Corporate Governance Committee some of the responsibilities for monitoring and enhancing the Company’s governance practices. As part of the Board’s commitment to good corporate governance, the Board reviewed and revised its charter and the charters of the committees of the Board in 2004 to better reflect the continuing evolution of corporate governance practices. The Management Information Circular issued in connection with the April 21, 2009 Annual Meeting describes the Company’s corporate governance practices. The primary duties and responsibilities of the Board of Directors are to:
- approve, monitor and provide guidance on the strategic planning process. The President & CEO and senior management team have direct responsibility for the ongoing strategic planning process and the establishment of long-term goals for the Company, which are reviewed and approved not less than annually, by the Board of Directors
- identify the principal risks of the Company’s business and take reasonable steps to ensure the implementation of appropriate systems to manage and monitor these risks
- delegate to the President & CEO the authority to manage and supervise the business of the Company, including the making of all decisions regarding the Company’s operations that are not specifically reserved to the Board of Directors under the terms of that delegation of authority. The Board also determines what, if any, executive limitations may be required in the exercise of the authority delegated to management, and in this regard approves operational policies within which management will operate
- approve the Company’s strategic plans, annual budget and financial plans
- oversee the integrity of the Company’s internal control and management systems
- oversee effective communications with shareholders
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