West Fraser’s Board of Directors has overall responsibility for the stewardship of the Company and the identification of the principal risks of the Company’s business. This includes environment and climate change-related risks, vulnerabilities and to ensure the implementation of appropriate systems to manage these risks, and responsibility for:
- The adoption of a strategic planning process and approval of a strategic plan,
- The identification of the principal risks of the Company’s business and ensuring the implementation of appropriate systems to manage these risks,
- The succession planning, including appointing and monitoring senior management,
- The implementation of a communication policy for the Company regarding disclosure of corporate information, and
- The integrity of the Company’s internal control and management information systems including accounting systems.
Our Board also has the responsibility to identify, with the advice of management, the principal risks of West Fraser’s business and must, with management, establish systems and procedures to ensure that these risks are monitored. The Board reviews and monitors environmental performance and considers climate-related issues in corporate-level strategies and capital investment decisions. These systems and procedures include the effective management of the Company’s assets and financial resources and compliance with all regulatory obligations. Within our overall strategic planning, climate-related concerns are identified and addressed based on the potential impact on our business.
The Board’s Environment, Health and Safety Committee holds accountability to review and report to the Board, at least annually, on the appropriateness of the policies, procedures and practices in place to administer the Company’s environmental programs and to identify and manage environmental risks (including water, waste, biodiversity, species at risk, emissions and climate change) in the context of legal, competitive and operational considerations. Further, this committee is responsible for proposed environmental legislation or regulations and on emerging physical and market-related environmental risks (including those associated with climate change), that may have an impact on the Company’s business and activities.
Learn more about our governance approach (GRI 102), the mandate of our Board of Directors, and the Charter of the Board’s Environment, Health and Safety Committee.