Our Board of Directors has overall responsibility for the stewardship of the Company, including 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.
It 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. These systems and procedures must include the effective management of the Company’s assets and financial resources and must ensure compliance with all regulatory obligations.