The following information provides detail about the Corporation's audit, reserves and corporate governance committees.
Audit Committee
The primary role of the Audit Committee is to assist the Board of Directors in fulfilling its oversight responsibilities regarding the following:
- The accuracy and completeness of the Corporation's consolidated financial statements and related Management Discussion and Analysis (MD&A).
- The internal control and financial reporting systems of NAL.
- The selection (subject to approval by shareholders), engagement and monitoring of the activities of the Corporation's external auditor.
- NAL's risk management strategy.
- NAL's compliance with legal and regulatory requirements.
The role of the Audit Committee is oversight. It is not the duty of the committee to conduct audits or to determine that NAL's financial statements are complete and accurate and are in compliance with Canadian Generally Accepted Accounting Principles (GAAP) or international Financial Reporting Standards (IFRS) as applicable and as the case may be. These are the responsibility of the Manager and the Corporation's external auditor.
To download a pdf version of the Audit Committee Charter, click here.
Reserves Committee
The primary role of the Reserves Committee is to conduct an independent evaluation of NAL's oil and gas reserves annually, and ensure that disclosure of reserves information is in compliance with applicable securities legislation. The committee also consults with management on the appointment of independent reserves evaluators.
To download a pdf version of the Reserves Committee Charter, click here.
Corporate Governance and Environment, Health and Safety Committee
The primary role of the Corporate Governance and Environment, Health and Safety Committee is to monitor governance standards and best practices; review the Board’s mandates; regularly assess the effectiveness of the Board as a whole; prepare the annual Statement of Corporate Governance Practices; and evaluate corporate communication policies. The Corporate Governance and Environment, Health and Safety Committee will also fulfill any additional duties delegated to it by the Board of Directors.
To download a pdf version of the Corporate Governance and Environment, Health and Safety Committee Charter, click here.