Committees and Policies

The Board of Directors has created an Audit Committee and a Compensation, Governance and Nominating Committee to further the effective functioning of First National's corporate governance strategy.

Audit Committee

The Audit Committee's responsibilities include:

  • Management of the relationship with the external auditor including the oversight and supervision of the audit of First National's financial statements;
  • Oversight and supervision of the quality and integrity of First National's financial statements, and;
  • Oversight and supervision of the adequacy of the First National's internal accounting controls and procedures, as well as its financial reporting practices.

The Audit Committee consists of three independent directors, all of whom are considered financially literate for the purposes of the Canadian Securities Administrators' Multilateral Instrument 52-110 – Audit Committees. 

Committee Members: John Brough (Chair), Peter Copestake and Robert Mitchell

Compensation, Governance and Nominating Committee

The Compensation, Governance and Nominating Committee's responsibilities include:

  • Periodically assessing and making recommendations on First National's approach to goverance issues
  • Assisting in the development of governance policies, practices and procedures for approval by the Board
  • Review of conflicts of interest and transactions involving related paraties of First National
  • Review and approving the compensation of First National's senior executive officers;
  • Periodically reviewing the effectiveness of the Board

The Compensation, Governance and Nominating Committee consists of three directors, all of whom are independent for the purposes of the Canadian Securities Administrators' Multilateral Instrument 58-101 – Disclosure of Corporate Governance Practices. 

Committee Members: Peter Copestake (Chair), Duncan Jackman, and Barbara Palk 

The Board has also adopted several policies which reflect best practices in governance and disclosure. These include a Disclosure Policy, a Code of Business Ethics and Conduct , a Whistleblower Policy and an Insider Trading Policy. 

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