Corporate Governance

At Acadian Timber Corp., we continually strive to ensure that we have sound corporate governance practices to maintain investor confidence in the way in which we do business.
To ensure we communicate our practices and our commitment to strong corporate governance, we are proud to provide you with information on our Committees, our Practices, our Board of Directors and other related information.

Audit Committee Responsibilities
The Audit Committee is responsible for:

  • monitoring the Corporation systems and procedures for financial reporting, risk management and internal controls;
  • reviewing all public disclosure documents and monitoring the performance of the Corporation's external and internal auditors;
  • reviewing the Corporation's quarterly and annual financial statements and management's financial analysis and review of operations prior to approval by the full board of directors and release to the public;
  • appointing the Corporation's external auditors, subject to shareholder approval; and
  • approving the assignment of any permitted non-audit work to be performed by the external auditors.

  • Compensation, Nominating and Corporate Governance Committee

    The Compensation, Nominating and Corporate Governance Committee is responsible for:

  • reviewing and making recommendations concerning the appointment of officers;
  • making recommendations concerning the remuneration of Directors;
  • administering and making recommendations regarding the operation of any long-term incentive plan and any other employee incentive plans. In reviewing the adequacy and form of compensation and benefits, the committee seeks to ensure that the compensation and benefits reflect the responsibilities and risks involved in being a Director of the Corporation and align the interests of the Directors with the best interests of the shareholders;
  • developing the Corporation’s approach to governance issues, filling vacancies among the Directors;
  • periodically reviewing the effectiveness of the Directors and the contribution of individual Director, including an annual evaluation of the effectiveness of the board as a whole, the committees of the board and the contributions of individual director;
  • adopting and periodically reviewing and updating the Corporation’s written disclosure policy;
  • considering other matters as directed by the board.

  • The Corporation and our Board of Directors are committed to working together to achieve strong and effective corporate governance, with the objective of promoting the long-term interests of the Corporation and the enhancement of value for all shareholders. We continue to review and improve our corporate governance policies and practices in relation to evolving legislation, guidelines and best practices. Our Board of Directors is of the view that our corporate governance policies and practices and our disclosure in this regard are comprehensive and consistent with the guidelines established by Canadian securities regulators.

    Acadian Code of Business Conduct
    Board and Committee Charters
    Board Mandate
    Majority Voting Policy
    Position Description - Chair of the Board of Directors
    Statement of Corporate Governance Practices

    The current Board of Directors comprises seven members. The names and biographies of each of the Trustees are set forth below.

    Reid Carter

    Mr. Carter is a registered professional forester in British Columbia and has over 40 years of experience in the forest industry, including senior roles in TimberWest Forest Corp. and Fletcher Challenge Canada. As a former Managing Partner at Brookfield Asset Management, Mr. Carter led Brookfield’s timberlands portfolio growing the busines from a modest operation of 310,000 acres under management to one of the largest timberland estates globally, with approximately 3.7 million acres under management in the United States, Canada and Brazil. Mr. Carter has a detailed understanding of the management, assets and relative global competitive positioning of North American paper and forest products companies. He is a director of Enercare, SelectSeed Ltd., SemiosBio Technologies and West Fraser Timber Co. Ltd. He is a resident of West Vancouver, British Columbia, Canada.

    Mr. Carter was a Trustee of the Fund from January 31, 2006 to January 1, 2010 and has been a Director since January 1, 2010.

    Malcolm Cockwell

    Mr. Cockwell is the Managing Director of Haliburton Forest & Wildlife Reserve, a private land stewardship company that operates a mid-sized hardwood sawmill as well as a diverse ecotourism business, and owns approximately 100,000 acres of hardwood timberland in central Ontario. Having previously served as General Manager of Haliburton Forest since January 2014, he was appointed Managing Director in 2016. In addition to his work with Haliburton Forest, Mr. Cockwell is a PhD Candidate at the Faculty of Forestry at the University of Toronto with research interests focused on hardwood silviculture and processing. He holds a B.Sc. in Forestry from the University of Toronto and is a Registered Professional Forester in Ontario. Mr. Cockwell also serves on the board of directors of Forests Ontario and represents Haliburton Forest at the Ontario Forest Industries Association. Mr. Cockwell is a resident of Haliburton, Ontario, Canada.

    Mr. Cockwell has been a Director since May 8, 2018. Mr. Cockwell assumed the role of Chairman on August 20, 2019.

    Heather Fitzpatrick

    Ms. Fitzpatrick is the President and CEO of Halmont Properties Corporation (TSX Venture: HMT-X). Ms. Fitzpatrick holds a bachelor’s degree in commerce from Memorial University of Newfoundland and has served in a variety of senior accounting roles with the Bank of Montreal and other firms over the last ten years. Halmont invests directly and indirectly in commercial real estate, forest properties, and in securities of companies holding property, energy, and infrastructure assets. Ms. Fitzpatrick is a Chartered Professional Accountant.

    Ms. Fitzpatrick has been a Director since August 20, 2019.

    Karen Oldfield

    Ms. Oldfield was the President and CEO of the Halifax Port Authority, a position which she held for more than 17 years. Ms. Oldfield has global experience in trade development, particularly new markets combined with expertise in supply chain management and logistics. Additionally, Ms. Oldfield currently serves as Chair of the Board of Governors for Saint Mary’s University and is a Director of the Conference Board of Canada.

    Ms. Oldfield has been a Director since May 9, 2019.

    Bruce Robertson

    Mr. Robertson is the Vice President, Investments of The Woodbridge Company Limited and has held this position since September 2013. Prior to joining Woodbridge, Mr. Robertson held various executive positions at private equity firms focused largely on markets in Canada and the United States. Mr. Robertson received his Bachelor of Commerce (Honours) degree from Queen’s University in 1988 and has served on the board of directors of both private and publicly-listed companies, including his current positions as director of Morguard Corporation and as trustee of Morguard North American Residential REIT. In January 2012, Mr. Robertson was appointed to the board of Yellow Media Inc. and as Chairman of the Financing Committee. In December 2012, Yellow Media successfully completed a Plan of Arrangement pursuant to the Companies’ Creditors Arrangement Act, pursuant to which Yellow Media was recapitalized. Upon completion of the arrangement, Mr. Robertson resigned from the board of directors. Mr. Robertson is a resident of Toronto, Ontario, Canada.

    Mr. Robertson is the Chair of Audit Committee. Mr. Robertson has been a Director since February 2018. 

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