Audit Committee Responsibilities
The Audit Committee is responsible for:
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
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.
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.
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.
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.
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.
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.