Our Board of Directors and Management believe that sound corporate governance practices contribute to managing the operation of Western effectively and to achieving our strategic and operational plans, goals and objectives. The Board's corporate governance policies and practices are consistent with National Policy 58-201 - Corporate Governance Guidelines and Multilateral Instrument 52-110 - Audit Committees. These policies and practices take into account rules of the Toronto Stock Exchange. Western’s governance framework includes the charters and key practices of the Board and its committees which can be found on our website, and include the Code of Business Conduct and Ethics, the Insider Trading Policy, Communications Policy, the position description for the CEO, the Chairman of the Board and the Lead Director, along with the charters of the Board, its committees and their chairs. The Corporate Governance and Compensation Committee reviews corporate governance principles and practices each year and recommends, where required, amendments to the Board for consideration and approval.
Our Board of Directors is expected to bring sound judgment, integrity and independence of thought to the task. They are encouraged to speak their minds, while respecting others, so that different viewpoints can flourish in the process of developing a sensible consensus. Each director at all times when sitting on the Board must represent the interests of shareholders generally, not just those of one group. Directors are expected to come to meetings well-prepared, willing to raise questions about the material sent to them, about other issues, and about any other developments they believe may affect Western. Each director is expected to attend all regularly scheduled meetings and all of the committees on which they serve. Each director must act honestly and in good faith with a view to the best interests of Western and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.