Crescent Point’s board of directors is responsible for making and enforcing all significant management decisions of the corporation. Please visit the Directors and Officers section of this website for the names and biographical information of our directors.
The board, in consultation with the Chief Executive Officer, sets objectives for the corporation and monitors management of its business and affairs with the goal of achieving the corporation’s principal objectives.
The board holds meetings at least quarterly, or more frequently if needed, to review any decisions relating to:
- Offering of corporate securities
- Compliance with applicable laws and TSX guidelines
- Content and accuracy of offering documents
- Terms and amendments of the material contracts of the corporation
- All matters relating to sale or redemption of corporation shares
- Voting rights on investments within the corporation fund
- All matters relating to the powers and authorities of the corporation, including supervision of management and compensation structure for the executive body
- Reserves review and audit
- Environmental health and safety audit
- Financial statements (reviewed monthly and audited quarterly)
- Any other matters requiring board oversight that may arise on an ad hoc basis
Crescent Point’s Corporate Governance Committee of the board retained an independent diversity consultant in 2015 to provide advisory services around gender diversity across the organization. This engagement featured discussions around the merits of board diversity, gender diversity best practices and included a review of Crescent Point's existing corporate governance materials relating to diversity. We also discussed how to canvass employees for the purposes of better understanding our employees' perceptions in this area with a focus on the development of our internal pipeline of diverse talent. Through this, we have developed a written Board Diversity Policy, which outlines the board’s commitment to an identification and nomination process that will identify qualified female candidates. The Board Diversity Policy also includes a target of at least 20% of the independent members of the Board be women, a goal that Crescent Point has achieved (22% of the board are women).
Additional details regarding Crescent Point’s board selection, tenure and committee membership and mandates are available within our 2016 Management Information Circular.
As a foreign private issuer under United States securities laws, Crescent Point is, in most respects, permitted to comply with Canadian governance standards in lieu of SEC or NYSE corporate governance standards applicable to United States listed companies, but there are exceptions. The Board believes that the Company is in full compliance with the SEC and NYSE corporate governance standards applicable to it.
United States securities regulators also impose requirements on the functions of the audit committee of the Company. The Company must comply with the NYSE requirements.