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Independent Review Committee
The Corporation has established an Independent Review Committee from its qualified independent members of the Board of Directors. The IRC has adopted a charter that provides that the IRC must provide a recommendation or approval of transactions in which there is a conflict of interest between the Corporation and the Manager, as contemplated by National Instrument 81-107, Independent Review Committee for Investments Funds of the Canadian Securities Administrators (“NI 81-107”). Policies and procedures to be followed by the Manager and the IRC in conflict of interest matters are outlined in the IRC’s charter.
The IRC consists of the qualified independent Board members. The members of the IRC are Paul J. Bennett, Garth A. MacRae and Richard H. McCoy.
The IRC has prepared a report to shareholders for the year ended February 29, 2008 and will do so on at least an annual basis.
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