The board of directors (the "Board") and management ("Management") of Storm Resources Ltd. (the "Corporation") believe in the importance of good corporate governance and its effectiveness in promoting enhanced shareholder value.
Management has the responsibility for the day to day management of the business of the Corporation. The Board retains responsibility for significant matters such as acquisitions and divestitures, major capital expenditures and debt and equity financing transactions.
The Board has ultimate oversight for adoption of the Corporation's strategic planning process and receives regular updates on execution of the Corporation's business plan.
The Board is responsible for understanding the principal risks associated with the Corporation's business and it is the responsibility of Management to ensure that the Board and its committees are kept well informed of these changing risks. The Board has adopted policies designed to ensure the good governance of the Corporation. Directors and officers are subject to an insider trading policy. In addition, the Corporation has adopted a disclosure policy requiring the timely dissemination of all material information. Communications with the Shareholders are undertaken through a variety of means, including the publication of its year-end report, quarterly reports, annual information form, news releases, and the Corporation's website. The Corporation's website, www.stormresourcesltd.com, contains annual/year-end and quarterly reports, news releases, corporate presentations and other information considered helpful to investors.
In disclosing its approach to corporate governance, the Corporation makes particular reference to the guidelines set out in National Instrument 58-101 – Disclosure of Corporate Governance Practices
("NI 58-101"). When the Corporation's corporate governance system differs from these guidelines, we provide an explanation of the differences. The guidelines contained in NI 58-101 are not mandatory.
The Board and Management will continue to monitor the current initiatives of the securities regulatory authorities in Canada with respect to corporate governance in order to ensure that the Corporation's corporate governance practice complies with all applicable legal requirements.
As a publicly listed company on the TSX-V, the Corporation is subject to a variety of corporate governance guidelines and requirements which have been enacted by Canadian Securities Administrators. The Corporation's corporate governance compliance is detailed in Appendix A of our Information Circular which can be found on this website under "Investor Relations / Financial Reports".