MANAGEMENT"S RESPONSIBILITY FOR INFORMATION
(Article VI, Manual of Corporate Governance)

Management is primarily responsible to the Board for financial reporting and control, and to this extent, shall:

• Present a balanced and understandable assessment of the Corporation’s position and prospects. This extends to interim and other price-sensitive public reports and reports to regulators as well as to information required to be presented by statutory requirements;
• Explain their responsibility for preparing the accounts, for which there should be a statement by the auditors about their reporting responsibilities;
• Report that the business is a going concern, with supporting assumptions or qualifications, if necessary;
• Maintain a sound system of internal control to safeguard stakeholders’ investment and the Corporation’s assets;
• Based on the approved audit plans, scope and frequency of audits, ensure that internal audit examinations cover, at least, the evaluation of adequacy and effectiveness of controls encompassing the organization’s governance, operations, information systems, to include reliability and integrity of financial and operational information, effectiveness and efficiency of operations, safeguarding of assets, and compliance with laws, rules, regulations, and contracts;
• Require the Chief Audit Executive to render to the Audit Committee an annual report on the internal audit department’s activity, purpose, authority, responsibility and performance relative to the audit plans and strategies approved by the Audit Committee of the Board. Such annual report should include significant risk exposures and control issues, corporate governance issues, and other matters needed or requested by the Board and senior management.