OverviewCornerstone has a strong and continuing commitment to the highest standards of corporate governance.
Cornerstone is committed to establishing policies and practices that support strong corporate governance and transparency in financial reporting. These policies and practices are continually reviewed and enhanced as appropriate. We are fortunate to have a capable Board of Directors, which takes corporate governance very seriously. As a result, we are quick to incorporate many of the leading edge practices before they are mandated.
Corporate governance is usually defined as the system by which companies are directed and controlled from within. In the last few years, it has been the subject of ever increasing focus from investors and investment regulators. There are also external demands made on public companies to conform to new criteria - frequently several sets of them. While acknowledging and complying with those external pressures, Cornerstone believes that the best form of corporate governance comes from within. We see external codes as overlays to the "beyond compliance" standards that we set for ourselves.
The Corporate Governance & Compensation Committee monitors the development of, and compliance with, corporate governance policies and procedures. The Committee reviews governance issues and makes recommendations to the Board of Directors for any changes to current policies and procedures. The committee also reviews remuneration of the Corporation's executive officers, including establishing compensation terms and conditions.
The Audit Committee of the Board meets privately with our independent auditors at the end of each Audit Committee meeting. The Audit Committee pre-approves all audit and non-audit services, and reviews quarterly and year-end financial statements in advance of their release.
The Board of Directors of the Company has adopted a Disclosure Policy in order to ensure public communications about the Company are accurate and timely, and disseminated in accordance with applicable securities laws. The Policy will ensure the Board of Directors, Senior Management and all employees have a consistent understanding of the Company's approach to disclosure.
While Cornerstone strives to adopt excellent corporate governance systems and financial controls, there is no substitute for strong Board members and effective corporate management who understand their duties to safeguard the Company and the interests of shareholders. Cornerstone's management and directors are determined to live our Mission Statement with passion and integrity, and we will do our best to deliver results that all stakeholders in Cornerstone can take pride in.
For more information on specific areas of Cornerstone's governance policy, please select a link below: