Responsibilities
Talisman’s Board of Directors sees its principal role as stewardship of the company and its fundamental objective as the creation of shareholder value, including the protection and enhancement of the value of the company’s assets. The Board oversees the conduct of the business and management, which, in turn, is responsible for developing long-term strategy and conducting the company’s day-to-day business.
The Board ensures systems are in place to manage the risks and, through the Chief Executive Officer, sets the attitude and disposition of the company toward environmental, health and safety policies, regulatory compliance and financial practices and reporting.
In fulfilling its primary responsibilities, the Board ensures that the company has:
- established long-term goals and a strategic planning process;
- identified and has an understanding of the principal risks of the company’s business and implemented appropriate systems to monitor and manage those risks;
- established processes to manage and measure management, and in particular, the Chief Executive Officer's performance in achieving the company's stated objectives;
- established internal controls and management systems to effectively monitor the company’s operations and ensure compliance with applicable laws, regulations and policies;
- implemented processes to properly oversee company sponsored pension plans; and
- adopted a communications program for effectively communicating with and receiving feedback from shareholders, employees, government authorities, other stakeholders and the public.
The Board is also required to:
- satisfy itself as to the business and professional integrity of the Chief Executive Officer and other executive officers, as well as the Chief Executive Officer and the executive officers’ creation of a culture of integrity through the company;
- develop the company’s approach to corporate governance, the review of which is led by the Governance and Nominating Committee of the Board; and
- monitor compliance with the company’s Policy on Business Conduct and Ethics.
