Our governance system incorporates transparency and high standards of ethics and discipline. It implements best practices in corporate governance for our unitholders that are central to the efficient and effective operation of the Fund for our unitholders.

The Board of Trustees is responsible for supervising, monitoring and evaluating the Fund’s ongoing strategic planning. It monitors results so that our stated goals are achieved and oversees matters related to the Fund’s strategic direction, business, and operations.

The Board is led by an independent chair with four independent and experienced trustees whose mission is to protect the interests of unitholders. They are committed to a comprehensive corporate governance program that includes mandates, policies and committees designed to promote values of transparency and integrity. The trustees are also responsible for overseeing the Fund’s business by providing responsible and effective stewardship of its assets, and meeting regularly with management to receive business updates, and also hold meetings without management present.

There are two Board committees and one management committee responsible for ensuring that good corporate governance is practised and implemented in all of the Fund’s business.

The Board’s Audit Committee comprises three trustees with responsibility for providing general oversight of the Fund’s auditing, accounting and financial reporting and ensures the adequacy of internal accounting controls and procedures. The committee makes recommendations with respect to the appointment, compensation, retention and oversight of the external auditors, the pre-approval of all non-audit services, and the direction of examinations into specific areas of the business of the Fund.

The Board’s Corporate Governance and Compensation Committee consists of two trustees with responsibility for making recommendations on the appointment of officers and the hiring, compensation, benefits and termination of executive officers. It performs an annual review of the Chief Executive Officer’s goals and objectives for the upcoming year and an appraisal of performance while administering and providing recommendations concerning the Fund’s incentive compensation plans. The committee develops the Fund’s approach to governance issues, filling vacancies on the Board of Trustees and periodically reviewing the composition and effectiveness of the trustees and their respective contributions.

Management’s Disclosure Committee is chaired by the Vice President, Investor Relations & Treasury and consists of members of senior management responsible for ensuring that continuous disclosure obligations are fulfilled. The Fund’s Disclosure Policy outlines the principles of disclosure of material information, identifies designated spokespersons and also maintains confidentiality, and applies to all employees and parties related to Armtec. The trustees are responsible for adopting, reviewing and updating the Fund’s written Disclosure Policy.

More information on Armtec’s corporate governance practices can be found in our Management Information Circular which is available on our website at www.armtecincomefund.com