1.      Does your General Counsel / Legal Department provide regular reports and/or compliance certificates to the board outlining major litigation, contracts, compliance issues, trending, etc.?

A: Our Chief Legal Officer provides a report to our Audit Committee at each quarterly meeting of the committee relating to outstanding claims.  The report is written and comprises a summary of each claim including the names of the parties, the amount in issue, the nature of the claim (whether in contract, tort or otherwise), an assessment of the prospects of the claim from the company’s perspective and likely financial impact.

2.      If they are written reports, I would be grateful if you would provide me with a copy of one. 

A: The report is a written report. Due to its nature it cannot be shared.  The content of the report is the following:

• Proceedings and Claims Summary as at [date of quarter end]
• • Table showing the types of claims, the number of claims of each type, and their distribution as a percentage.
• Amounts Claimed
• • Table showing the amounts in each currency, the conversion into Canadian dollars and the total amount in Canadian dollars for all claims.
• Analysis of Quantum
• • Table showing the variance quarter over quarter in the overall amounts claimed against the company, including claims at the previous quarter end, claims settled, new claims received, and resulting total amount of claims as at the end of the quarter in question.
• Legal and expert fees incurred to defend the company
• • Table showing the fees paid for the current fiscal year, quarter by quarter, for each currency and the total in Canadian dollars.
• Highlights of matters resolved out of court
• • Narrative summaries for each claim.
• Highlights of new claims and proceedings
• • Narrative summaries for each claim.
• Detailed summary of certain claims
• • Narrative summaries for each significant claim.