Standardbred Canada is seeking two new candidates to serve on its Audit Committee, and the deadline for applications is fast approaching.
The Audit Committee reports to and is selected by the Board of Directors. New members on the committee shall represent a good cross section of Standardbred Canada members in the business and accounting fields. Candidates would ideally possess the skill sets, professional experience and knowledge of best practices that will ensure the committee meets its goals and objectives.
The Audit committee shall be composed of not less than five (5) members of Standardbred Canada who are independent of management. Three (3) committee members shall be 'non-Directors' and two (2) committee members shall be Board members.
The committee shall elect its own Chair at its first meeting each year.
The term of the non-Director committee members shall be two (2) years. The term of the committee members who are Board members shall be one (1) year. There shall be a maximum of two (2) consecutive terms for each non-Director committee member. There shall be a maximum of four (4) consecutive terms for each Board member.
The responsibilities of the Audit Committee are as follows:
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To advise the Board and management about strengths and weaknesses of financial controls and practices and compliance with all legal and regulatory requirements.
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To review and advise the Board on the following: investment policy, financial statements, current accounting policies and practices, and if necessary legal counsel, any litigation claim or contingency including tax assessments that could have a material effect upon the financial position of SC financial projections and analysis, the annual budget process and the audit process.
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To review and assess the process of appointing the external auditor and appropriate fee.
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To review the adequacy of the Audit Committee mandate annually and recommend changes to the Board for their consideration.
It is the intent that the committee will meet four times per year; with the first scheduled meeting of the committee taking place in May 2021.
Committee members will be remunerated for all of their costs associated with travel and accommodation, but there is no stipend or fees for services rendered.
If you possess the attributes required to be a member of the Audit Committee, and are interested in serving, please submit a resume to [email protected] by Monday, January 18, 2021 at 4:00 p.m. EST.
Please direct questions to:
Darlene Kidd-Bailey, Corporate Secretary
Email: [email protected]
Telephone: 905-858-3060 (Ext. 258)
A copy of the SC By-Laws and Regulations is available here.