LBIX » Topics » Role and Responsibilities

This excerpt taken from the LBIX 6-K filed Jun 1, 2006.

Role and Responsibilities

The primary responsibility of the Board is to foster the long-term success of the Company.

The Board shall also have the following responsibilities:

review and approve management’s strategic and business plans;



review and approve the Company’s financial plans, objectives and budgets, including significant capital allocations and expenditures;


monitor corporate performance against the strategic plans, business plans, and budgets;



approve acquisitions and divestitures of business operations, strategic investments and alliances and major business development initiatives;


identify, review and monitor significant opportunities and risks for the Company, and ensure that appropriate risk management and control procedures are in place;


determine that procedures are in place designed to ensure ethical behaviour and compliance with laws and regulations, auditing and accounting principles, and the Company’s own governing documents;


monitor the Company’s approach to effective communication with shareholders, analysts, other stakeholders and the public generally;


ensure that plans have been made for management succession, including appointing, training and monitoring executive management;


review and consider recommendations made by the various committees of the Board.

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