Ensuring that Board members understand Cenovus, the industry and the regulatory environment will be critical to ensuring that Board members are effective in their role as stewards of the Corporation.
The Nominating and Corporate Governance Committee will be responsible for and will implement procedures to orient and educate new Board members concerning their role and responsibilities and for the continued development of existing Board members.
The formal program for new directors will include a series of interviews and orientation sessions with senior management and field tours of major producing properties and areas of operations. Directors will also be provided with an informational package which will include Cenovus's strategic planning materials, a directors' information handbook, recently issued disclosure materials and independent third-party peer comparison information.
New members will also be encouraged to conduct their own due diligence through independent meetings with the Chair of the Board, Chief Executive Officer or any other directors.
Cenovus will provide continuing education opportunities for all directors so that individual directors can enhance their skills and have a current understanding of Cenovus's business environment.
Directors will also have the opportunity to attend external educational programs to assist in their development as a director of Cenovus. All such external programs will be approved through the Chair of the Board.