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Strong corporate governance is an essential component of MPT’s performance. Effective governance enables prudent risk management and decision-making, which contributes to unitholder value.
The Board of Trustees, which is responsible for the stewardship of MPT, works with management to oversee MPT’s business and relationships to protect the interests of unitholders, stakeholders and the communities in which MPT’s assets operate. To fulfill this responsibility, the Board is guided by a clearly defined mandate that includes monitoring MPT’s financial performance, approving MPT’s policies and procedures, and overseeing MPT’s communications and reporting.
MPT complies with all relevant corporate governance requirements and policy statements of the various Canadian securities regulatory authorities. Notably, MPT’s four-person board consists of three unrelated, or independent, Trustees as defined under applicable securities laws. The Board’s Audit and Governance Committees are comprised entirely of independent Trustees.
The Audit Committee's mandate includes overseeing:
- The integrity of MPT's financial statements and reporting process;
- The qualifications and independence of MPT's external auditors; and
- Providing an open avenue of communication between the external auditors, the Board of Trustees and management.
The Governance Committee's mandate includes:
- Identifying and recommending qualified nominees to the Board;
- Annually reviewing and revising MPT's approach to governance issues;
- Reviewing the Code of Ethics;
- Periodically reviewing management's systems and practices for filing of insider reports in connection with trading in MPT's securities;
- Recommending terms for the compensation of Trustees, the Chair of the Board, and the chairs of Board committees; and
- Annually evaluating management's compliance with the administration agreement and MPT's annual management plan.
MPT’s governance structure supports a management philosophy in which ethical conduct, independent thinking and prudent risk management are deeply ingrained. Additional information on MPT’s corporate governance policies and processes can be found in MPT’s regulatory filings, which are available at www.sedar.com.
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