Fibrek believes in the importance of corporate governance in conducting its business efficiently and responsibly. Corporate governance provides perspective and fosters a healthy degree of shareholder activism. Furthermore, our Board of Directors is composed of some of the most superior business minds, whose expertise can be mined for even greater performance. Fibrek supports and conducts its business in accordance with the existing Toronto Stock Exchange guidelines for effective corporate governance, as well as National Policy 58-201 Corporate Governance Guidelines. These guidelines address such matters as the constitution and independence of the Board of Directors, the functions to be performed by the Board of Directors and their committees, and the relationship between the Board of Directors, management and shareholders.