The Reserves Committee (the "Committee") is a committee of the Board of Madalena to which the Board has delegated the responsibility for the matters set forth herein in respect of certain responsibilities of the Board in accordance with National Instrument 51-101 ("NI 51-101").
Membership of Committee
1. The Committee will be comprised of at least three (3) directors of Madalena or such greater number as the Board may determine from time to time, a majority of whom shall be:
2. The Board may from time to time designate one of the members of the Committee to be the Chair of the Committee.
The Committee is responsible for:
The Chair is appointed annually and reports to the Board. The Chair's primary role is managing the affairs of the Committee, including ensuring the Committee is organized properly, functions effectively and meets its obligations and responsibilities.
The Chair works with the CEO of the Company to ensure effective relations with Committee members.
The Chair maintains ongoing communications with the CEO and with such other Officers of the Company as the Chair determines appropriate.
The Chair has the responsibility to lead the Committee in overseeing management's formulation of and compliance with reserves policies and procedures and report to the Board after each Committee meeting.
The Chair also has the responsibility to ensure the Committee is alert to its obligations to the Board and pursuant to law and to chair Committee meetings.
The Chair is responsible to: