Westjet 2005 Annual Report Download - page 38

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36
YOUR OWNERS’ MANUAL
The Board of Directors has established three standing
committees: an Audit Committee, a Compensation
Committee and a Corporate Governance and Nominating
Committee. In addition, the Board has an Independent
Committee of Directors to deal with the claims from Air
Canada and Jetsgo. This special committee was established
to deal with litigation and to separate the handling of the
claims from management to avoid any potential conflicts
and to allow management to concentrate its time and
efforts on running the airline. Each committee reports to
the Board with their recommendations for final approval.
Part of the Corporate Governance and Nominating
Committee’s mandate is to assess the effectiveness of
committees, the composition of existing committees and
the appropriateness for any new committees.
At the 2005 Annual Meeting, the Corporation’s
shareholders approved an increase in the size of the
Board of Directors and subsequent to that meeting two
During 2005, the Board of Directors
continued to take steps to ensure that
good corporate governance practices
were employed by WestJet...
The mandatory effective date for Sections 1530,
Comprehensive Income, 3855, Financial Instruments –
Recognition and Measurement, 3865, Hedges, 3861,
Financial Instruments – Disclosure and Presentation,
3251, Equity affect interim and annual financial statements
for fiscal years beginning on or after October 1, 2006.
Earlier adoption will be permitted only as of the beginning
of a fiscal year ending on or after December 31, 2004. At
the latest, we will adopt these new standards in 2007.
Corporate Governance
During 2005, the Board of Directors continued to take
steps to ensure that good corporate governance practices
were employed by WestJet and the Board for the protection
of all stakeholders. These changes were largely related to
the ongoing review of “best practices,” compliance with
regulatory changes and the continued review and update
of the existing governance materials.
Nataly Paredes
Customer Service Agent