RESERVES COMMITTEE MEMBERS: FRED COLES (CHAIR), FRED DYMENT AND MICHAEL KANOVSKY. The Reserves Committee assists the Board in meeting their responsibilities to review the qualifications, experience, reserve evaluation approach and costs of the independent engineering firm that performs ARC’s reserve evaluation and to review the annual independent engineering report. The committee reviews and recommends for approval by the Board on an annual basis the statements of reserve data and other information specified in National Instrument 51-101. The committee also reviews any other oil and gas reserve report prior to release by ARC to the public and reviews all of the disclosure in the Annual Information Form and elsewhere, related to the oil and gas activities of ARC. There were six meetings of the committee in 2005.
HUMAN RESOURCES AND COMPENSATION COMMITTEE MEMBERS: JOHN STEWART (CHAIR), FRED COLES, HERB PINDER AND MAC VAN WIELINGEN. The Human Resources and Compensation Committee assists the Board in fulfilling its oversight responsibilities with respect to overall human resource policies and procedures; the compensation program for ARC; and in consultation with the Board, undertakes an annual performance review with the President and CEO, and reviews the CEO’s appraisal of the other executive officers’ performance. The committee reviews the salary, bonus and other remuneration for the executive officers of ARC and makes recommendations on such matters to the CEO. The committee also reviews and recommends for approval to the Board the principal compensation plans of ARC such as the long-term incentive program and any awards under such plans. There were eight meetings of the committee in 2005. HEALTH, SAFETY AND ENVIRONMENT COMMITTEE MEMBERS: WALT DEBONI (CHAIR), FRED COLES AND JOHN STEWART. The Health, Safety and Environment Committee assists the Board in its responsibility for oversight and due diligence by reviewing, reporting and making recommendations to the Board on the development and implementation of the standards and policies of ARC with respect to the areas of health, safety and environment. This committee meets separately with management of ARC who have responsibility for such matters and reports to the Board. There were four meetings of the committee in 2005. POLICY AND BOARD GOVERNANCE COMMITTEE MEMBERS: WALTER DEBONI (CHAIR), HERB PINDER, JOHN STEWART AND MAC VAN WIELINGEN. The Policy and Board Governance Committee assists the Board in fulfilling its oversight responsibilities with respect to reviewing the effectiveness of the Board and its Committees; developing and reviewing ARC’s approach to board governance matters; and reviewing, developing and recommending to the Board for approval procedures designed to ensure that the Board can function independently of management. The committee annually reviews the need to recruit and recommend new members to fill Board vacancies giving consideration to the competencies, skills and personal qualities of the candidates and of the existing Board, and recommends to the Board the nominees for election at each annual meeting. The effectiveness of individual board members and the board is reviewed through a yearly self assessment and inquiry questionnaire. There were six meetings of the committee in 2005.