Management Terms of Reference
TransCanada has created written position descriptions for the Chair and the Chief Executive Officer (CEO).
Terms of Reference for the Chair
The Terms of Reference for the Chair include the following duties and responsibilities:
- providing advice to the CEO on major policy issues,
- ensuring the CEO is aware of concerns of the Board, shareholders, other stakeholders and the public,
- leading the Board in monitoring and evaluating the performance of the CEO and ensuring the implementation of management succession plans,
- liaising closely with the CEO to ensure management strategies, plans and performance are appropriately represented to the Board, and
- managing the Board.
Terms of Reference for the CEO
The Terms of Reference for the CEO include the following duties and responsibilities:
- the development and recommendation of strategic plans to the Board that provide for TransCanada's profitable growth and overall success, including involving the Board in the early stages of strategy development,
- the implementation of business and operational plans,
- reporting regularly to the Board on the overall progress and results against operating and financial objectives,
- the authorization of the commitment of funds to capital projects not included in a previously approved budget or otherwise approved by the Board, to a maximum of $50 million, and
- the commitment of corporate resources and entrance into agreements in the ordinary course of business in order to pursue the approved strategies of TransCanada, with the proviso that major commitments, exposures and risks are reported to the Board on a regular and timely basis.