The Committee is responsible for approving and periodically monitoring the capital expenditures budget, as well as approving and periodically monitoring M & A transactions, making recommendations to the Board of Directors as necessary.
1. Committee reviews capital expenditures budget as part of the budgeting process:
a. Review all individual proposed and committed capital projects over $10 million
b. Review all other expenditures in aggregate, by line of business
i. Sustaining capital expenditures
ii. Growth capital expenditures
- Evaluate risked IRR/ NPV;
iii. Multi-Client Portfolio
c. Committee reviews net cash exposure on capital expenditure, comparing cash received and committed pre-funding levels to actual and projected capital expenditures on :
i. All individual proposed and committed capital projects over $10 million;
ii. In aggregate, by line of business.
d. Committee reviews prior year capital expenditure results (possibly in conjunction with year-end impairment test review.);
e. Committee shall periodically evaluate internal cost capitalized versus the market rate for similar services;
2. Committee receives quarterly updates:
a. Updates on capital expenditure budget, sustaining vs. growth, risked IRR/ NPV;
b. Discuss all capital projects over $10 million where there has been an unfavorable and material change in the risk / return of the project.
3. Committee reviews all AFEs over $100 million before approval by the CEO and shall make recommendations to the CEO.
4. Committee reviews all M&A projects over $10 million. Projects shall be submitted to the Committee at such point where the project appears likely to go forward and well before the execution of a final purchase and sale agreement or any other significant financial commitment. Committee shall make its recommendations to the CEO.
The Investment Committee is chaired by Mrs. Helen Lee Bouygues*. Members of the Investment Committee are:
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