Investment Committee

Responsibilities

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 

- Evaluate risked IRR/ NPV;

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.


Membership

The Investment Committee is chaired by Mr. Robert F. Semmens. Members of the Investment Committee are:

  • Mrs. Gilberte Lombard*
  • Mr. Mario Ruscev*
(*) independent director
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