Corporate governance

At PAREX, our corporate culture is driven by a corporate governance that promotes transparency in our operations towards shareholders, markets, and key stakeholders. Through its Corporate Governance, Compensation and Human Resources (HR), Operations and Reserves, and Finance and Auditing Committees, PAREX ensures efficacy in its governance, aligning the performance of human talent with corporate goals.

Effective management practices and internal controls are fundamental elements in PAREX’ governance framework. The Board of Directors, through its committees, monitors these practices and ensures that the systems created, operate properly and following the legal requirements.

In February 2017, Wayne Foo stepped down as the CEO of PAREX to become Chairman of the Board of Directors. David R. Taylor became the new President and CEO.

Senior Management is based at PAREX’ head office in Calgary and the Colombian subsidiary, PAREX Resources Colombia LTD Sucursal, reports to the head office. The Calgary office is led by David R. Taylor, President and CEO of PAREX, who is responsible for creating, planning, implementing, and integrating the Company’s strategic direction.

Lee DiStefano is the President of PAREX Resources Colombia Ltd. Sucursal and he is the main resentative
of the Company in Colombia.

The Board of Directors is the highest governance body at PAREX. Its members include the following individuals:

Code of conduct and ethics

PAREX observes and complies with the regulations and laws of the country where the Company operates.

PAREX’ Code of Conduct & Ethics serves as the guideline for directors, officers, consultants, and employees to act ethically and in strict compliance with the law. The Code of Conduct & Ethics helps maintain a culture of transparency, confidentiality, integrity, fair treatment, equity, and responsibility within the Company. It also helps to preserve stakeholders’ trust.

PAREX’ Code of Conduct and Ethics establishes guidelines to guide the decision-making by all personnel. The Code specifically lays the foundation for providing a positive work environment, free of discrimination and harassment, and where all employees are treated with dignity and respect. Any concerns or claims a PAREX employee may have relating to these definitions and the enforcement of the Code may be reported to the Disclosure Committee.

In 2016 the Anti-Bribery and Anti-Corruption Policy was updated to prevent any acts of bribery or corruption that could affect the Company’s integrity.

Strengthening Human Rights protection mechanisms

PAREX has guidelines for formulating and implementing a Human Rights Policy based on the United Nations Guiding Principles on Business and Human Rights, the Voluntary Principles on Security and Human Rights, and the Global Compact Principles.

Strict respect for human rights is guaranteed for every employee at PAREX. Proof of our assurance is that no claims related to human rights had been filed in 2016. The adoption of this policy in 2016 included on-site training attended by employees from different areas within the Company.

Through its Whistleblower Policy, the Company encourages its stakeholders to report any potential policy violations related to ethics and integrity. Stakeholders include shareholders, contractors, providers, partners, governments, community members, and the general public.