Mag One Products Inc. (“the Company”) and the Board of Directors (“the Board”) considers good corporate governance an important factor in the long-term success of the Company which will over time help to safeguard shareholder value. The Company is listed on the CSE – Canadian Securities Exchange and subject to the rules of Policy 4 “Corporate Governance and Misc.”

Corporate governance is the set of procedures, policies, laws and institutions affecting the way a corporation is directed, administered and/or controlled. Corporate governance also includes the relationships among the many stakeholders involved and the goals for which the Company is governed.

Management has the responsibility for the day-to-day operations of the business of the Company. The Board is responsible for supervising the management of the Company’s business and affairs. The Board of Directors retains responsibility for significant matters and has ultimate oversight for adoption of the Company's strategic planning process and is kept informed of the Company's operations at board and committee meetings as well as through reports and discussions with management.

Mag One Products Inc.’s Board of Directors and Management Team believes in the importance and are committed to excellent corporate governance practices for the effective management of the Company as well as for the protection of its stakeholders.


The Audit Committee (the "Committee") primary purpose is to ensure that the Company's management has a planned and implemented system of internal financial controls, to review and report on the integrity of the consolidated financial statements and related financial disclosure of the Company and to review the Company's compliance with regulatory and statutory requirements as they relate to financial statements, taxation matters and disclosure of financial information. The Audit committee is composed of three members appointed by the Board of Directors.

The main responsibility of this committee is to:

  • Approve the Corporation’s Financial Statement
  • Ensure the Corporation’s compliance with applicable legal and regulatory requirements
  • Verify the independence, qualifications and appointment if the Corporation’s external auditor
  • Evaluate the performance of the Corporation’s internal and external auditor
  • Review the accounting and financial reporting processes if the Corporation
  • Oversee the audit of the Financial Statements

Mag One Products Inc. (the "Company") is committed to provide timely, consistent and fair disclosure of corporate information to ensure investors are informed and can make fair-minded market decisions.