Governance Practices

Corporate governance is a system that incorporates processes to minimize risks so as to guarantee that an organization is directed and controlled in a responsible, professional and transparent manner with the purpose of safeguarding its long-term success. Corporate governance is intended to increase the confidence of shareholders and is as important in private companies as in public companies.

Aspen manages itself with an institutional type of discipline.

The Company has two shareholders; both of which are Directors of the Company. Their shareholdings and business relationships are governed through a Unanimous Shareholders Agreement.

Aspen has a three person independent Advisory Group, comprised of seasoned, experienced real estate and business professionals.

The Advisors’ terms of reference include providing guidance and advice with respect to matters of governance, strategy, planning, fiscal management, communications, and human resource management.

Although not required, Aspen is audited annually by PricewaterhouseCoopers LLP. In-camera meetings are held between the Auditors and Advisors.

The Board of Directors and Advisory Group meet quarterly to review strategy, operations, financial results, insurance, and all other matters of business and governance. Meeting materials are provided on a timely basis enabling Directors and Advisors to be appropriately informed in advance of meetings.

Governing principles at Aspen include:

  • A strong respect for governance with a public company like discipline
  • An independent Advisory Group of seasoned executives to challenge and supplement  the Board of Directors
  • Quarterly Board meetings, with appropriate information supplied in a timely fashion
  • Sufficient remuneration to attract, retain and motivate employees, and run the company successfully
  • A strong system of internal controls to safeguard shareholders’ investment and company assets
  • An annual review of risk, internal controls and governance practices by the Board and Advisory Group
  • A Unanimous Shareholders Agreement to govern shareholder relationships