Corporate Governance
The business of TC PipeLines, LP, the "Partnership"is managed by or under the direction of the Board of Directors of TC PipeLines, GP Inc, the "General Partner", a wholly-owned subsidiary of TransCanda Corporation. Directors exercise their business judgment to act in what they reasonably believe to be in the best interest of the Partnership and in a manner consistent with their fiduciary duties.
The General Partner manages the business and affairs of the Partnership. The board of directors of the General Partner currently consists of seven individuals, three of whom are independent. The board approves all material transactions and agreements of the Partnership.
The General Partner has a committee known as the Audit Committee. The Audit Committee's purpose is to oversee the auditing of the Partnership's financial statements as well as the Partnership's accounting and financial reporting procedures.
The Insider Trading Policy of TransCanada Corporation applies to all directors, officers, employees and all contract workers, independent consultants and professional advisors of TransCanada Corporation and its wholly-owned subsidiaries, and operated entities in Canada, the United States and Mexico including TC PipeLines, LP, TransCanada PipeLines Limited and NOVA Gas Transmission Ltd. (the "Company").