Audit, Finance and Risk Committee

The purpose of the Audit, Finance and Risk Committee (the Audit Committee) of the Board of Directors of Air Canada (the Corporation) is as follows:

General

(a) to assist the Board of Directors of the Corporation (the Board) in its oversight responsibilities in relation to:

(i) the component parts of the Corporation’s financial reporting and audit process;
(ii) the independence, qualifications, and appointment of the external auditor;
(iii) the oversight of the Corporation’s enterprise risk management process, including that appropriate systems to identify and mitigate risks have been developed and implemented;
(iv) the oversight of those specific enterprise risks for which responsibility has been delegated to it; and
(v) the development of internal controls and disclosure processes for environmental, social and governance matters, such as climate action and related plans;

Financial reporting, controls

(b) to oversee the quality, credibility, and objectivity of the Corporation’s financial reporting and to satisfy itself and oversee management’s responsibility as to the adequacy of the supporting systems of internal financial and accounting controls;
(c) to monitor the performance of the internal financial and accounting controls and of the internal and external auditors;

Information technology risks

(d) to oversee management’s assessment of major information technology and cybersecurity risks;

Communication among parties

(e) to foster independent communication among the Board, the head of Corporate Audit and Advisory Department and the external auditor; and
(f) to facilitate in-depth and candid discussions among the Audit Committee, management and the external auditor regarding significant issues involving judgment and impacting quality of controls and reporting.

Audit, Finance and Risk Committee Charter
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