The Risk Policy Committee, reporting directly to the Board, is responsible for oversight of management’s responsibilities to assess and manage the Corporation's credit risk, market risk, interest rate risk, investment risk, liquidity risk and reputational risk.  The Committee shall keep minutes of its proceedings and shall report its actions at the next succeeding meeting of the Board of Directors.

The Risk Policy Committee shall be composed of both non-management directors and the Chief Executive Officer.  It will also have the Treasurer as an ex-officio member.  The Committee members and Chairperson shall be recommended by the President and CEO and appointed annually by the Board for terms of one year, or until the successors are duly elected and qualified.  The Board, upon the recommendation of the Committee or otherwise, may remove any Committee member at anytime.

The Risk Policy Committee is responsible for oversight of management’s responsibilities to assess and manage the Corporation’s credit risk, market risk, interest rate risk, investment risk, liquidity risk and reputational risk.  In performing this oversight, the Risk Policy Committee shall:

• Review with management guidelines, procedures, controls and policies governing the process for assessing and managing such risks;

• Review benchmarks for and major financial risk exposures from such risk;

• Review management’s compliance to limits and procedures against these policies and benchmarks;

• Receive and review reports on selected risk topics as the committee deems appropriate from time to time;

• Ensure appropriate delegation and authority to take and manage such risks;

• Review and approve the terms of the Corporation’s secured note issues; and commercial paper

• Meet as often as it deems necessary, but not less frequently than semi-annually, with at least one meeting in person.

• Review at least annually, in vestment and borrowing guidelines including D&O Insurance.

• Treasury and Risk Management activities are to be reported to the board at all quarterly board meetings.

• Review, at least annually, the Risk Policy Committee Charter and recommend any proposed changes to the Board for approval.