19 Dec 2011

1. Raymond Chabot Grant Thornton carries out its verification and validation assignments for greenhouse gas emission reduction projects and verification assignments of greenhouse gas emission inventory projects according to the ISO-14064 standard and other recognized applicable standards. The latter require that the verifier or validator remain independent of the activity being verified or validated, avoid biases and conflicts of interest and remain objective throughout the validation or verification to guarantee that the results and conclusions will be based on tangible proof obtained through the validation or verification.

2. As a chartered professional accountants firm, Raymond Chabot Grant Thornton has an assurance practice that complies with Canadian Audit Standards that apply to all assurance engagements, including greenhouse gas emission verification. All Raymond Chabot Grant Thornton Partners and employees must adhere to the independence standards that apply to their profession. To this end, the general provisions on independence of the code of ethics of chartered professional accountants of Québec require that the member carrying out or participating in an assurance engagement or an application of specified auditing procedures engagement be and remain free of any influence, interest and relationship that, in respect of such engagement, could affect his or her professional judgement or objectivity or that could be interpreted as such in the eyes of a reasonable observer.

3. In order to meet the greenhouse gas verification standards and the code of ethics of chartered professional accountants of Québec, Raymond Chabot Grant Thornton’s Environment Group on Greenhouse Gases requires the following from Partners and employees:

a) Total compliance with the greenhouse gas verification standards regarding one’s independence from an entity’s activities on which we are issuing a verification or validation report as well as from an entity that produced a quantification report subject to our verification or validation report.

b)
Total compliance with the section on independence of the code of ethics of chartered professional accountants of Québec regarding an entity’s activities for which we are issuing a verification or validation report as well as an entity that produced a quantification report subject to our verification or validation report.

c)
Total compliance with Raymond Chabot Grant Thornton’s independence standards.

d)
Before the work begins, all engagement team members must declare their independence with respect to an entity for which we are issuing a verification or validation report as well as an entity that produced a quantification report subject to our verification or validation report.