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The Board of Directors recognizes that it is inevitable that conflicts of interest, or the appearance of conflicts of interest, will arise. The Board of Directors has approved a Code of Conduct for Directors which is designed to provide a workable process for identifying, minimizing and resolving potential conflicts of interest. The Code of Conduct for Directors sets out in detail Directors' statutory and fiduciary duties relating to conflict of interest and helps ensure that Directors have a full understanding and appreciation of PSP Investments' principles and values. Ultimately, the Code of Conduct for Directors aims to assist Directors in determining appropriate business practices and behaviour. The Code of Conduct for Directors addresses such matters as the requirement for full disclosure; how and when a conflict may arise; deemed conflicts of interest; the duty to refrain from voting where a conflict exists; the use and disclosure of confidential information and the duty to report breaches. The Board of Directors' Governance Committee monitors the application of the Code of Conduct for Directors.
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