Semcan’s board of directors is responsible for directing, and providing oversight of, the management of Semcan’s business in the best interests of the shareholders and consistent with good corporate citizenship. In carrying out its responsibilities, the board selects and monitors top management, provides oversight for financial reporting and legal compliance, determines Semcan’s governance principles and implements its governance policies. The board, together with management, is responsible for establishing the firm's operating values and code of conduct and for setting strategic direction and priorities. Semcan’s board believes that good governance requires not only an effective set of specific practices but also a culture of responsibility throughout the entire holding structure, and governance at Semcan is intended to optimize both. Semcan also believes that good governance ultimately depends on the quality of its leadership, and it is committed to recruiting and retaining directors and officers of proven leadership and personal integrity. Semcan’s board has its own charter and has adopted  a Code of Business Conduct and Ethics, which has been endorsed by its shareholders.