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WaterFurnace Renewable Energy, Inc.
Corporate Governance


Independence
In order to provide its shareholders with proper oversight and assurance of independent review, Waterfurnace Renewable Energy, Inc. requires a majority of its directors be independent pursuant to Director Qualification Standards as defined by the Toronto Stock Exchange listing standards. In addition, each director is required to disclose any business, legal or personal relationships they have with another entity or person that may be perceived as being in conflict with their role as a director of the Company. The Board has a Nominating and Governance Committee that provides oversight in matters of independence.

Maintaining Excellence
The Board's Nominating and Governance Committee periodically reviews the expertise, experience and skill set of each of its directors to ensure the Board has the cumulative competency, expertise and breadth of skills to ensure they can provide the requisite oversight, review and guidance to ensure management properly manages shareholder expectations and optimizes return in investment. It is the intent of the board that it be involved at the appropriate level to ensure the Company develops and maintains a competitive advantage with its products, manufacturing expertise and distribution channels. To that end, the board is composed of individuals who have distinguished records of leadership and success in their arena of activity and who will make substantial contributions to board operations and effectively represent the interests of all Shareholders.

Risk Management and Business Development
The Board is actively involved in all areas of risk management and works closely with management to ensure operational, financial and employment risks are mitigated through proper policy and risk assessment. In addition, the Audit Committee reviews the Company's internal controls and internal controls testing on a quarterly basis to ensure proper regulatory compliance and oversight over financial reporting.

The Board reviews and approves the Company's annual strategic plan and current year financial plan to ensure the Company leverages its financial, people and capital assets to optimize opportunities and strengths, mitigate weaknesses and reduce threats to the business. In addition, the Executive Committee of the Board meets eight times a year with management to review the status of current performance relative to strategic plans and tactical initiatives. Increasing shareholder value is the prime focus of the Board of Directors and senior management.

Shareholder Input
WaterFurnace Renewable Energy, Inc. values shareholder input, interest and questions. Shareholders may contact the Company by sending a letter to the following address: WaterFurnace Renewable Energy, Inc., c/o Investor Relations, 9000 Conservation Way, Fort Wayne, IN 46809.
   

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