Common use of Management Reporting Clause in Contracts

Management Reporting. The Board of Directors may request periodic reports prepared by the Chief Risk Officer which indicate the levels of risk being undertaken by the Company, the degree of compliance with policies, procedures and limits, and the financial performance of the various physical and financial transacting activities. In addition, internal or external audit reports covering the Supply / Trading and Marketing and/or Risk Management functions may be reviewed by the Audit Committee of the Board of Directors and, based upon their review significant issues of concern should be drawn to the attention of the Board of Directors. EXHIBIT 6 summarizes standard reports to be produced, their frequency, responsibility for production, and distribution.