Lakeview Hotel REIT and its Board of Trustees follow the recommended corporate governance guidelines for public companies. These guidelines are designed specifically to ensure accountability and transparency to the Unitholders of the REIT and are followed in close consultation with Ernst & Young LLP, corporate accountants and auditors for Lakeview Hotel REIT. Included in its governance practices, Lakeview Hotel REIT has established both an Audit Committee and a Governance and Compensation Committee.
Audit Committee
The Audit Committee is comprised of the three Trustees of Lakeview Hotel REIT and is effectively controlled by the Independent Trustees. The committee assists Lakeview Hotel REIT in monitoring and overseeing the REIT’s financial reporting and disclosure and in the identification and oversight of the management of financial risk. The committee is responsible for recommendations to the REIT on all financial statements intended for circulation to Unitholders, regulatory authorities, and in the public securities markets. The committee meets regularly with Ernst & Young LLP participating in Audit Committee meetings.
Governance and Compensation Committee
The Governance and Compensation Committee also is comprised of the three members of the Board of Trustees of Lakeview Hotel REIT and is effectively controlled by the Independent Trustees. The committee among other things is responsible for making recommendations to Lakeview Hotel REIT on compensation for the Trustees., officers and senior management of the REIT.
