Under the Declaration of Trust, Stoneham Administration Inc. has responsibility for the general administration and management of the day to day affairs and operations of the Trust. Our Board's fundamental responsibilities are to foster the long-term success of the Trust, to enhance and preserve long-term unitholder value, and to provide stewardship to ensure that the Trust meets its obligations on an ongoing basis and operates in a reliable and safe manner. In broad terms, the stewardship of the Trust involves the Board in strategic planning, oversight of senior management, risk management and mitigation, financial planning and reporting, communication planning, and internal control integrity.
It is important that a clear division of responsibility and authority be maintained between our Board acting on behalf of the Trust, and the board of directors of Stoneham Drilling Inc. acting on behalf of the Partnership. However, because the Partnership is the primary operating entity of the Trust, we have an obligation under securities laws to be informed and knowledgeable about the business and operations of the Partnership and to maintain a dialogue with the management and board of directors of the General Partner to ensure that our Board is able to meet its obligations to the Trust and unitholders.
Two of our directors also serve as directors of Stoneham Drilling Inc., providing a strong link between our two boards. Four of our five directors are independent, and the skills that each of the five members brings to the boardroom table provides the Board with a good blend of drilling-industry specific knowledge and public company experience. This combination of skill and experience positions Stoneham to provide excellent results for unitholders over the long term.
