Chair’s Message

Portrait of Neil McMillan, Chair of the board

Dear Shareholder,

Thank you for your continued interest in Cameco. In 2015, market conditions continued to challenge the industry and the company. In that context, the board focused on achieving steady progress on Cameco’s four measures of success, and paid particular attention to strategy and value creation, risk oversight and board governance. These are the areas we see as fundamental to Cameco’s sustainability as a competitive, low-cost uranium producer.

Strategy is particularly important, given the challenge the market currently poses. It is crucial that the company remain flexible and able to respond to changes as they occur – whether positive or negative. As a result, we discuss corporate strategy at every regular board meeting. And, we work with management to ensure the strategy addresses both near- and medium-term challenges, while also positioning Cameco to benefit from the growth in demand we anticipate over the long term. In 2015, this work also included two in-depth strategic planning sessions with management.

Just as important as strategy, and closely related to it, is risk. The board’s focus includes both strategic risks and the structured enterprise risk management (ERM) program that assigns oversight of certain risks to specific board committees. This program has been developed and refined over the past several years, and we are pleased with the result, which earned Cameco the inaugural 2015 Achievement in Private Sector Risk Management award. The award recognizes Cameco for excellence in Canadian risk, control and audit management practices.

And while we have a robust outward focus, the board also has a strong inward focus – continually evaluating the composition and skill set of the board to ensure it is best able to serve the company and remain at the forefront of good governance. The board, committee and director assessments we conduct every year help us improve our own processes and the work we do as Cameco directors. The chair of the nominating, corporate governance and risk committee also meets individually with each director to review their assessment, capacity and commitment to Cameco’s board.

In that same vein, we also undertake a regular review of our competency and attribute matrix and diversity policy. In 2015, that review resulted in a director search that led to the appointment of a new board member – Donald Kayne, CEO of Canfor Corporation and Canfor Pulp Products Inc. Don’s CEO experience and knowledge of rapidly expanding Asian markets brings a unique and useful perspective to our board. We are also currently in the midst of a search for a female director with appropriate industry experience and other relevant skills.

In 2016, we will also be saying goodbye to two of our members – Jim Curtiss and Nancy Hopkins. The board has benefited from Jim’s vast experience in the US nuclear sector and his expertise in executive compensation as chair of the human resources and compensation committee for the last 14 years. Nancy has been instrumental in driving many of Cameco’s strong governance practices, and, over the course of her tenure, she has chaired the nominating, corporate governance and risk committee, audit and finance committee, and human resources and compensation committee. We wish them well.

Looking forward, we will continue to maintain our focus on strong governance and building shareholder value. We remain confident of the prospects for strong growth for both Cameco and the nuclear industry, and continue to prepare for it. The board and management thank you for your continued confidence.


Neil McMillan
Chair of the board
Cameco Corporation

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