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Company Profile

Corporate Governance

Management Team

Objectives

Corporate Governance

SEMAFO strives to create shareholder value through its sound corporate governance principles which include:

Corporate accountability
Ethical behavior
Disclosure and transparency
The equitable treatment of all shareholders

The Board of Directors believes that the Corporation’s commitment to corporate governance practices have been, and continue to be in compliance with applicable Canadian guidelines in all material aspects.

Differences between SEMAFO Practices and the Swedish Code of Corporate Governance

As a foreign issuer with a secondary listing of shares on the NASDAQ OMX Stockholm, SEMAFO is not required to comply with the corporate governance rules of the Swedish Companies Act or of the Swedish Code of Corporate Governance (the "Swedish Code"). SEMAFO believes in adhering to best-practice corporate governance on a global level whenever possible and a description of the key differences between the Swedish Code and the Canadian corporate governance principles may be viewed through the document titled Principal Differences Between Swedish Corporate Laws and Rules Applicable to SEMAFO in Canada.

The Board of Directors

The Board of Directors of SEMAFO is responsible for the stewardship of the Corporation and for supervising the management of its business and affairs. In fulfilling its duties, the Board oversees strategic planning, operations, risks, executive management, integrity, governance, environment and sustainable development and financial reporting and material transactions.

In fulfilling its duties, the Board may from time to time establish committees of the Board, delegate responsibilities to, appoint Board members of as well as a Chair for each such committee. The Board's current committees are the Audit Committee, the Human Resources and Corporate Governance Committee and the Environmental, Health & Safety and Sustainable Development Committee.

Mandates of the Board and its various committees may be viewed through the below:

Board of Directors Mandate
Executive Chair of the Board Mandate
Lead Director Mandate
President & Chief Executive Officer Mandate

Audit Committee Mandate
Human Resources & Corporate Governance Committee Mandate
Environmental, Health & Safety and Sustainable Development Committee Mandate

SEMAFO's Code of Conduct and policies may be viewed through the links below:

Code of Conduct
Disclosure Policy
Whistle Blowing Policy
Securities Trading Policy
Health and Safety Policy

BOARD OF DIRECTORS

Jean Lamarre (Executive Chair) President Lamarre Consultants	John LeBoutillier, CM (Lead Director) Chairman of the Board, Industrial Alliance Insurance and Financial Services Inc.
Benoit La Salle, FCPA, FCA (Executive Vice-Chair) Founder of SEMAFO Inc. President and Chief Executive Officer, SEMAFO Energy Inc. Chair of the Board, Fondation SEMAFO	Benoit Desormeaux, CPA, CA President & Chief Executive Officer, SEMAFO Inc.
Terence Bowles, ENG., MBA, ICD.D President and Chief Executive Officer, The St-Lawrence Seaway	Gilles Masson, CA, ICD.D Corporate Director
Lawrence McBrearty Labour Relations Consultant	Tertius Zongo Economist Prime Minister and Head of Government of the Republic of Burkina Faso (2007-2011)

BOARD COMMITTEES

Audit Committee Gilles Masson, CA (Chair) Terence Bowles Tertius Zongo	Human Resources & Corporate Governance Committee John LeBoutillier, CM (Chair) Gilles Masson Lawrence McBrearty
Environmental, Health & Safety and Sustainable Development Committee Lawrence McBrearty (Chair) Terence Bowles Tertius Zongo

Forward-looking Statements

This web site contains forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding expectations of the Company as to the market price of gold, strategic plans, future commercial production, production targets, timetables, mining operating expenses, capital expenditures, and mineral reserve and resource estimates. Forward-looking statements involve known and unknown risks and uncertainties and accordingly, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, uncertainty as to calculation of mineral reserves and resources, risks related to hedging strategies, risks of delays in construction, requirements of additional financing and other risks described in this web site and in the Company's other documents filed from time to time with Canadian securities regulatory authorities. Although the Company is of the opinion that these forward-looking statements are based on reasonable assumptions, those assumptions may prove to be incorrect. Accordingly, readers should not place undue reliance on forward-looking statements. Readers can find further information with respect to risks in the Annual Information Form of the Company and other filings of the Company with Canadian securities regulatory authorities available at www.sedar.com. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.