Veridian Corporation Recommends Shareholders' Agreement Amendments to Streamline Corporate Governance

AJAX, ON, May 27, 2014 /CNW/ - The Board of Veridian Corporation has recommended that its municipal shareholders approve changes to its Shareholders' Agreement to accommodate a reduced number of directors and achieve annual cost savings of about $100,000. Veridian Corporation is jointly owned by the City of Pickering, the Town of Ajax, the Municipality of Clarington and the City of Belleville.

The proposed changes, requiring municipal shareholder approval, would reduce the number of directors serving on the Board of Veridian Corporation and the Board of its subsidiary company, Veridian Connections Inc. If approved, the total number of directors would be reduced by 25 per cent (from 20 to 15), effective January 1, 2015.

"The vision and leadership of Veridian's past and present Boards of Directors has been instrumental to the company's growth, success and accomplishments," said Board Chair Doug Dickerson. "Veridian is satisfied that a complement of 15 directors is adequate to ensure that its two Boards have the right mix of talent and expertise to oversee and guide the company's business operations."

Veridian Corporation, the seventh largest municipal electricity company in Ontario, owns and operates two subsidiary companies that distribute electricity and provide energy services to more than 117,000 customers located in nine municipalities in east central Ontario. Together, our employees focus on providing reliable, efficient, sustainable energy solutions and services, and equally share the job of making employee and public health and safety our number one priority. We are an important fixture in the communities that we serve. In addition to providing reasonable electricity rates, we promote economic growth, community building and sustainable living. Veridian Corporation is committed to providing value and healthy financial returns to our shareholders - the City of Pickering, the Town of Ajax, the Municipality of Clarington and the City of Belleville. For more information, visit www.veridiancorporation.ca.

SOURCE: Veridian

For further information:

Chris Mace
Sales & PR Representative - Corporate Communications
Veridian Connections Inc.
905-427-9870, extension 2218
Follow us on Twitter: @VeridianTweets

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