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