VANCOUVER, Oct. 11, 2012 /CNW/ - The Boards of Directors of both Canada Place Corporation and Port Metro Vancouver have agreed to move forward with integration of the two organizations. Canada Place Corporation has been a wholly owned subsidiary of Port Metro Vancouver since 1993.
In 2011, the Board of Canada Place Corporation undertook a governance review. Among options considered was integration of its operations into the parent organization, Port Metro Vancouver. In response to that review, Canada Place Corporation Board of Directors has concluded that the good work that has been done to date regarding Canada Place's mission and mandate would continue to be built upon as part of Port Metro Vancouver; as such the board has decided to support this approach.
"The decision to proceed with integration is a significant step in recognizing the opportunities and efficiencies that will be generated, while ensuring the continued development of both these iconic brands," said Craig Neeser, Chair of the Board for Port Metro Vancouver.
"Canada Place Corporation was created in advance of Expo 86. Its brand has reached global audiences and it has since become a national landmark of pride known world over for the beautiful sails. Port Metro Vancouver is Canada's largest port and the leading Gateway to Asia Pacific. What a great opportunity to integrate these two organizations for even more effective collaboration," said Peter Xotta, Chair of the Board for Canada Place Corporation.
Canada Place has been a subsidiary of Port Metro Vancouver for 19 years and the integration of the two organizations will enable significant opportunities to leverage the combined event and community engagement expertise of the two organizations in support of maintaining and enhancing the brand of this high-profile Canadian landmark. The new organizational structure will facilitate a more direct linkage between Canada's largest port and the neighbouring communities. Finally, the savings from administrative efficiencies that will result from integration with the port will help address some of the facility's longer-term financial requirements.
"Canada Place is a high-profile national landmark in Vancouver, and it is vital that resources continue to be available for its maintenance and community programming. We also recognize the importance of maintaining expected services to our key customers like the Pan Pacific Hotel and BC Pavilion Corporation," said Robin Silvester, CEO of Port Metro Vancouver. "We are planning for the integration to take place on December 1st, 2012."
"This is a great opportunity to enhance the Canada Place brand. While we work on the integration, Canada Place Corporation and Port Metro Vancouver will operate business as usual. We thank our directors, staff, customers and stakeholders in advance for their support during this period of transition," said Andrew Mann, President & COO of Canada Place Corporation.
Port Metro Vancouver is Canada's largest and most diversified Port, trading $75 billion in goods annually with more than 160 nations, and generating 129,500 jobs nationally.
Canada Place Corporation is the coordinating landlord for the organizations at Canada Place including the Pan Pacific Hotel, Cruise Ship Terminal, World Trade Centre, Vancouver Convention Centre East, Vinci Park, and the newest addition, FlyOver Canada, which opens in spring 2013. Canada Place Corporation hosts a number of marquee annual community events including Canada Day and Christmas at Canada Place.
SOURCE: Port Metro Vancouver
For further information:
Barbara Joy-Kinsella, Media relations
Port Metro Vancouver