AJAX, ON, June 23, 2014 /CNW/ - Proposed changes to Veridian Corporation's Shareholders' Agreement have been given the green light by a majority of its municipal shareholders. The changes will accommodate a 25 per cent reduction in the number of corporate directors serving on the boards of the company and its subsidiary, Veridian Connections Inc. Veridian Corporation is jointly owned by the City of Pickering, the Town of Ajax, the Municipality of Clarington and the City of Belleville.
"I'm very pleased that the required majority of our municipal shareholders have approved changes to the Corporation's Shareholders' Agreement," says Board Chair and City of Pickering Deputy Mayor Doug Dickerson. "The changes will enable the Corporation to streamline its governance structure and achieve annual cost savings of more than $100,000."
According to Veridian President and CEO, Michael Angemeer, the company will continue to enjoy strong and effective leadership, despite a reduction from 20 to 15 directors. "The company's current board has done an excellent job at establishing comprehensive governance processes and practices," he says. "These practices will continue to guide the smaller boards in the years ahead."
As Chair of the Veridian board's Governance Committee, Pickering Councillor David Pickles was instrumental in leading the company's review of its Shareholders' Agreement and governance structure. "I'm very pleased with the support we've received for these changes," he says. "I'm also confident that the structure of the new boards is adequate to provide the required mix of director talent, knowledge and expertise, while at the same time offering suitable representation for all four municipal shareholders."
The approved changes to Veridian Corporation's Shareholders' Agreement will take effect January 1st, 2015.
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