Holdco is the parent company of the Lakefront group of companies, which includes Lakefront Utilities. Holdco is 99.99 % owned by the residents of Cobourg. Will you put forward or support a motion early in 2019 to open Holdco’s books to the public?
Yes, once we review the legal set-up of Holdco
Karl Vom Dorff
Should Holdco be unable to meet their financial obligations through operations or via poor management, there’s always the possibility taxes could be raised to make up the difference. Releasing statements may increase accountability and allow Cobourg residents to keep Holdco’s financials under a watchful eye. A similar situation occurred in North Bay. By Order MO-3170, the Information and Privacy Commissioner forced North Bay Hydro Holdings Ltd. to release their financial statements. In North Bay’s case, disclosure set a legal precedent Holdco can’t ignore.
I would support and insist that all reserve accounts on TOC books be published individually (Such as Holdco) and identify where those funds are to be earmarked for future use.
I would first need up to date information on the governing regulations and any additional information, such as recent legal precedents, which may affect the current processes. I want to know if and how requirements for reporting to shareholders are being met before requesting or supporting a motion for changes.
I support Holdco finances being made public. I believe this should be done as an Annual General Meeting that the board can host for the public as an update on how our reserves have fared the previous year, and what the expectations are for the following year.
I think this would be a matter that would need to be discussed by all members of a newly elected Council: those who are returning to council, and wholly new council members.
Holdco is part of Town of Cobourg’s Holdings Inc. It is defined as an Independent Board under the OBCA (Ontario Business Corporation Act) and The Electricity Act. The mayor traditionally sits as a member of this Board to ensure that open dialogue remains between Town Council, CAO (Mr. Peacock) and Mr. Dereck Paul, President. Holdco Inc. has completed Annual Consolidated Reports that reflect its income statement over the period from 2014-2017 which are in the public domain. This Annual Report is already made public.