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
"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
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.