Bruce Telecom conversion near complete, board of directors appointed

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News

By Barb McKay

The first board of directors has been appointed for the new Bruce Telecom Municipal Services Corporation.

Municipality of Kincardine CAO Sharon Chambers presented a report to council during its meeting last Wednesday with the names of five individuals that were unanimously selected to make up the inaugural board of directors. The selection committee, comprised of Chambers, Mayor Anne Eadie, Deputy Mayor Jacqueline Faubert, Treasurer Roxana Baumann and lawyer Mark Rodger of Borden Ladner Gervais, reviewed 45 applications and created a shortlist of 12 candidates who were interviewed.

The successful candidates are Paul Healy, Duncan McEwan, Don C. Stewart, Tom Sullivan and Robert Watson. Their bios will be printed in the Independent once they are received. Chambers said the directors all have top management experience with backgrounds in the financial and telecom industries.

“We were pleasantly surprised by the response,” she said. “They are all highly qualified individuals. We feel we have an excellent group that will be able to move this company forward.”

The board memberswill be officially appointed on Nov. 1. The current board of directors will stay on in an advisory capacity until the end of the year.

The conversion of Bruce Telecom to a municipal services corporation is almost complete with council approving the shareholder declaration and asset transfer policy during last week’s meeting. The shareholder declaration outlines specific parameters for the board of directors including the size of the board, the directors’ term, compensation to directors, director qualification criteria, matters that require shareholder (municipality) approval, reporting requirements from the board to the municipality (financial reports, statements, business developments) and the annual dividend to the municipality.

Directors will receive $20,000 annually, plus a per diem of $1,000 per meeting. The board chair will receive $25,000 annually and a per diem of $1,000 per meeting. Under the shareholder declaration, the municipality will see an annual dividend of $500,000.

“It has taken us awhile to get to this point but we’re gradually closing in,” said Eadie.

Bruce Telecom is expected to switch over to a municipal services corporation effective Jan. 1, 2018.