Saturday, August 08, 2009

 

BCRail Real Estate Advisory Committee

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North Van's Grumps writes to us this morning:

Here I am, relaxing, up in smoke strewn Kelowna, using my in-laws computer....geesh, its hard to use someone else's setup.

Hmmmm ...

At BC Rail .... website: http://www.bcrco.com/termsRESA.pdf

"BRITISH COLUMBIA RAILWAY COMPANY
REAL ESTATE ADVISORY COMMITTEE

TERMS OF REFERENCE
1. MISSION
Consistent with direction from the Minister, the purpose of the Real Estate Advisory Committee (the “Committee”) is to monitor, advise and make recommendations to the Board on issues which relate to the acquisition and the disposition of BCR Properties Ltd. and British Columbia Railway Company (BCRC).

2. COMPOSITION AND MEETINGS
(a) The Committee shall be composed of up to three, but not less than two, independent directors."

The key word here is "Composition" .... shall be compose of up to three, but not less that two..... AND YET at:

http://www.bcrco.com/2009servplan.pdf

"Presently, the Board has established the following one ad hoc committee;

Real Estate Advisory Committee
Members: Brian G. Kenning (Chair), John R. McLernon
This committee assists the Board of Directors by reviewing the processes and evaluating bids for property dispositions and acquisitions with values exceeding BCRC management’s limits of financial authority and requiring approval by the Board of Directors."

John R. McLeron seems to be a committee of one, not ...less....than.... two

There's no mention of who the other independent Director is but wouldn't it be funny if it was Patrick Kinsella or ......

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A few minutes later, N.V.G. added this note:

I just re-read the email to you, there is another Director and its....

John R. McLernon


but having read a few more documents on the subject it turns out that an Independent Director is nothing more than a statement from the Board that they are independent from one another.... seems like a strange way of wording it.

At every meeting they attend the first part of the get together is to re-state that there continues not to [be] a conflict of interest between them and those that they serve, the single shareholder... the BC government.

I suppose if they were dependent upon each other as Directors, they would be called an Executive Council.

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North Van's Grumps has left a new comment on "BCRail Real Estate Advisory Committee":

"In accordance with present guidelines for corporate governance, all members of the Board are independent and unrelated, and have no other affiliations with BCRC beyond their role as directors.

Each Board meeting begins with a declaration and review of any potential conflicts directors may have. The roles of the Chair and the CEO are separate and distinct, with no overlap of responsibilities."

Source: http://www.bcrco.com/2009servplan.pdf

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Comments:
Wow.

That's some 'mandate' that 'committee' has, eh?

Ya.

Sure is.

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"In accordance with present guidelines for corporate governance, all members of the Board are independent and unrelated, and have no other affiliations with BCRC beyond their role as directors.

Each Board meeting begins with a declaration and review of any potential conflicts directors may have. The roles of the Chair and the CEO are separate and distinct, with no overlap of responsibilities."

Source: http://www.bcrco.com/2009servplan.pdf
 
The first order of business, perhaps the only important one, is to submit travel and per diem expenses, maybe also wage loss claims.

These meetings do have purposes. You gotta reward the faithful.
 
Check! John R. McLernon, Chair
Bev A. Briscoe
Check! Brian G. Kenning
Len S. Marchand
Daniel R. McLaren
Robert L. Phillips
Jim R. Yeates

Does the public have any information on the remaining INDEPENDENT Directors?

If the Directors have to spend so much of their time at each meeting going over the possibilities of conflict of interests scenarios that could make them not INDEPENDENT Directors..... where's the latest info on all of them....and does the BC Conflict of Interest commissioner (is there an existing law that has to be adhered to at the OIC level ... Executive Council) given a memo attesting to the fact that there are no conflicts.

Has there been infractions that hasn't come to the attention of the public?

Would it be considered a conflict of interest if they, or the companies they represent, gave donations to the BC Liberal party?
 
Len Marchand is a former Federal Liberal MP from KAMLOOPS under the Trudeau banner. So he is definately a Liberal from BC.
 
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