As you know,the B.C. Comptroller general Sheryl Wenezenki Yolland did reviews on both Translink and BC Ferries, and one of her strongest recommendations was that BC Ferries should not be appointing diectors to the Ferry authority, she said it`s voting yourself in charge,she went on to say that this current arrangement is not acceptable and...She went as far as recommending the members resign to resolve the issue and have a different nomination/appointment process.
So to my dismay in reading last week that BC Ferries have completely ignored that report and re-appointed their directors....Oh yea, the good old boys club is alive and well (Read about it here) http://thetyee.ca/Blogs/TheHook/Transportation/2009/11/25/FerryBoards/
And as you know last week I got my hands on that Debra Marshall letter, and it opened up my eyes to what is going on, something was gnawing at me, what about this share arrangement, the province owns 75,000 shares but the owners of BC Ferries owns the voting share, that must have been done for a reason, so I got digging around and....
The details on voting share rights are subject to different conditions but, one thing is for sure,the one advantage of owning voting shares is........"Therefore it is clear that the main advantage to issuing non voting shares,is the denial of voting rights.It is a loophole, if I may call it so, used by companies to raise capital at zero cost by issuing shares, but without giving the shareholders,who are really the owners have been effectively denied any say in for example, in declaration of dividends,appointment of directors, and in approving or disapproving any policy directions or decisions"
" In a hypothetical example,imagine owning the majority of a company`s shares and having no voting rights,the ninnies who owned the voting shares, despite owning less of the company than you,would get to name directors,set dividends,policy,and direction of the company"
So despite the Comptroller general`s report, despite Shirley Bond and the Campbell GANG waffling, why do you think the owners of BC Ferries deliberately ignored the report.....Because they have that power, Gordon Campbell and the province have no say in who BC Ferry`s appoints to the authority or Commission....The province has no say in the setting of the Massive pay package for Hahn or any of the other executives, the province has made itself unaccountable, in fact the directors and Hahn could double their pay next year and there is nothing Gordon Campbell or anyone can do.......
And, the one (out) would be for the province to buy BC Ferries back but..I believe the province would have to buy all the bond issuance`s and debt.
I wonder if anyone from BC Ferries told the comptroller general that the province or her has no authority to order a different structure for appointing directors?
That one voting share, it means the province can`t interfere, no say on directors,no say on directors pay, the directors set their own pay and Hahn`s pay,how do we get that voting share? Executive order,or do we have to buy it back, I wonder how many doors I have to open up before the media the law or even the opposition walks through!
The Straight Goods
Cheers-Eyes Wide Open