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Request for Decision

Governance Audit of Greater Sudbury Utilities Inc. & Greater Sudbury Hydro Inc.



Presented To: Audit Committee
Presented: Monday, Nov 05, 2018
Report Date: Wednesday, Oct 24, 2018
Type: Managers' Reports



Signed By

Auditor General
Ron Foster
Auditor General
Digitally Signed Oct 24, 18

Resolution

THAT the City of Greater Sudbury approves the recommendations as outlined in the report entitled "Governance Audit of Greater Sudbury Utilities Inc. & Greater Sudbury Hydro Inc." from the Auditor General, presented at the Audit Committee meeting on November 5, 2018.

Relationship to the Strategic Plan / Health Impact Assessment

This report provides recommendations that support responsive, fiscally prudent, open governance.

Report Summary

GSUI/GSH governance and oversight structures and processes are well designed and are complemented by a strong management team and strong Boards. However, corporate governance standards and expectations are rising within the regulated utilities sector as evidenced by the OEB’s enhanced attention to and emphasis on good corporate governance at rate-regulated utilities.

GSUI/GSH has responded effectively to these evolving OEB expectations through its work with Elenchus and should continue with this work. In particular, GSUI/GSH should focus on enhancing the documentation of its governance structures and process and continue to assess opportunities to enhance its corporate governance in areas such as Board size and composition and the recruitment process and competencies for Directors.

In accordance with the Shareholder Declaration, a Dividend Policy should be formalized for the review and approval of the Shareholder.

Finally, the City should consider opportunities to improve its Member orientation programs in order to provide enhanced information to Members considering opportunities on the Boards of various agencies, boards and controlled corporations (ABCs), in particular, with respect to the role of Members of Council as Directors at ABCs and the duties owed by Members to the ABC in their role as Director.

Financial Implications

None