An internal investigation undertaken by ATCO showed that failures in the company's procedures and disclosure processes resulted in contraventions of the Inter-Affiliate Code of Conduct, a set of rules ATCO's regulated companies follow to ensure fair business practices and proper disclosure.
ATCO deeply regrets the situation and has already proposed a number of corrective actions to the
The issue concerns a contract awarded by ATCO Electric to a contractor affiliated with a First Nation community.
Based on the findings of ATCO's internal investigation of these issues, which was unfortunately delayed by the untimely death of a senior ATCO executive, ATCO's leadership personally commits to learn from the process and disclosure failures and to improve policies and procedures. It does so with the full support of our Boards of Directors and our Audit Committee.
"This matter, which was part of an internal investigation that began this past summer, involves the critical issue of fairness and equity for our Indigenous neighbours," said
In its effort to honour these commitments, ATCO executed the contract, however the rates were higher than market. ATCO failed to properly disclose these contracting issues to the
"Providing the customers and communities of
The issue has also been investigated by the AUC's enforcement arm, which is proposing the matter be dealt with through the Commission's public hearing process. ATCO is fully cooperating with the AUC's regulatory process and has shared with the AUC the results of ATCO's investigation and our proposed corrective measures, some of which are already underway. These include the amendment of our regulatory application that is currently before the AUC, which will ensure customers' rates don't include any costs above fair market value related to the issues in question. The measures also include enhanced procurement and contracting policies and new training and education programs.
With approximately 6,200 employees and assets of
Investor Inquiries:
Senior Vice President, Finance,
Colin.Jackson@atco.com
403 808 2636
Media Inquiries:
Senior Manager, Corporate Communications
Kurt.Kadatz@atco.com
587 228 4571
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