ATCO CEO apologizes to shareholders for transmission line overpayment that led to $31-million fine [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
The fanfare and business portion of ATCO Ltd.’s annual general meeting done, chief executive officer Nancy Southern stood at the microphone in the Crystal Ballroom of Calgary’s Palliser Hotel on Wednesday and apologized. The apology was for the shortcuts, the lack of transparency and the failings that led to a $31-million fine against the company’s electrical subsidiary in April. An Alberta Utilities Commission investigation found ATCO ACO-X-T deliberately overpaid a First Nation group for work on a new transmission line in 2018, and then failed to disclose the reasons when it applied to be reimbursed by ratepayers for the extra cost. Speaking with The Globe and Mail after the meeting, Ms. Southern said she addressed the topic for the sake of transparency and honesty, to set the record straight, “and be able to apologize.” “I believe we have done the right thing in correcting the mistake, addressing the mistake. Consequences and accountability have been faced by those individuals tha
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