The president of Olds Fiber Ltd. explains and defends the procedure of the annual meeting

The Town of Olds is the sole shareholder of the company now municipally controlled and operating as O-NET

OLD — County. Darren Wilson, who chaired the recent Annual General Meeting (AGM) of Olds Fiber Ltd. (OFL), defended the procedure under which it was held in an email to Albertan.

The meeting was held on July 8 in Olds City Council Chambers. Members of the public could attend the chamber gallery (and about 10 did) or they could watch the meeting online.

OFL operates as O-NET, a city-controlled company that provides high-speed Internet access as well as telephone and television service. Years ago, it was the brainchild of local entrepreneurs and volunteers.

It was announced at the start of the July 8 meeting that no questions would be posed to participants during the meeting. All questions should be submitted by email to OTF Board Chair, Darren Wilson.

In accordance with this request, the Albertan emailed Wilson asking him several questions, including why all questions had to be emailed to him.

Wilson essentially repeated the instruction given at the meeting.

“Residents and other interested parties may forward their questions to [email protected] for consideration and the (OFL) Board will determine an appropriate method of response,” he wrote.

Wilson was asked why only Brent Williams, the city’s chief executive, spoke on behalf of the shareholders/public at this meeting and why various decisions made were not brought to the members of the public in attendance for ratification.

Wilson noted that on October 1, 2021, the City of Olds converted the OFL to a municipally controlled corporation (MCC).

In doing so, the Town of Olds acquired the shares of OFL from the previous sole shareholder, the Olds Institute for Community and Regional Development.

“With the creation of the MCC on October 1, 2021 and the unanimous shareholder agreement, there is one shareholder, the Town of Olds.

“The shareholder representative can be either the council or the chief executive, representing the residents of the municipality,” Wilson wrote.

“The general manager was speaking on behalf of the shareholder, which is the municipality.”

Wilson was asked why the AGM is on a Friday night, a night when residents usually have other plans or commitments.

He was asked why it couldn’t have happened on another weeknight. It has been suggested that if this had been the case, perhaps more than 10 people could have attended.

Wilson said the purpose of the AGM was “very shareholder-specific: to accept the 2021 financial statements and independent practitioner’s review engagement report; appointing the auditor for 2022 and reaffirming the board appointments.

He said the original plan was for the AGM to be held in April. It was then postponed to the end of June “due to the complex (and delayed) process of transferring assets and liabilities to MCC”.

He said the financials were finally ready for board review in early July.

“To remain compliant with the Companies Act and not want to further delay the acceptance of the 2021 financial statements of Olds Fiber Ltd, the decision has been taken to proceed with the AGM on July 8th,” it said. -he writes.

Before the start of the AGM, officials were asked why the structure of the OFL seemed so confusing.

“Olds Fiber Ltd. (trading as O-NET) is the company, which is also MCC, established on October 1, 2021. When people refer to MCC, they are basically referring to Olds Fiber Ltd.” , wrote Wilson. .

“O-NET is the trade name or ‘doing business as’ the public is most familiar with. Olds Fiber Ltd. operates as O-NET.

“We will do our best to clarify the naming issue in future public communications and through our respective websites.”

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