Corporate Governance

Elexicon Corporation believes that good governance in business leads to great outcomes. We are governed in accordance with the Business Corporations Act (Ontario) and a Unanimous Shareholders’ Agreement and provide voluntary disclosure on our corporate governance practices. We are a holding company, 100 per cent owned by five municipal shareholders: the City of Pickering, Town of Ajax, Town of Whitby, City of Belleville and Municipality of Clarington which includes Bowmanville, Courtice, Newcastle and Orono.

Elexicon Corporation

Independent Board Members

Patrick McNeil
ICD.D

Chair,
Independent Director

Ron Chatterton
C.Dir

President,
Niche Advantage Consulting Ltd.

Jim Macpherson

President,
Macpherson & Associates Inc.

Brian Mountford

Independent Director

Doug Parker
CPA-CMA

Independent Director

Lesley Rose

Senior Director CFS Finance, Senior Commercial Markets, RBC Financial Group

Shareholder Board Members

Shaun Collier

C.Dir
Mayor,
Town of Ajax

Adrian Foster

Mayor,
Municipality of Clarington

Don Mitchell

Mayor,
Town of Whitby

Mitch Panciuk

Mayor,
City of Belleville

Ian Cumming

Councillor,
City of Pickering,
(Mayor’s Designate Until Sept. 2021)

Kevin Ashe

Reginal Councillor,
City of Pickering,
(Mayor’s Designate Since Oct. 2021)

Board of Directors Attendance in 2021

Committees

Audit, Finance & Risk Committee

The Audit, Finance & Risk Committee reviews the Annual Financial Plan, financial statements, accounting practices and policies, auditing processes and the results of internal and external audits and related matters. It also oversees financial risk management and assesses internal controls.

Nominating Committee

The Nominating Committee, comprised solely of independent directors, with the assistance of outside consultants, identifies and evaluates potential candidates for appointment as Directors.

Governance Review Committee

As provided for in our Unanimous Shareholder’s Agreement a committee was struck to review the appropriateness of the Elexicon Governance structure and composition.

Ad Hoc Divestiture Committee

As a result of one of our major shareholders expressing its wishes to sell its shareholding in Elexicon, an ad hoc divestiture committee was established to oversee the sale process and manage Elexicon’s response to it.

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Financial Performance

Elexicon Corporation had strong financial performance in 2021 and provided shareholder municipalities healthy dividends.