Greeting from the Board Chair
Welcome to EPCOR's online annual meeting and report. Each year, EPCOR holds a public meeting where we share our annual operating and financial reports, and provide the public with an opportunity to ask questions of the Board and management.
Because the COVID-19 pandemic prevents us meeting with you in-person, we have adapted each element of the event into an online resource. The presentations and annual reports are summarized and linked to this page, and we've provided a form through which you can ask questions. Answers will be provided individually, and consolidated on this page for future reference.
While these reports are about EPCOR's 2019 performance, I also want to acknowledge the extraordinary challenges our communities are facing in 2020 due to the pandemic – and on behalf of the Board of Directors, recognize EPCOR's workforce for their response. The organization acted swiftly, adapted processes and is working differently – all while continuing to safely deliver essential utility services at a time when communities need them the most. I am incredibly proud of how all of the EPCOR team has risen to this immense challenge.
The 2019 report shows the organization delivered strong operational performance and financial returns for its sole Shareholder, the City of Edmonton. EPCOR returned a dividend of $171 million to the City of Edmonton, made strategic investments that will strengthen future financial performance, and advanced significant strategies for flood mitigation and infrastructure renewal.
At the Board level, we continue to have the breadth and depth of industry and governance experience to provide oversight to an increasingly complex North American utility. While 2020 will see the retirement of Helen Sinclair, who has brought great strength to our board and will definitely be missed, we are pleased to be welcoming Leontine Atkins. Helen joined the Board in 2008 and has actively participated in all of the key strategic decisions in her tenure, including the divestment of the power generation business and the investment in U.S. water utilities. Leontine brings an exceptionally strong background in business and finance focused on large infrastructure and regulated companies.
As a Board, we recognize that we will be faced with significant uncertainty from COVID-19 as well as recent economic events. As we navigate the challenging road ahead, we will leverage the deep skill set and experience on the Board to continue to deliver the value that our shareholder, customers and communities have come to expect from EPCOR.
- Janice Rennie