Saturday, January 28, 2012

Toronto Hydro another Dawning Political City Scandal Similar too TCHC on the Horizon?

Torontonians should be outraged at what continues on unabated at Toronto hydro because of a not so sound or transparent effective corporate practices and governance. 

In my opinion Toronto Hydro customers and taxpayers together should be demanding that a forensic audit, similar to that of TCHC, be conducted immediately.

Toronto Hydra’s current and self serving CEO, who is paid more than the US President or our Canadian Prime Minister, should be immediately replace by an interim CEO appointed by the courts on behalf of taxpayers and customers.  

All appointed board members, including those from city council, should be asked for their resignation from Toronto Hydro’s board of directors prior to an immediate forensic audit.

The management, union and current CEO should all be held equally accountable and liable for any wrong doings related to past rate hikes, business practices which resulted in the current lack of proper minimum reliability standards of the utility as approved by the board, management, condoned by union bosses and by city council.  

The past and current fuzzy expenses and accounting actions by Toronto Hydra’s Board of directors and management of deceitfully diverting funds, as evidenced in court, needed by the city’s utility for its system reliability and maintenance for the utilities aging wires and equipment, by illegally increasing unwarranted dividend payments to the city of Toronto was NOT  in the best interests its customers, taxpayers.

Such unethical and perhaps fraudulent practice is not in keeping with sound, honest, forthright corporate governance practices. It further does not create or maintain taxpayer or customer confidence in the management or the board of the utility but rather just the opposite.

However it does represent a culture of deceit and an unethical business management goal and agenda of declaring Toronto Hydro a “dividend revenue source” for the city’s ongoing financial crisis at the direct expense of Toronto hydro customers, maintenance of the utility and taxpayers.

On the other hand the president of CUPE local one, the union representing the 1, 250 Toronto Hydro workers, last year stated Publicly-owned and delivered electricity has helped Toronto prosper. Toronto Hydro keeps the lights on for everyone – and returns millions of dollars to our city every year. When we pay for electricity, we’re paying ourselves because the City of Toronto is the sole shareholder in Toronto Hydro.

It seems Hydro’s publicly appointed board of directors, along with city unions, special interest groups and a majority of elected councillors all continue and prefer to gamble, play fast and loose with taxpayer dollars as if it was their own money at a roulette table.

Further their attempts at raising rates to customers so that deceptive dividend payments could be deceitfully made to shore up the city of Toronto’s fiscal problems and keep union dues flowing in for the grossly inflated salaries of union bosses on the back of customers is a least unethical, immoral and worst fraudulent.

When the outgoing Mayor miraculously discovered $104.82 MILLION Dollars of Tax Payers Money Peter CLARKE called for an In-depth External Forensic Audit of City Finances, prior to Elections. That request fell on deaf ears.

Perhaps now with yet another process being a sham our Provinces Attorney General, city council along with the media and others will start demanding an investigation into these recurring shams and neglect of judiciary responsibilities by councillors, appointed Toronto hydro board members and union bosses.

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Thanks for your thoughts, comments and opinions, will be in touch. Peter Clarke