Guelph, Ont., March 8, 2016 – Guelph City Council is announcing governance changes to Guelph Municipal Holdings Inc.
Guelph Municipal Holdings Inc. is a company set up by Guelph City Council to manage select city assets for the purpose of maximizing revenue potential and strengthening community prosperity. City Council is streamlining its oversight of GMHI, providing elected officials with increased oversight of decisions that directly affect the community.
“The change reflects this Council’s philosophy about governance. Direct Council oversight of GMHI decisions that affect the City of Guelph will ensure better alignment of City assets, resources and strategic planning” says Guelph’s mayor, Cam Guthrie. The changes are expected to serve City Council for a period of up to 18 months, at which point progress and process will be reevaluated.
For a transitional period GMHI’s Board will now consist of three members of City Council (Mayor Guthrie, Councillor Wettstein and Councillor Downer). The City’s CAO has been assigned the role of Interim CEO of GMHI to provide the necessary authority and oversight to implement the directions of Council.
“We are indebted for the many contributions of the former members of the GMHI Board,” said Mayor Cam Guthrie. “Over the past year, they guided the company through the transition following GMHI’s merger with Guelph Hydro Inc. Their excellent strategic leadership and strong financial oversight strengthened GMHI so it was ready for this next phase. Council is very grateful for all they have done.”
“GMHI will now report regularly to Council on a quarterly basis regarding compliance; operational and financial performance in relation to key performance indicators; and strategic objectives,” said Mayor Guthrie.
Mayor Cam Guthrie
City of Guelph