Every corporation must disclose and protect against material risks and executives must manage and disclose something called contingent liability.
From their initial response, this does not appear to be happening by the Corporation of the Township of Springwater
Request for Information
from: Les Stewart email@example.com
to: Mayor Linda Collins <firstname.lastname@example.org>
cc: Deputy Mayor Dan McLean <email@example.com>,
Jack Hanna <firstname.lastname@example.org>,
Perry Ritchie <email@example.com>,
Dan Clement <firstname.lastname@example.org>,
Sandy McConkey <email@example.com>,
John Daly <John.Daly@springwater.ca>
date: 18 March 2014 09:10
subject: Contingent Liability provision: Litigation risk to Corporatino involving in the Midhurst Secondary Plan
Without Prejudice but Not Confidential
Mayor Linda Collins
Corporation of the Township of Springwater
This is a follow-up from my verbal question at the March 17, 2014 general council meeting.
From their response, it is my conclusion that your senior staff will not be booking any financial liability whatsoever on their 2013 or 2014 audited financial statements having to do with this controversial, unprecedented activity by corporations that are on the public record as being extremely litigation-prone to those that do not yield unconditionally to their will.
Q1: Will you be instructing your senior staff to investigate and report back to Council in open session the range of potential financial loss(es) that may accrue to the Corporation of the Township of Springwater having to do with the initial cost of defence and potential final claim (trial and appeal) of a lawsuit(s) by a single or multiple parties?
A yes or no answer would be be appreciated, please. Other questions may arise from your answer or non-answer.
It is my understanding, that you, Council members, and senior staff have a professional and personal fiduciary duty to protect the Corporation from harm by acting in a commercially reasonably, fiscally prudent manner to protect future taxpayers’ interests.
I reserve distribution and publication rights to this document and unreservedly offer the same to the Corporation and individual members of Council. Clerk Daly; please formally record this correspondence and acknowledge such to me.
Mr. Les Stewart MBA
1201 Bayfield Street North
Midhurst ON L0L 1X1
705 737-4635 Tel
705 627-2242 Cell