UNITY — With a few changes in dates, North West Terminal Ltd. has finally set a date for its annual general meeting, and many shareholders are urging others to attend as they look for answers from the board about a multimillion-dollar loss.
André L. Blais, a founding shareholder and inaugural board member of North West Terminal, contacted Â鶹´«Ã½AV after learning local media and members of the press and public would not be allowed at the June 18 meeting. According to the AGM invite, only shareholders and their proxies are permitted to attend.
“Shutting out the press at a time like this is deeply troubling,” said Blais in a media release, adding, “This isn’t a private club. This company was built by the community. People deserve to know what is happening.”
Blais shared with Â鶹´«Ã½AV that shareholders are facing nearly $28 million in cumulative losses since 2016, including $20 million in just the past three years, and a current loan from the Bank of Montréal of more than $41 million. He also noted a significant increase in compensation for both the chief executive officer and chief financial officer, whose salaries rose sharply from 2022 to 2024. According to the financial report supplied to shareholders by the NWT board, the CEO’s salary increased from $400,000 to $427,000 over the two years, while the CFO’s salary doubled from $93,000 to $192,000. The board has also approved a $1.2 million “change of control benefit” for these same executives in the event of a change in ownership.
Shareholders have said they feel left in the dark and want answers.
“We want to know why BMO continues to lend to a company with repeated losses, why the board approved salary raises to the executives while we absorb massive losses, and why the NWT was never placed in receivership to protect shareholder equity.”
Â鶹´«Ã½AV reached out to North West Terminal for comment and had not received a response at the time of publication. An update will be provided when the company responds.
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