Jeri Richardson
Corporate Secretary
Anguilla Electricity Company (ANGLEC)
PO Box400
The Valley
March 26th 2012
Dear Ms Richardson
The Board of Directors of the ANGLEC has been charged with the fiduciary responsibility to manage the business affairs of the company with objectivity, due care and diligence. Recent decisions purported to have been made by the Board bring into question the objectivity, due care and diligence of the management of the company.
Chapter 65 Section 97 of the Companies Act specifically addresses the duty and care that directors must adapt in exercising their powers and discharging their duties. Based on the reports of recent decisions of the Board, we are very concern. Our concerns relate directly to the appointment of a consultant to produce a Corporate Governance Policy for the Company and the direction the board is seeking to take in relation to the provision of space for the Corporate Offices of the company.
To this end and in accordance to Section 157 of the Companies, we are hereby requesting that you make available to us the following information
1. Copies of all the Board of Directors minutes for the past six (6) months and in particular those with reference the above two concerns
2. A copy of the invitation to bid or Request for Proposals and all related correspondence for the Corporate Governance Policy
3. Copies of all the proposals submitted for the Corporate Governance Policy
4. A copy of the Tender Report which influenced the Board decision.
5. A copy of any other reports or written opinions in relation to the award of the contract for the Corporate Governance Policy, in particular any opinion from either the external auditor or the internal Auditor.
6. Copies of all documents related to the intent to purchase a building for the Corporate Offices
For your information, please note we are in the process of submitting a proposal to the Eastern Caribbean Central Bank Unit, the Eastern Caribbean Securities Exchange and the Caribbean Development Bank requesting a review of the activities of the Board of Directors in the management of the company since October 2011.
We are requesting that the document requested be made available during the week of March 26th – 30th 2012.
Sincerely
Shareholders
(Published without editing by The Anguillian newspaper.)
