NB Power Chairman receives national recognition for Board leadership
Fredericton, N.B. – NB Power is pleased to congratulate our board chair, Edward (Ed) Barrett as one of this year’s recipients of the prestigious ICD Fellowship Award. Mr. Barrett’s strength in, and commitment to, best practices in corporate governance has helped transform the relationship between NB Power and its shareholder since assuming his responsibilities as Board Chair in 2010.
“This tremendous honour for Ed reflects how much he’s been able to establish a long-term strategic direction with Government and create the conditions which allow the company to be run like a business with a skills-based board,” said Board Vice-Chair Norm Betts. “Under Ed’s direction, management and the Board have pursued a vision to improve all facets of NB Power’s performance and set it on a course to deliver better reliability and results for the province”.
Soon after Mr. Barrett’s appointment, NB Power’s Board of Directors engaged external expertise to design an improved governance model for the utility. This new model established the flow of authority and accountability at the leadership level of NB Power and outlined the interrelationship and responsibilities among the three decision-making parties: the shareholder, the board, and management.
In 2013, NB Power implemented a new independent process of board recruitment and selected executive search firm Boyden to carry out the search. The firm conducted a two-month long recruitment process using a newly developed matrix of board member skills identified as necessary for the utility's future success and eventually added 5 new members to the Board. This process has now been followed each time new members have been added to the Board.
“I want to congratulate Ed for this well-deserved award and the commitment he’s had to constantly improving NB Power for the people and economy of this province”, said Rick Doucet minister of Energy and Resource Development. “Our government understands that good governance and independence is absolutely essential to delivering good results and we’ve certainly seen a tremendous improvement at NB Power since Ed assumed the leadership of the Board. “
Since Mr. Barrett’s appointment, NB Power has posted $433 million in total earnings, kept rate increases to a cumulative total of 5.7% over the period, realized approximately $50 million in sustainable, annualized cost reductions and reduced net debt by more than $145 million.
Created in 1997, the Institute of Corporate Directors Fellowship Awards are the highest distinction for corporate directors in Canada and are presented annually to individuals who have made outstanding contributions to Canadian enterprises and Not for Profit organizations by bringing sound corporate governance leadership to boardrooms across the country. Fellows are inaugurated by the ICD with the Institute of Corporate Directors Fellow designation (F.ICD) at the annual ICD Fellowship Awards Gala. To date, 73 directors across Canada have been presented with this award.
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