Business
ATCO & Canadian Utilities Announce Regulatory Shortfalls and Propose Corrective Actions
ATCO & Canadian Utilities Announce Regulatory Shortfalls and Propose Corrective Actio...
About this update from Atco Ltd. Class I
[{"type":"text","content":"\n \n \n \n ATCO & Canadian Utilities Announce Regulatory Shortfalls and Propose Corrective Actions\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen3{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n \n \n \n \n \n ATCO & Canadian Utilities Announce Regulatory Shortfalls and Propose Corrective Actions\n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Nov. 30, 2021\n \n /CNW/ -\n \n ATCO Ltd. (TSX: ACO.X) (TSX: ACO.Y) / Canadian Utilities Limited (TSX: CU) (TSX: CU.X)\n \n \n \n \n \n \n \n \n \n \n An internal investigation undertaken by ATCO showed that failures in the company's procedures and disclosure processes resulted in contraventions of the Inter-Affiliate Code of Conduct, a set of rules ATCO's regulated companies follow to ensure fair business practices and proper disclosure.\n \n \n ATCO deeply regrets the situation and has already proposed a number of corrective actions to the Alberta Utilities Commission to improve its contracting and disclosure practices to ensure this type of issue never happens again.\n \n \n The issue concerns a contract awarded by ATCO Electric to a contractor affiliated with a First Nation community.\n \n \n Based on the findings of ATCO's internal investigation of these issues, which was unfortunately delayed by the untimely death of a senior ATCO executive, ATCO's leadership personally commits to learn from the process and disclosure failures and to improve policies and procedures. It does so with the full support of our Boards of Directors and our Audit Committee.\n \n \n \"This matter, which w...