Manning Rural Electrification Association Ltd.

June 17, 2008 11:00 ET

Manning REA: ATCO Rejects Own Code of Ethics to Takeover Successful Rural Electric Association Co-Operative

MANNING, ALBERTA--(Marketwire - June 17, 2008) - MANNING REA:

Mr. Terry Schamehorn, Chairman of Manning REA stated "ATCO recently demonstrated that while large multinational companies present wonderful information about themselves, including a Code of Ethics, in their promotional materials and on their web sites, that doesn't mean they practice what they preach".

Recently ATCO employees in the Manning Rural Electrification Association service area and also Members of the Manning REA started a petition amongst the Members on behalf of ATCO offering them cash payouts if they would sign a petition to force a quick vote to sell the Manning REA assets to ATCO. Despite the fact the ATCO Ethics Code is very specific about employees avoiding any actual or perceived conflict of interest and that they must not use their employment status to obtain personal gain, it is obvious the ethics guidelines don't transcend the promotional material into real life.

Although ATCO's Code of Ethics states that dealings between ATCO and its customers, suppliers and competitors must be conducted fairly, honestly and not take unfair advantage of anyone, ATCO opted to bypass the elected Board of Directors, go directly to members enticing them with the potential of cash payouts and encourage the forcing of a quick vote on July 9, 2008, leaving the Board of Directors and the association staff little or no time to practice due diligence by gathering all the pertinent information regarding the repercussions of a vote to sell. One non-reversible consequence is that once the Manning REA is dissolved it can never be resurrected.

Mr. Terry Schamehorn, Chairman of Manning REA stated "The strategy of forcing this issue during peak farm activity time and ATCO's reluctance to provide the Board of Directors with vital and timely information contravenes their own ethics directives and certainly begs the question is this the beginning of another monopoly system in Alberta".

Contact Information

  • Manning REA Board of Directors
    Mr. Terry Schamehorn
    (780) 836-4333
    (780) 836-4335 (FAX)