Monday, June 24, 2013

Alberta flood zone development was a mistake, former MLA George Groeneveld says

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Alberta flood zone development was a mistake, former MLA says:
FormerAlberta MLA George Groeneveld who chaired the flood mitigation committee after the 2005 floods says new development SHOULD NOT have been allowed to spring up in the flood zones.
FormerAlberta MLA George Groeneveld said in the article that the basis of the 2006 Provincial Flood Mitigation Report recommended:

A CESSATION OF THE SALE OF CROWN LANDS IN KNOWN FLOOD RISK AREAS.
In a private corporation the CEO and the Board of directors are responsible for management and governance of the corporation and its stakeholders.  In this case our local, provincial and federal government and representatives act as management and govern us as citizens. In some instances we elect our representatives and put our trust in them to represent our best interest, we expect them to act honestly and in good faith, with the best interests of their citizens/electorate in mind. 
1) This is referred to as the FIDUCIARY DUTY, and is the first unethical ‘inaction’ by ‘the province’.
"Selling lands in flood risk areas is the opposite of flood mitigation," the report stated. "The province loses its say in the use of these lands and any protective measures would need to be taken through cumbersome mechanisms such as legislation or regulations. "Undeveloped flood plains are the natural and most effective form of flood mitigation, and this recommendation will protect those areas." Sale of flood-prone Crown lands creates the potential "for increased financial liability for the province in terms of Disaster Recovery Program funding that must outweigh the short-tem financial benefits of the sale," the report stated.
"Once developers buy that land, it takes real political will from the municipal governments to shut them down and say 'No, you can't do it.’
The report refers to ‘the province’ – however, behind ‘the province’ are people – people we elected to serve our best interest as citizens of Alberta and we put our trust in our representatives. 

2) This inaction to not notify the general populace/ citizens/ electorate about ‘The 2006 Provincial Flood Mitigation Report’ speaks to GOVERNMENTAL LACK OF SOCIALRESPONSIBILITY

In the average private corporation not only do the  board of directors have to make decisions regarding risk management and strategic direction but they must also use ETHICAL, MORAL AND VALUES-RELATED JUDGEMENT, therefore, ‘the province’ is expected to make decisions regarding risk management and strategic direction but they must also use ETHICAL, MORAL AND VALUES-RELATED JUDGEMENT.  What is more compelling is that the report also recommended that disaster recovery payments for "new inappropriate development in flood risk areas" be prohibited.

3) In a private corporation the board has two primary responsibilities with respect to business ethics. First, it must as a group identify the values that determine acceptable behaviour of the corporation.    The second responsibility is that, once identified these ‘values’ must be put in place.  This process assures that the values are reflected in actions that are taken within the corporation and also are attuned with prevailing social ideology.
These steps ensure the continuous examination of the decision-making process to be certain that the consequences of potential decisions are measured against the values of the corporation and are acceptable to society.  Does this mean that there was not one from ‘the province’ associated with ‘The 2006 Provincial Flood Mitigation Report’ whose ‘VALUES’ were strong enough to publish the report so that the general populace were aware  of the potential danger of purchasing a home in these areas?

In the case of ‘the province’/ ‘The 2006 Provincial Flood Mitigation Report’ the recommendations were explicit:

“..The report recommended a notification system be established that informs potential buyers that the property is located in a flood-risk area. Groeneveld said he was disappointed that the report WAS NEVER RELEASED during his time in government and THAT BY THE TIME IT WAS RELEASED IT WAS "SO FAR AFTER THE FACT THAT A LOT OF THE REPORT HAD BECOME REDUNDANT."
The report also recommended the completion of flood risk maps for urban areas in the province; a program to ensure those maps are updated; the identification of priority rural flood risk areas that require flood risk mapping; and making historic flood information available to the public on a website. This issue speaks also to Corporate Social Responsibility/Sustainability

 Corporate Social Responsibility/Sustainability is a business approach that builds long-term shareholder value by embracing opportunities and managing risks deriving from ECONOMIC,ENVIRONMENTAL AND SOCIAL DEVELOPMENTS. Leaders in these companies achieve long-term shareholder value by focusing their strategies and management to utilize the potential of the market for sustainable products and services while simultaneously   SUCCESSFULLY REDUCING AND AVOIDING COSTSAND RISKS. ‘The Province’ and the people behind ‘The 2006 Provincial Flood Mitigation Report’ did not!

We as citizens of Alberta will all, in the end, pay for the unethical behaviour of ‘the Province’ and the people behind this '2006Provincial Flood Mitigation Report’.
 

Thursday, June 20, 2013

Governance and PETER SABOURIN/FRAUD






The Saga continues, and please note the so called ‘reputable’ news media that endorsed - Timemagazine - Canadian Business - Financial Post.

To me the story is like every other ‘Bernie Madoff’ saga, the important governance message is that you cannot trust the top  so called ‘reputable’ news media that endorsed PETER SABOURIN/FRAUD,  according to the article http://news.ca.msn.com/canada/secret-tax-haven-files-lift-veil-on-dollar32m-ontario-fraud-2
I have always insisted that Governance is for everyone – do your homework as an investor, do not rely on media endorsements of a person or corporation.

This is the important part of the story:

To Time magazine, Peter Sabourin was a "venture capitalist." In the pages of Canadian Business, he became a "tax consultant." For the Financial Post, he transformed into an expert on offshore investment. No matter the label, this much is certain: The Toronto businessman was a silver-tongued swindler, a consummate con man who left a $32-million trail of victims from North Carolina to North Bay, Ont. Sabourin is one of the more than 550 Canadians whose names appear in the massive leak of offshore financial records revealed by CBC News and the International Consortium of Investigative Journalists in early April. A number of those people have dodgy pasts, but Sabourin's name stands out.
In high school, his gift for gab made him popular and convinced peers he might one day found a new religion, but it was paired with a greedy streak that saw him lose his golf clubs and typewriter playing poker with pals. The Toronto Star, profiling him in 1978 after he enrolled in basic training in the Canadian Forces, called him "big, bright and articulate.  And then, with no financial experience or training, he went from pushing brooms to pushing investments. In the mid-1990s, he founded a company, Sabourin and Sun, that promoted moving money into Caribbean tax havens. He was quoted as an expert in offshore investing in the Financial Post and Canadian Business, cobbled together a book on the topic, and boasted his firm was 45 years old and had a dozen offices worldwide.

What is the Governance Moral of this story, according to the article that appeared in (news.ca.msn.com ) – beware of those people or corporations endorsed by Timemagazine - Canadian Business - Financial Post, if a person has the gift of ‘gab’ beware, do your due diligence as an investor – do a back ground check on this person or corporation before investing .