Michigan Coop to Switch to District-Specific Board of Directors
Posted on Apr 2, 2014 in Corporate Governance | Comments Off on Michigan Coop to Switch to District-Specific Board of Directors
The members of Great Lakes Energy, an electric cooperative based in Boyne City, Michigan, have voted to adopt a bylaw amendment switching to district-based voting for board members. The board will be elected by members residing in each of nine newly created districts. To read more, click here.
New Mexico Coop Official Ousted by Trustees
Posted on Apr 1, 2014 in Corporate Governance | Comments Off on New Mexico Coop Official Ousted by Trustees
In a move that is being contested as a violation of the coop’s rules, three trustees of the Mora-San Miguel Electric Cooperative voted to oust Alex Romero from his position as chief executive officer and general manager. Romero and Board Chairman Diego Quintana are calling the action illegal and “a hostile takeover.” Click here for an explanation of the vote and the potential reasons...
Aging Coop Workforce a Concern for Industry
Posted on Mar 17, 2014 in Corporate Governance | Comments Off on Aging Coop Workforce a Concern for Industry
The current and projected status of the coop workforce was a hot topic at the National Rural Electric Cooperative Association annual meeting earlier this month. The average age of coop employees is 48, and there is a growing need to engage younger adults and youth to ensure the longevity of the coop workforce for decades to come. Read more here.
Michigan Coop Considers Geographic Representation on its Board
Posted on Jan 31, 2014 in Corporate Governance | Comments Off on Michigan Coop Considers Geographic Representation on its Board
The board of directors of Great Lakes Energy (Great Lakes) is currently elected on an at-large basis. However, Great Lakes is considering electing board members based on geographic regions. The coop said that the proposed change would provide more localized control of the board and is consistent with how most coops elect their board members. The change requires approval by the...
Senate Passes Cooperative and Small Employer Charity Pension Flexibility Act
Posted on Jan 31, 2014 in Corporate Governance, Legislative & Politics, Regulation & Policy | Comments Off on Senate Passes Cooperative and Small Employer Charity Pension Flexibility Act
The Cooperative and Small Employer Charity Pension Flexibility Act, which the U.S. Senate passed unanimously, exempts coops from regulation under the Pension Protection Act of 2006. The Act is now headed to the House of Representatives. The National Rural Electric Cooperative Association and interested coops have supported this legislation. See Electric Co-op Today for the full...
North Carolina Coop Authorizes $3 Million in Capital Credits
Posted on Jan 2, 2014 in Corporate Governance, Patronage Capital | Comments Off on North Carolina Coop Authorizes $3 Million in Capital Credits
Members receiving electric service in 2011 and 2012 from EnergyUnited and in 1986 and 1987 from Crescent EMC or Davidson EMC (which later consolidated with EnergyUnited) were refunded $3 million in capital credits in December 2013. The Dispatch has the full story.
Arkansas Coop Refunds $6.5 Million in Capital Credits
Posted on Jan 2, 2014 in Corporate Governance, Patronage Capital | Comments Off on Arkansas Coop Refunds $6.5 Million in Capital Credits
First Electric Cooperative members saw a refund in the form of $6.5 million in capital credits in late 2013. The amount represents a retirement of 1986 capital credits and a portion of all years through 2012. Click here for more information.
New York Coop Refinances with CFC, Changes Patronage Capital Distribution Policy
Posted on Dec 30, 2013 in Corporate Governance, Financing, Grid & Infrastructure, Patronage Capital | Comments Off on New York Coop Refinances with CFC, Changes Patronage Capital Distribution Policy
Otsego Electric Cooperative (OEC), based in Hartwick, New York, recently refinanced its outstanding debt owed to other lenders with the National Rural Utilities Cooperative Finance Corporation (CFC), becoming the first 100% CFC borrower in the state. OEC, which serves about 4,500 members in the area between the Catskill and Adirondack mountain ranges, also worked with CFC to develop a...
Kansas Coop Set for Largest Patronage Capital Return in Its History
Posted on Dec 10, 2013 in Corporate Governance, Financing, Patronage Capital | Comments Off on Kansas Coop Set for Largest Patronage Capital Return in Its History
Ark Valley Electric Cooperative (Ark Valley) will return more than $2 million in patronage capital to its members later this month. The return of patronage capital will represent Ark Valley’s largest retirement of owners’ equity since the cooperative was incorporated in 1939. Click here for more.
New Jersey City Joins Coop
Posted on Dec 4, 2013 in Corporate Governance, Legislative & Politics | Comments Off on New Jersey City Joins Coop
Councilmembers of the city of Franklin, New Jersey, voted 3-2 to join the Passaic County Electric Cooperative, despite some reservations about not allowing the city’s citizens to make the decision themselves. Jersey Central Power & Light will continue to be responsible for the distribution and maintenance of its infrastructure, and the energy will be provided by a third-party...
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