Forming Aquatera
In January 2003, a Letter of Intent was signed among shareholders to form Aquatera and we began operating that May. In 2004, a unanimous shareholders agreement, bylaws, articles of association, and franchise agreements were signed by shareholders in order to officially create our company.
Aquatera assumed the assets of the Clairmont and Sexsmith water and wastewater systems in 2005. In 2010, a new unanimous shareholders agreement, bylaws and articles of association were amended by shareholders and major changes were made to the board structure and providing guaranteed cash dividends with board discretion on increases.
The changes improved governance and long term sustainability while reducing pressure for increases to rates. Effective in June 2011, a nine member board comprised of business, financial and legal professionals was unanimously appointed by Shareholders.
Current Shareholders
City of Grande Prairie - We provide water, wastewater, garbage collection and recycling services.
County of Grande Prairie - We provide water and wastewater treatment services. We also bill garbage collection services on behalf of the County of Grande Prairie.
Town of Sexsmith - We provide water and wastewater treatment services. We also bill garbage collection and recycling services on behalf of the Town of Sexsmith.
Town of Wembley - We provide water and wastewater treatment services. We also bill garbage collection and recycling services on behalf of the Town of Wembley.
Shareholder Approval
The following require unanimous consent, meaning that all three of our shareholders must formally approve them:
- Board of Director Appointments
- Acquisitions and New Shareholders
Aquatera Strategic, Business and Capital Plans are approved by the Board of Directors with input by Aquatera Shareholders.
Rate Setting
Our shareholders retain rate setting authority. Using full-cost accounting methods, we recommend rates that will ensure we continue to operate in a sustainable way. Each municipality may choose to adopt our recommended rates, or choose to subsidize services for its residents.
Dividends
Each of our shareholders has invested the water and wastewater infrastructure assets into Aquatera upon formation of the company, receiving preferred shares for the value of their investment.
These shares receive a mandatory dividend of five per cent annually.
For more information about what has been paid back to our shareholders in dividends, see our Annual Reports.