CFO and VP Regulatory Affairs

Elexicon Energy, located in Ajax, Ontario, is searching for a Chief Financial Officer and VP, Regulatory Affairs. 

The CFO & VP, Regulatory Affairs of the soon to be merged Veridian Corporation and Whitby Energy Corporation (Elexicon Energy) will be responsible for the leadership and management of all aspects of financial services for the Corporation, including financial planning, reporting and analysis, budgeting, job costing, general accounting, revenue, accounts receivable, accounts payable, cash management, payroll processing and administration, management information systems and regulatory matters. 

This position is also responsible for the coordination of all Board materials related to the Office of the CFO & VP, Regulatory Affairs. 

BACKGROUND

Veridian Corporation provides, through affiliated companies, energy-related services to customers located in nine municipalities in east-central Ontario. The core business is distribution of electricity which is provided through the wholly-owned regulated subsidiary, Veridian Connections Inc. (“VCI”). VCI is the fifth largest municipally owned electricity distributor in Ontario. The company is responsible for the safe, reliable delivery of electricity to more than 122,000 residential and business customers in the cities of Belleville and Pickering, the towns of Ajax and Gravenhurst, the Municipality of Port Hope, and the communities of Beaverton, Bowmanville, Cannington, Newcastle, Orono, Port Perry, Sunderland and Uxbridge. 

Whitby Hydro Energy Corporation is a holding company owned by The Town of Whitby. Contained within are two separate and distinct subsidiaries – Whitby Hydro Electric Corporation and Whitby Hydro Energy Services. Whitby Hydro Electric Corporation is an electricity distributor licensed by the Ontario Energy Board (OEB) to deliver electricity to homes and businesses in their service area of the Whitby, Brooklin and Ashburn communities. The organization serves more than 41,500 customers. The Whitby Hydro Energy Services Corporation provides energy management and engineering services. 

Elexicon Energy will employ approximately 300 employees. 

MERGER OVERVIEW

Whitby Hydro Energy Corporation and Veridian Corporation have agreed to merge and have signed a series of legal documents that will facilitate such a merger. Following this extensive evaluation and community engagement process, the Proposed Transaction was approved by all five shareholders of Veridian Holdco and Whitby Holdco, being: the Corporation of the Town of Ajax, the Corporation of the City of Belleville, the Corporation of the Municipality of Clarington, the Corporation of the City of Pickering and the Corporation of the Town of Whitby. 

An application requesting this approval was submitted on July 30^th, 2018, and can be viewed at http://www.veridian.on.ca/wp-content/uploads/VDN.WHTBY_APP_MAAD_20180727.pdf . 

The Ontario Energy Board (OEB) approved the application in December 2018. 

DUTIES AND RESPONSIBILITES 

Financial

• Development of the Corporate financial strategy
• All accounting and financial information for stakeholders as required including preparation of financial statements under Generally Accepted Accounting Principles, including International Financial Reporting System and regulatory accounting
• Coordination and development of the enterprises budgets and financial plans, including short and long-term planning and coordination with the Corporation’s executive team to support the Corporation’s strategic plans and business goals
• Securing and maintaining an optimal credit rating
• Administering the Corporation’s dividend policy
• Coordination of external auditors and preparation of external financial statements
• Oversight of the Corporation’s financial transaction processing systems and internal controls for management and mitigation of financial risks
• Analysis and communication of financial performance, ensuring that risks, threats and opportunities are managed.
• Development and implementation of corporate tax policies to ensure statutory compliance and to provide maximum benefit to the enterprise.
• Provision of financial services to affiliate companies through Service Level Agreements
• In conjunction with the CEO, liaise with shareholder financial staff as required 

Enterprise Risk Management and Internal Controls

• In conjunction with the Manager, Internal Audit and ERM, and within the corporate ERM framework, identify, monitor and mitigate financial and regulatory risks
• Construct and monitor effective and reliable financial control systems. 

Governance

• As required by the CEO, supports the Audit, Finance and Risk Management Committee of the Board(s) in execution of their responsibilities, including assistance in setting agendas, developing work plans and oversight of materials for committee meetings
• Report to the Board of Directors as required on matters of material consequence that fall within the financial area of responsibility.
• Attend regular Board meetings as required by the President and CEO. 

Regulatory

• Acts as the primary liaison between the Corporation and Regulatory Agencies, primarily the Ontario Energy Board.
• Leads strategy planning related to regulatory submission and leads the development of regulatory rate applications and notices including oversight for coordination of Corporate -wide resources to support and prepare applications.
• Participates in industry forums, consultations and other activities of industry participants within the electricity sector to ensure compliance and adherence to regulations and identify risks and opportunities to the Corporation.
• Coordinates the development of timely and accurate regulatory applications and notices, including those related to rates, leave to construct, licensing, service area amendments, conditions of service, etc.

Innovation and Organizational Effectiveness  

• Fosters creativity and innovation and actively looks for new ideas to improve the operation of the business unit.
• Ensures the finance business unit has the appropriate infrastructure and staff competencies
• Identifies opportunities to improve the quality of the business unit’s operations and the efficient utilization of resources and ensures the establishment of necessary business process and internal control systems
• Promotes team development and coaching of staff
• Sets the tone and fosters a culture that promotes ethical practices, Corporate values including the Code of Ethics and Business Conduct of the enterprise.
• Ensure compliance with applicable laws and regulations. 

Health and Safety

• Responsibility for following health and safety policies to ensure staff operate safely 

COMPETENCIES 

Leadership

Confidently leads and develops people and teams in a changing and dynamic environment leveraging the skills of others and delegates courses of action towards the achievement of the strategy and vision of the Corporation and business unit while remaining energized, positive and focused. 

Vision and alignment

Shares a compelling and inspired vision and strategy for the corporation and the business unit and generates commitment and alignment of its people. 

Communications and Listening Skills

Demonstrates the fundamentals of effective communications: active listening, adapting communications styles to audiences, clarity, empathy and responsiveness 

Business sense

Understands and uses the workings, structure, climate and culture of the Corporation and the industry to achieve business and growth outcomes. 

Financial acumen

The position has financial responsibility as it pertains to all operational departments. The position uses understanding of financial information to make business decisions, maximize value and support the financial health of the Corporation. 

Relationship and network building

Seeks and builds alliances, maintains effective relationships, communicates in a compelling and articulate manner instilling commitment, and fosters open respectful two-way communication channels, internally and externally to further the strategy and vision of the Corporation. 

Decision making

The position makes business decisions that could be costly to the organization if made incorrectly.   The position must be able to analyze and synthesize information to understand issues and the situation to identify issues, options, and make appropriate, realistic and timely decisions to ensure safety, quality, productivity and budgets have not been jeopardized based on consideration of the available facts and alternatives and sound calculation of risks. 

Negotiation

Actively listens for underlying nuances and messages and uses persuasion to build consensus, manage and or/resolve conflicts and reach mutually agreeable outcomes. 

Corporate Governance

The position will require regular reporting to the Board of Directors on any matters of material consequence that fall within the position’s areas of responsibility. This position will require the development and implementation of communications initiatives that meet the needs of the corporation’s shareholders, customers, employees and other stakeholders while maintaining the strictest of confidence of information. 

Health and Safety

Actively participate in safety training and be knowledgeable of the corporate safety rules and practices and must implement safe work procedures that ensure the safety of the Corporation’s employees and customers. 

SKILLS, EXPERIENCE AND EDUCATION

• Significant experience (10+ years) in a senior management or executive leadership role in financial and business administration
• Possession of a recognized Professional Accounting Designation, and is in good standing in the province of Ontario (CPA-CA, CPA-CMA, CPA-CGA)
• Post-graduate degree in Finance, Business or related field from a recognized university or a combination of education, training and experience
• Strong knowledge of rules and regulations within the distribution and retailing of electricity
• Thorough understanding of electrical utilities and their day to day operations
• Understanding of Enterprise Risk Management
• Experience in Project Management
• Experience working with executive teams and Boards of Directors 

APPLICATION INFORMATION

To explore this opportunity further, please email your resume (filename - “Last name, First name - CV”), with “Elexicon Energy CFO” in the subject line, in confidence to Larry Sartor at larry@sartorandassociates.com and Mark Fukuzawa at mark@sartorandassociates.com. 

It is Elexicon Energy’s policy to comply with all applicable laws and regulations which prohibit unlawful discrimination because of race, religion, creed, colour, national origin, sex, sexual orientation, age, disability or marital status or any other protected class. 

We thank all those that apply for the position, however, only those selected for an interview will be contacted. Thank you for your understanding.

March 27, 2019