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Post by Low Light Mike on Jul 21, 2015 9:41:28 GMT -8
This public meeting should provide, to even the most casual observer of BC Ferries operations, some very interesting questions. There is usually a limited amount of time allotted to 'question period' during annual general meetings. Given the wide range of topics covered by our learned members on this forum, what might be the priority of questions on an attendee's 'must ask' list? I have several questions, but would be interested in what our members might have on their lists? I am too cynical for a list. I think that any question would be answered with fluffy corporate-speak. But if I had one question, it would be to ask if the cable-ferry delays have harmed the relationship between Seaspan's Vancouver Shipyards and BC Ferries.
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Post by Dane on Jul 21, 2015 20:42:10 GMT -8
I will be between day and night shifts. If I am feeling keen (awake) I will attend.
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Neil
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Post by Neil on Jul 21, 2015 22:16:21 GMT -8
I will be between day and night shifts. If I am feeling keen (awake) I will attend. I'll be at the tail end of a Surrey shift, transitioning back to a Hornby shift. If I'm still feeling urban, I'll attend also.
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Post by Starsteward on Jul 23, 2015 8:33:40 GMT -8
This public meeting should provide, to even the most casual observer of BC Ferries operations, some very interesting questions. There is usually a limited amount of time allotted to 'question period' during annual general meetings. Given the wide range of topics covered by our learned members on this forum, what might be the priority of questions on an attendee's 'must ask' list? I have several questions, but would be interested in what our members might have on their lists? I am too cynical for a list. I think that any question would be answered with fluffy corporate-speak. But if I had one question, it would be to ask if the cable-ferry delays have harmed the relationship between Seaspan's Vancouver Shipyards and BC Ferries. Undoubtedly the meeting room will be awash with the 'fluff' of corporate-speak, and I doubt that answers given to any questions will be pointedly direct and honest. Your relationship question if posed as a yes or no question might prove interesting.
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Neil
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Post by Neil on Jul 23, 2015 9:24:54 GMT -8
I am too cynical for a list. I think that any question would be answered with fluffy corporate-speak. But if I had one question, it would be to ask if the cable-ferry delays have harmed the relationship between Seaspan's Vancouver Shipyards and BC Ferries. Undoubtedly the meeting room will be awash with the 'fluff' of corporate-speak, and I doubt that answers given to any questions will be pointedly direct and honest. Your relationship question if posed as a yes or no question might prove interesting.
David Hahn used to be refreshingly blunt at AGMs... not overly afraid to tell people what they might not want to hear. I imagine Mike Corrigan is probably more into the 'corporate-ese'.
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Post by Deleted on Aug 20, 2015 18:51:25 GMT -8
Just a reminder that the AGM is tomorrow at 10:00 AM, Vancouver Convention Centre.
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Post by Deleted on Aug 21, 2015 11:59:04 GMT -8
Greetings everyone, I just got back from the AGM. I have to say, I stood out rather embarrassingly in my blue t-shirt/jeans, and green shoes. Dress code aside, below is a summary of the meeting, and the Q&A at the end. I've included the answers to my own questions and some other interesting ones. As far as I could tell, I was one of the two members of the public present. The room was about 50% full, mostly members of the two boards, politicians, and FAC members.
The meeting was opened by the moderator, Bruce Williams, at 10:00AM.
Donald Hayes, BCF board chair: -Continuing with wise Terminal, Fleet and IT investment, tabled the business plan. I grabbed a paper copy. -OTP was 91.7% in fiscal 2015, and vessel reliability was 99.8%. -BC Ferries board introduced.
Mike Corrigan: -Stated that the company has turned a corner financially thanks to higher traffic -Mentioned that passenger injuries were down to 240 last year and are decreasing. -28 marine rescues last fiscal year, mentioned the one in Baynes Sound. -Executive Compensation is down by 50%, fuel is costing them about $1 per litre. -About 900 drop trailers a week on route 30, raking in 9 million a year in revenue. -Ancillary services brought in a 50 million net profit last year. -They are still focusing on 5 vessel classes and the Salish boats are the first step. They will be in service between December 2016-June 2017. First boat is being launched in November. -Cable ferry - will be towed to Buckley Bay mid next week. They will take their time for training and familiarization (a full two months if needed), boat to be in service in the fall. -The cost savings of LNG has gone down slightly to 40%, and it is difficult to make long-term future forecasts, but they are confident that it is still worthwhile. -Spirit MLUs - approval by the commission to be in early 2016. The ships burn 20% of fuel consumed in the company.
CFO Denis Dodo: -4.45% interest rate for 200 million in senior, secure 30-year bonds (no idea what this is). -Capital budget to be 225 million this year, 459 million in fiscal 2017, and 255 million in fiscal 2018. -84 million in efficiencies as opposed to the 54 million target. -Final decision on price caps for PT4 to be on September 30th. -Net income fiscal 2015 was 49.1 million. Revenue was 62% from fares, 21% from subsidies, 10% from ancillary services, and 4% from other sources. -Made a comment (can't remember exactly what) on the unchanging subsidy and how the gov't is difficult to work with. That's what I understood, unfortunately I didn't write down the exact quote.
Q&A -I asked how given the time taken to transit overseas and the narrow window given to complete the project, what are the advantages of doing the Spirit MLUs overseas? Mike Corrigan: "First of all, thank you for the question, Julien." He stated that it is too early to tell which shipyard will be selected, but that they will choose the shipyard based on cost-effectiveness, and one that reduces the risk profile of the project. He recognized the time taken (40 days) to transit to Poland or Germany, and the cost, and re-iterated that a BC yard is in the running.
-Graham Johnson, BCFMWU President asked about the crew requirement of the BSC and marine rescues, Corrigan referred him to Transport Canada.
-An angry ferry user asked why this meeting was not very publicized. Corrigan stated that this was a regulatory event, and that the cost of putting newspaper ads would increase the pressure on fares. He pointed out that the media had been invited, and the two TV cameras in the room. When the individual asked why they didn't put ads in the terminals, Corrigan said they would look at that in the future.
-I asked about what's in store for the future of the Tenaka. Mike Corrigan smirked. He stated that there are a variety of possible scenarios at this point, including a relation to the NIP replacement, but at this point he figured that she would probably be retired. He also said that community feedback would play a role, and that they are far away from a final decision.
-On another question about the cables used for the BSC, Corrigan stated, among other things, "we've got a lot riding on this cable ferry."
The meeting was closed at 11:18 by BCF Authority Board Chair Rod Dewar.
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Post by Low Light Mike on Aug 21, 2015 12:17:30 GMT -8
Greetings everyone, I just got back from the AGM. I have to say, I stood out rather embarrassingly in my blue t-shirt/jeans, and green shoes. Dress code aside, below is a summary of the meeting, and the Q&A at the end. I've included the answers to my own questions and some other interesting ones. As far as I could tell, I was one of the two members of the public present. The room was about 50% full, mostly members of the two boards, politicians, and FAC members. Thanks for being our minute-taker and for asking 2 questions that are relevant to our interests. Much appreciated.
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Post by WettCoast on Aug 21, 2015 13:02:19 GMT -8
-OTP was 91.7% in fiscal 2015, and vessel reliability was 99.8%. - ... The ships (Spirits) burn 20% of fuel consumed in the company. Q&A-I asked how given the time taken to transit overseas and the narrow window given to complete the project, what are the advantages of doing the Spirit MLUs overseas? Mike Corrigan: "First of all, thank you for the question, Julien." He stated that it is too early to tell which shipyard will be selected, but that they will choose the shipyard based on cost-effectiveness, and one that reduces the risk profile of the project. He recognized the time taken (40 days) to transit to Poland or Germany, and the cost, and re-iterated that a BC yard is in the running. The meeting was closed at 11:18 by BCF Authority Board Chair Rod Dewar. Julien, thanks for attending & recording this information. A few things interest me... 1 - The information BCFS records on OTP & vessel reliability: do members here feel that these stats given out by BCFS are accurate and truly reflect the actual situation? I admit to being a bit skeptical but maybe that is because I am usually skeptical about information given out by corporate & government officials. 2 - The stat re Spirits burning 20% of the fuel burned in the entire fleet: I suspect that the Spirits also carry 20% or more of the passenger & cars carried in the fleet when measured as passenger or vehicles carried per unit distance. 3 - Re the Spirit upgrades: if they send them to an overseas yard the transit time would be ~ 80 days as of course they have to send them over & then to send them back. Each ship would be out of service (and not generating revenue) for about 2.5 months in addition to the time required for the actual ship yard work. I hope that that is being factored into the decision as to which ship yard gets the work. 4 - The entire meeting lasted 78 minutes - is this correct? Is this a part of BCFS's 'public consultation' effort? It seems to be very poor indeed, especially when coupled with what seems a deliberate strategy not to publicize these annual meetings. JST
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Post by Deleted on Aug 21, 2015 13:18:01 GMT -8
I think 91.7% is accurate, considering the fact that the many minor routes are usually on time. Routes 2 and 3 were as usual the worst offenders for being late last year, as recorded in the annual report.
As for the meeting length, I looked at my watch, 78 minutes including the Q&A. A Friday is also a good day to drop any news that is mandatory to announce.
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Post by Starsteward on Aug 21, 2015 14:20:35 GMT -8
If I had been able to wiggle out of another commitment this morning, I would have gone to the AGM and added one to the number of 'public' that attended. Of the myriad of questions that one could have posed at this AGM, the questions posed by 'SC Commuter' were spot-on. I really hope that you heard Mr. Corrigan's response correctly to the question from the angry ferry user wondering why the meeting wasn't publicized to a fuller extent. " The cost of advertising in the press etc. would increase the pressure on fares"!! "Ah,... OK, Mr. Corrigan, thank-you for taking the question"...as the now fully informed public wander off in search of coffee urn from which Mr. Corrigan last filled his coffee cup.
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Post by Low Light Mike on Aug 21, 2015 18:14:32 GMT -8
CFO Denis Dodo: -4.45% interest rate for 200 million in senior, secure 30-year bonds (no idea what this is). It is their long term financing to purchase/build new ferries. Similar to a person's mortgage debt to buy their house. Except instead of owing a bank, BC Ferries sells bonds to international investors on the financial markets and then BCFerries owes investors. BCF sold $200 million total of these 30-year bonds. So if you had bought one, say that the individual item was $100,000. You'd pay BCF $100,000, and they'd pay you 4.45% interest on it each year, and then they'd repay you the original $100,000 30 years from now. So if you've got big bucks lying around and you want to earn 4.45% interest each year, and you don't need your money for 30 years, that would be an investment for you to make.
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Neil
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Post by Neil on Aug 22, 2015 21:04:21 GMT -8
So... BC Ferries won't buy advertising space- which they did in years past- to publicize the AGM, because it would exert further pressure on fares.
Does Mike Corrigan not see how contemptuous this line is with regard to people's intelligence?
There is zero notice on their website of the AGM, and no notice in terminals, and no mention on social media. This is indeed an exercise mandated by the governance structure for ferries in our province, and Corrigan and co. have no enthusiasm for it.
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Post by Starsteward on Aug 23, 2015 8:20:53 GMT -8
So... BC Ferries won't buy advertising space- which they did in years past- to publicize the AGM, because it would exert further pressure on fares.
Does Mike Corrigan not see how contemptuous this line is with regard to people's intelligence?
There is zero notice on their website of the AGM, and no notice in terminals, and no mention on social media. This is indeed an exercise mandated by the governance structure for ferries in our province, and Corrigan and co. have no enthusiasm for it. I am relieved to see that I wasn't the only one insulted by Mr. Corrigan's response to the question of why no AGM public notifications.
Isn't BC Ferries legally required to publish notices of the A.G.M. as is required by public companies, strata corporations, etc.?, or does their status as a pseudo- crown corporation absolve them of doing so?
The unaccountable spending of public monies by operating entities such as BC Ferries, Translink, and possibly I.C.B.C. and the B.C. Buildings Corporation should raise the hackles of ALL taxpayers of British Columbia, who are, after all, the legitimate shareholders of all these entities.
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Post by Dane on Aug 17, 2016 13:49:23 GMT -8
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Post by Starsteward on Aug 18, 2016 8:10:45 GMT -8
Thanks 'Dane' for turning the cream in my morning coffee sour and sending my blood pressure into the red zone. The arrogance of this company is beyond comprehension, and nothing will change until we send 'Christie's Liberals' packing! If a government ministry, crown corporation, pseudo crown corp. or similar bodies that spend ONE DIME of PUBLIC MONEY they should be mandated by Law to be held accountable and be legally bound to give proper notice of all Annual General Meetings, Special General Meetings etc.! BC Ferries obviously doesn't want input from the 'great unwashed' so as not to be caught off guard with having to respond to any of the publics' stupid, contentious questions. I'm about a five minute walk away from Robson Square, and today I'm going to ponder wrestling re-arranging my day tomorrow to attend this farce or do I protest this farce via an e-mail to my local MLA, the Premier, Leader of the Opposition? Democracy eh?
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Neil
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Post by Neil on Jul 25, 2018 16:32:05 GMT -8
Yesterday's Times Colonist, and most likely other papers, had a notice for the upcoming AGM. Talk about giving people proper notice. Good grief. A new government doesn't seem to mean any more timely accessibility to the head honchos.
This Friday, the 24th, 10:00 am, East Meeting Rooms 1 to 3, Vancouver Convention Centre, East Building, 999 Canada Place.
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WettCoast
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Post by WettCoast on Jul 25, 2018 17:44:39 GMT -8
Yesterday's Times Colonist, and most likely other papers, had a notice for the upcoming AGM. Talk about giving people proper notice. Good grief. A new government doesn't seem to mean any more timely accessibility to the head honchos. This Friday, the 24th, 10:00 am, East Meeting Rooms 1 to 3, Vancouver Convention Centre, East Building, 999 Canada Place. That date is in August, about a full month from now. www.bcferries.com/files/AboutBCF/2018-AGM-ad.PDF
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Neil
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Post by Neil on Jul 25, 2018 19:25:52 GMT -8
Yesterday's Times Colonist, and most likely other papers, had a notice for the upcoming AGM. Talk about giving people proper notice. Good grief. A new government doesn't seem to mean any more timely accessibility to the head honchos. This Friday, the 24th, 10:00 am, East Meeting Rooms 1 to 3, Vancouver Convention Centre, East Building, 999 Canada Place. That date is in August, about a full month from now. www.bcferries.com/files/AboutBCF/2018-AGM-ad.PDFJeez. I was only off by a month. Can I plead heat prostration, because I braved a trip from Hornby into Courtenay in the busiest time of the year, with horrific lineups? Nope. This was a rare Wednesday where I connected almost straight through, there and back. It was hot, though. Forty lashes with a wet noodle, and good that other forum members have their calendars straight. I remember past years where BC Ferries didn't even take out ads in newspapers, so, as opposed to what I stated, this is definitely a step forward in inviting public input to our ferry system.
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Post by Starsteward on Aug 1, 2018 8:54:27 GMT -8
Jeez. I was only off by a month. Can I plead heat prostration, because I braved a trip from Hornby into Courtenay in the busiest time of the year, with horrific lineups? Nope. This was a rare Wednesday where I connected almost straight through, there and back. It was hot, though. Forty lashes with a wet noodle, and good that other forum members have their calendars straight. I remember past years where BC Ferries didn't even take out ads in newspapers, so, as opposed to what I stated, this is definitely a step forward in inviting public input to our ferry system. Did any of our learned members manage to meander down to this annual public conflab? I confess I completely forgot about it, even though I had noted the date on my calendar,...ooops
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Post by Scott on Aug 1, 2018 9:05:51 GMT -8
Jeez. I was only off by a month. Can I plead heat prostration, because I braved a trip from Hornby into Courtenay in the busiest time of the year, with horrific lineups? Nope. This was a rare Wednesday where I connected almost straight through, there and back. It was hot, though. Forty lashes with a wet noodle, and good that other forum members have their calendars straight. I remember past years where BC Ferries didn't even take out ads in newspapers, so, as opposed to what I stated, this is definitely a step forward in inviting public input to our ferry system. Did any of our learned members manage to meander down to this annual public conflab? I confess I completely forgot about it, even though I had noted the date on my calendar,...ooops The 2018 AGM has yet to occur... It'll be held on Friday, August 24.
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Post by Starsteward on Aug 1, 2018 9:10:16 GMT -8
Did any of our learned members manage to meander down to this annual public conflab? I confess I completely forgot about it, even though I had noted the date on my calendar,...ooops The 2018 AGM has yet to occur... It'll be held on Friday, August 24. Thanks 'Scott'.....I guess, LOL. Looks like I'll be joining 'Neil' in the wet noodle lashing line-up. Note to moi: Now move that darn meeting into the right month!!!, ah thata boy..phew, so tough. Thanks again 'Scott'.
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Post by Scott on Aug 22, 2018 19:59:25 GMT -8
A reminder that the AGM is this Friday at 10:00 AM. Is anyone from WCF going to be in attendance?
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Post by yvr on Aug 25, 2018 13:42:30 GMT -8
I attended the 2018 AGM and watched Mark Collins president and ceo do his presentation. Of course the man is very polished and smooth as walks the stage with the mic. Naturally when listening to his calming voice everything sounds wonderful. Here are a few figures for you from the annual report of March 31 to the ferry commissioner. Route 1 passengers for fiscal 2018 are up 300,000, route 2 passengers are up 100,000 over 2017, and route 3 passengers are up 100,000 over 2017. Total operating revenue is up over 2017 however net earnings are down 17 million. One interesting item I noted on the financials are the minor routes for 2017, they had net earnings of 6,027,000 however for 2018 that figure is a loss of 8,813,000. I asked a question regarding the Spirit of B.C. and how much is it saving in fuel bills over it's sister and the answer was 50%. Unfortunately I was late arriving due to a skytrain breakdown, and thus missed some presentations. I do however have a copy of the year ending march 2019 business plan as well as the annual report. If you have a specific question pm me and I will see if I can find the answer.
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Post by avgeekjoe on Nov 24, 2018 21:47:34 GMT -8
Commenting so that I can drop in on the next one... real unhappy with BC Ferries on:
- Not being part of Google Maps transit trip planning
- No BC Ferries library
- Limited notice to these meetings
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