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UNITY — For the past few weeks, there was one topic that was on everybody’s mind, and it was surely not the dry conditions we were experiencing. It was the anticipation of what could take place at the annual shareholders’ meeting for the North West Terminal (NWT), which was held at the Unity Community Centre June 18.

The annual shareholders’ meeting generally takes place in March of each year, which was met with multiple delays from the board and executives. André Blais said it raised some concerns and red flags, adding that when the financial report was released to the shareholders, it clearly indicated the NWT was on the brink of bankruptcy.

These reports encouraged Blais, an inaugural board member and founder of NWT, to write to multiple media outlets in the form of a letter to the editor, calling out the board of directors and executives for their part in keeping shareholders in the dark about the dealings of the grain terminal. His letter urged other shareholders to attend the meeting, in hopes that the masses would gain the attention of the company.

And it did. Between 400 and 500 people, shareholders and proxies alike, came to the meeting, representing more than 53 per cent of all shareholders. Prior to the meeting, a few of the concerned shareholders stood outside, welcoming others and handing out a list of questions they wanted to ask the board.

“Judging by the statements, attempted motions and questions by the shareholders, it was obvious they [shareholders] were not happy and wanted to know what happened and what was going to happen to their company and their shares,” said Blais in an interview with Â鶹ÊÓƵ.

One of the big questions from the meeting was simple: Where is the money going? Some of the shareholders told Â鶹ÊÓƵ one reason they were given for the loss was when trains were unable to pass through the Lower Mainland of British Columbia in 2013 due to flooding.

“This was the first time any of us [shareholders] had heard this situation come up,” said shareholder Bill Fraser.

“There are two problems with this story: one, a good CEO/GM would have known about freight insurance for these very specific situations; and two, the $28 million in losses started in 2016 to 2024, so good luck with that nonsense,” added Blais.

While many of the shareholders took the time to ask additional questions, Blais said he does not believe the message was received by the board.

“The chairman and CEO never answered any of the questions they were asked. They deflected, stonewalled and made excuses; it was the furthest thing I have ever seen about transparency; it was quite frankly obstruction.”

It was shared with Â鶹ÊÓƵ that when the board was questioned on why CEO Jason Skinner and CFO Holly Bannerman got significant increases in pay; the shareholders were told there were no wage increases for the executives for the past couple of years. The crowd started to call the board out on this, as the Annual Compensation Report showed Skinner’s total compensation increased from 2022 to 2024 by more than $27,000, while Bannerman’s total compensation for the same period more than doubled, from $92,950 to $191,717. Chairperson Brad Sperle addressed the shareholders, saying the numbers shown in the report were “a scheduled cost of living allowance increase,” adding that these figures were approved by the board.

It was also reported that the company is in negotiations with other companies interested in purchasing the business. However, the non-disclosure agreements that have been put into place kept Sperle tight-lipped on what the future may be for the NWT.

“The shareholders have been told we are in negotiations with a buyer for over a year. You would think something would have been done by now,” said Fraser.

As for the shareholders, there has been an indication that there may be a special meeting among the group within a few months, as they would require a minimum of five per cent to hold a quorum. Fraser said he stood up and asked those in attendance who would like to have a shareholders’ meeting by a show of hands, which garnered many hands being shown. Blais said he is unsure of what the next step is for the shareholders at this time, saying, “My guess is it depends on how many are mad as hell and want to do something about it.”

Â鶹ÊÓƵ had reached out to NWT’s CEO for comment on how the meeting went, but has not received any response from the company at the publication time.

Â鶹ÊÓƵ will continue to follow this story as it unfolds.