A federal agency has waived penalties for a staffer who regulated utilities while owning shares in one of the country’s largest hydroelectric companies, says Blacklock’s Reporter..An Access to Information memo from the Canada Energy Regulator confirmed there was a breach of the Code of Conduct which forbids employees from holding stock in companies they regulate..The memo revealed that a staff member — who remains unnamed — held shares in Hydro One, formerly Ontario Hydro that was privatized in 2015..The breach was only reported last December, four years after Hydro shares were bought. The staff member in question had signed annual statements claiming he was in compliance with the ethics code and no penalties were imposed..“The facts established a clearer breach of the Code Of Conduct prohibition against holding shares in energy companies,” said the agency in a May 31 memo Ethical Issue For CEO’s Attention..The management said they believe there was no conflict of interest “due to the employee not having worked on any matters related to the company in question while shares were held,” and referred to the breach as “remedied.”.“Integrity is the cornerstone of good governance and democracy,” says the Code..“Example behaviours at the Energy Regulator that promote integrity are acting beyond reproach in a transparent, fair and unbiased manner, and taking all possible steps to prevent and resolve any real, apparent or potential conflicts of interest.”.It is rare to see federal agencies fire staff for breaches of ethics codes. Managers in the Energy Regulator case have suggested documents be created that stress staffers tell the truth when swearing they do not trade in utility company shares..“The ethics committee’s message will emphasize the requirements to abide by the Code Of Conduct at all times including maintaining active knowledge of all assets or activities that could create a conflict of interest, and especially so during the annual sign-off process,” said the memo, adding: “The wording of the annual sign-off process may be changed to make it clear employees are meant to actively verify their compliance.”.Melanie Risdon is a reporter with the Western Standard.,.mrisdon@westernstandardonline.com
