This Section
Board of Directors’ Mandate
As the Directors of Genalta Power Inc., the Board of Directors’ manage the executive team of the Company and monitors its business and affairs’, ensuring it is doing so honestly and in good faith with a view to the best interests of the Company.
In discharging their responsibilities, the Board oversees and monitors significant corporate plans and strategic initiatives. The Board’s strategic planning process includes annual budget reviews and approvals, and discussions with management relating to risk, strategy and budgetary issues.
The Role of the Board of Directors
The Board fulfills its mandate through direct oversight, setting policy, appointing committees and appointing management. While not all inclusive, four specific responsibilities of the Board are:
- Reviewing and approving the annual capital and operating budgets.
- Approving material investments, dispositions and joint ventures, and approving any other major initiatives outside the scope of approved budgets.
- Reviewing and approving the Company’s strategic plans, adopting a strategic planning process and monitoring the Company’s performance.
- Monitoring the ethical conduct of the Company and ensuring that it complies with applicable legal and regulatory requirements.
Organization of the Board of Directors
The Company strives to monitor best practices recommendations and to fully comply with the corporate governance. The Board currently functions with 3 committees:
- Corporate Governance
- Audit
- Compensation
Genalta Power Inc.'s Board of DirectorsPeter Lacey – Chairman, Board of Directors
Mr. Lacey is currently President and CEO of Cervus Equipment Corporation and Proventure Income Fund. Cervus consists of 15 John Deere agricultural and turf care dealerships across Western Canada, 5 Bobcat and JCB construction equipment dealerships in Alberta and 10 material handling equipment branches located across Western Canada with annual sales in 2010 exceeding 470 million dollars.
Mr. Lacey has served on a number of boards for both profit and non-profit organizations including; Chairman of Eveready Inc., Director of Collicutt Energy Services, 7 years on the Red Deer College Board of Governors and 4 of those years as Chairman of the Board of Governors, a trustee on the Board of Alberta Ingenuity Fund, a provincially sponsored endowment fund of $900 million to encourage science and engineering related research. Currently, Mr. Lacey is President and Director on the Board of Canada West Equipment Dealers Association, the trade association serving the farm equipment dealer industry.
Rene Dureault – Vice Chairman, Board of Directors
Mr. Dureault’s career of 50+ years has seen him successfully span a wide range of business with their roots focused on a client base within the retail, commercial and institutional sectors. Currently, Mr. Dureault has given up his daily responsibilities in a variety of business interests preferring instead to devote his time to providing leadership and mentoring to key individuals in both profit and not for profit ventures. While Mr. Dureault is currently retired, he maintains an active involvement in a variety of ventures including land development, commercial construction and agriculture. Prior to retirement, Mr. Dureault developed a reputation as a successful entrepreneur functioning in the capacity of President and CEO of numerous companies with their primary focus in land development, construction and asset management through maintaining a portfolio of Industrial/Commercial buildings for lease.
Mr. Dureault lends his years of financial business expertise, entrepreneurial spirit and project management to Genalta Power, he is one of the founding investors in Genalta Power and his contributions to the company have been instrumental in the company’s growth, development and success.
Graham Illingworth – Director, President and Chief Executive Officer
Graham Illingworth is responsible for formulating and executing long-term strategies while interacting with clients, employees and key stakeholders.
Mr. Illingworth brings an in-depth and broad based knowledge of renewable energy, corporate finance and corporate leadership gained through 25 years of executive level positions. Prior to joining Genalta Power, Mr. Illingworth was the President of EPOD Solar Inc., a fully integrated solar power producer with manufacturing and power generating facilities throughout Europe and North America. Mr. Illingworth began his career with the Canadian Imperial Bank of Commerce, after which he joined Polar Diversified Ltd., a holding company with interests in steel fabrication and glass processing., Mr. Illingworth then held a variety of executive level positions, most notably, CEO of the Credit Union Central of Newfoundland and Geotivity Inc., an environmental monitoring and engineering firm with offices throughout North America.
Mr. Illingworth has been involved at the Executive and Board level of both profit and not-for-profit organizations; many of which have achieved numerous awards including:
Richard Woroschuk – Director
MSC in Business Administration
Mr. Woroschuk brings 40 plus years of entrepreneurial spirit gained through his 25 years in executive management within the Corporate/Commercial finance sectors and understands intimately the debt and equity instruments that are available to facilitate the growth of Genalta Power. Mr. Woroschuk brings a seasoned and conservative approach to business that has been gained as he successfully navigated through the ever changing financial markets as the economy has both grown and contracted. He is highly motivated, conversant and knowledgeable in all aspects of business and corporate finance. Currently Mr. Woroschuk is the CEO and largest shareholder of a successful Leasing & Financing company based in Edmonton with an asset distribution that spans Western Canada. While Mr. Woroschuk has spent the vast majority of his efforts with the financial services sector, he has also developed a reputation as a successful entrepreneur gained as a developer of both commercial and residential real estate.
Robert Nicolay – Director
Mr. Nicolay brings 25 plus years of broad based knowledge in business, finance and executive leadership. Currently, he is President and Chief Executive Officer of; Oak Point Energy Ltd., a private oil sands company and KemeX Ltd., a consulting engineering and project management firm. Mr. Nicolay is also the current President of Aurora Borealis Management, a consulting firm specializing in the areas of finance, corporate governance, business development, investment analysis, and strategy development / execution.
Prior to his current roles, Mr. Nicolay’s past experience includes; Vice President of Business Development at Pengrowth Corporation from 2007 to 2010, President and CEO of Calgary Olympic Development Association from 2006 to 2007 and President and CEO of Enmax Corporation from 1999 to 2005.
In addition to Genalta Power Inc., Mr. Nicolay is serving on the Boards of KemeX Ltd., General Magnetic Inc., and the Workers’ Compensation Board.
Charles (Chuck) Szmurlo – Director
As Enbridge Inc.’s Vice President, Alternative & Emerging Technology, Mr. Szmurlo is responsible for evaluating and developing investment opportunities in new growth platforms. These include fuel cells, heavy oil upgrading and recovery, carbon dioxide sequestration, geothermal power generation and other emerging energy technologies.
Prior to his current role, Mr. Szmurlo was Vice President, Planning & Business Development where he directed the Enbridge Strategic Planning process, the Corporate Economic Evaluation group and the Pathfinders effort.
Before joining Enbridge in 1998, Mr. Szmurlo was with Amoco Corporation and the Ford Motor Company in planning, treasury and operating capacities. His experiences included key roles in integrating the Dome Petroleum acquisition and leading a joint operations business unit. He holds a Bachelor’s degree in Aerospace Engineering from Purdue University, an MBA from the University of Chicago and recently received the CMA professional accounting designation.
Mr. Szmurlo is on the Advisory Boards of the University of Alberta’s Centre for Applied Business Research in Energy and the Environment and the University of Calgary’s Schulich School of Engineering. As well Mr. Szmurlo serves on the Board of Petroleum Technology Alliance Canada and is Vice Chair of the Natural Resources committee at the Calgary Chamber of Commerce.
Rocco Vita – Director
As Senior Manager, Alternative & Emerging Technology and Vice President, Enbridge ASAP Inc. Mr. Vita leads the development of new growth platforms in emerging technologies in North America. He has recently led Enbridge’s first investment in geothermal generation, CO2 pipelines and marine transportation of compressed natural gas. Mr. Vita sits on Enbridge’s Climate Change Steering Committee and has chaired the Magrath and Chin Chute Wind Farm Operating and Steering committee.
Mr. Vita has 20 years of experience in the energy industry, including business development, risk management, energy marketing, regulatory and engineering. In his previous roles, Mr. Vita led the development of a number of power generation projects, including gas-fired power plants, wind power projects and a district energy facility. He was actively involved in the deregulation of Ontario’s electricity marketplace.
Mr. Vita is a professional electrical engineer and a MBA graduate from the Queen’s School of Business.