To: Corporation of the City of Windsor as sole shareholder of Your Quick Gateway (Windsor) Inc. (tYQG')
From: Mark Galvin, Chief Executive Officer, YQG
RE: Your Quick Gateway (Windsor) Inc. Annual Meeting of Shareholder
Background
Windsor City Council adopted the following resolution (M318-2013) at its meeting held on August 26th, 2013:
BE IT RESOLVED that the Chief Administrative Officer and the City Clerk are hereby authorized to execute written annual and ancillary procedural resolutions of The Corporation of the City of Windsor, in its capacity as sole shareholder of Your Quick Gateway (Windsor) Inc., in form and content satisfactory to the Chief Administrative Officer, as permitted by Section 142 of the Canada Business Corporations Act (Canada).
In accordance with the Airport Management Agreement between YQG and the Corporation of the City of Windsor ('Windsor'), an annual audit is required, performed by the auditor so appointed by the sole shareholder. Once the YQG Board has approved the audited financial statements they are then 'placed before' Windsor City Council. City of Windsor administration, as per the resolution above, then approves the YQG annual resolutions on behalf of the sole shareholder. Once approved, those resolutions fulfil the role of an annual meeting of the shareholder as per the Canada Business Corporations /\rf('CBCA').
Audited Financial Statements
KPMG is the appointed the auditor of YQG. KPMG'S audited financial statements for the financial year ended 31 December, 2019, are annexed hereto. The financial statements were approved by YQG's board of directors on 29 October, 2020.
Election of Directors
YQG's by-laws provide that its board of directors shall consist of between 3 and 12 directors. No resignations have been received and all Directors consent to continuing as members of the YQG Board. It is recommended that Windsor elect the following directors