Trade Centre Limited Takes Action on Municipal Auditor General's Recommendations

Trade Centre Limited (TCL) will act on the recommendations in the Halifax Regional Municipality auditor general's report on funding for concerts released today, June 7.

"As the operator of the Halifax Metro Centre, we are committed to working with HRM, our board of directors and the province of Nova Scotia to ensure municipal taxpayers are protected," said Scott Ferguson, president and CEO of TCL. "A series of changes are already underway to improve our operating processes and governance practices and we will act on all of the auditor general's recommendations that impact our operations."

After a review of past practices, TCL is strengthening controls and implementing several new procedures and recommendations, including:

• updated operating principles and guidelines for the Halifax Metro Centre
• a policy and protocol for responding to requests for advances from event organizers
• the development of a new operating agreement for the Metro Centre with HRM
• a separate bank account under Ticket Atlantic to improve transparency and accountability

TCL is also continuing to implement a comprehensive approach to risk management, a process that began last year and will be complete in fiscal 2011-12.

"The auditor general has conducted a thorough review and we welcome his input," said Mr. Ferguson. "We recognize that change is required, and I take full responsibility for ensuring we make the appropriate changes to be more accountable."

The Halifax Metro Centre is owned by HRM and operated by TCL under an agreement established in 1982. All operating income from the facility goes to the municipality.