Take a close look into Avista sale details

Kenny Moore’s My Turn column provided an excellent analysis of the BC Hydro-Avista buyout issue.

Here I add my belief that Scott Morris’s and the board of directors’ actions are fraudulent legal violations of their fiduciary responsibilities.

In addition to common sense, I base this on Avista’s published Code of Conduct for employees, officers, and Board of Directors. It states that leaders are responsible to act in good faith, with the care an ordinarily prudent person in a like position would exercise under similar circumstances, and in a manner he/she reasonably believes to be in the best interest of the Company.

When Scott Morris and Avista’s board of directors accepted their positions, they committed to deliver reliable energy services and make choices that matter most to customers. They promised to conduct business ethically, with a high level integrity using principles of trust, innovation, and collaboration.

If the buyout goes through, rumor is that Scott receives $15 million to $17 million and board members each get $10-$11 million.

Given the near-universal rejection by customers, including questions of possible payoffs to government officials in Idaho and other states, this proposed buyout needs to be tabled immediately. Then it needs full research by non-partisan persons with legal, legislative, power utility, and public utility expertise.

Then publish complete findings with full transparency of finances that identify investors and recipients by name, position, and amount.

After that, citizens, who are the users who will bear the financial load, can vote yea or nay with a degree of confidence.

Note. If Boeing wants to buy BAE or Google wants to buy Apple, that is the business of each company’s leaders and shareholders. They do business in a competitive environment. Avista differs in being a legal monopoly. Deal with them or go without power.

This deal has the potential to affect not only our power bills, but it has the potential to undermine our whole economy.

The 150-year history of Northwest power is successful clean power delivered under efficient local control using renewable natural resources. Turning this valuable resource over to a large, distant corporation with a record of failure and mismanagement for the financial benefit of a few is unconscionable.

We deserve better.

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Vern Westgate is a Bayview resident.