SPECIAL COMMITTEE OF CMEEC BOARD OF DIRECTORS RECOMMENDS EXTENSION OF INDEPENDENT INVESTIGATION

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CMEEC BOARD OF DIRECTORS ADOPTS SPECIAL COMMITTEE RECOMMENDATION TO EXTEND INDEPENDENT INVESTIGATION
December 6, 2018

SPECIAL COMMITTEE OF CMEEC BOARD OF DIRECTORS RECOMMENDS EXTENSION OF INDEPENDENT INVESTIGATION

SPECIAL COMMITTEE OF CMEEC BOARD OF DIRECTORS RECOMMENDS EXTENSION OF INDEPENDENT INVESTIGATION

NORWICH, CT – DECEMBER 5, 2018 – The Special Committee of the Connecticut Municipal Energy and Electric Cooperative (“CMEEC”) Board of Directors charged with oversight of the independent investigation being conducted by an outside law firm into activities that led to the recent indictments today made the following initial findings and recommendations to the full Board of Directors:

• Having consulted with the outside counsel on conducting the independent investigation authorized by Resolution 18-11-13 as amended, the Special Committee believes that for there to be a full and thorough review by the outside counsel and by this Special Committee, the independent investigation will require more than thirty (30) days to complete.

• The circumstances surrounding the decision to place Mr. Rankin and Mr. Pryor on unpaid administrative leave have not changed as the results of the independent investigation have not yet been provided to the Special Committee.

• As the Special Committee expects and intends to meet on January 23, 2019 and further expects and intends that its findings and recommendations in connection with the independent investigation will be delivered to the CMEEC Board of Directors as promptly as possible thereafter; Drew Rankin and Ed Pryor’s Administrative Leave without pay should therefore be extended until the independent investigation has been completed, the Special Committee makes its findings and recommendations, and the CMEEC Board of Directors has acted with respect thereto.

Speaking on behalf of the Special Committee, Chair Debora Goldstein stated: “Today’s initial findings and recommendations are an important, first step in our work as a Special Committee. We are approaching this task with the utmost seriousness so that we can fully understand the facts and make recommendations that are in the best interest of our members, their ratepayers and the customers we serve. We recognize that we are at the beginning of this process and believe these actions are critical to ensure the integrity, independence and thoroughness of the investigation.”

CMEEC’s full Board of Directors will consider these recommendations at a Special Meeting to be held on Thursday, December 6, 2019.

About the Special Committee

Created by CMEEC’s full Board of Directors on November 20, 2018, the Special Committee is charged with overseeing the independent investigation, reviewing the findings, making recommendations to the full Board regarding any actions it thinks would be appropriate to take, and addressing any related developments. It is comprised of members who were not part of and did not have specific responsibility for the activities under review, including:

• Debora Goldstein (Chair) – Commissioner, Norwalk Third Taxing District

• Mark Oefinger – Municipal Representative, City of Groton

• Stewart Peil – Vice Chairman, Norwich Utilities Commission

• Richard Tanger – Commissioner, Bozrah Light & Power

• Paul Yatcko – General Manager, South Norwalk Electric and Water