The Riverside City Council voted unanimously Tuesday to give city staff positions, including the Riverside Public Utilities’ (RPU) general manager, the power to vote as shareholders on behalf of the city in the Gage Canal Water Company and four other Inland Empire-based water service systems.
It’s part of a process the council undertakes annually to allow a representative, also called a shareholder proxy, to vote in each company’s annual board elections. The proxy is also able to make board nominations for three of the companies.
“The city follows a three-step process for representation of each mutual water company board,” David Garcia, RPU’s general manager, said at the December 2 meeting. “One is [the] designation of the proxy authority, two is [the] selection of mutual water company board representatives and three is [the] assignment of stock certificates, if necessary.”…