Today the Auditor General tabled a Perspectives document in the Legislature. On behalf of Laurentian University’s Board of Governors, we welcome the document and its guidance. The Perspectives provide important contributions to better understanding – and correcting – the shortcomings of Laurentian in prior years, and will enable the University to take the critical actions necessary to move forward with conviction.
We will carefully examine her findings as we build a new foundation for success and take steps to ensure Laurentian can never repeat the mistakes of the past. We look forward to working with the Auditor General and her team in an open and transparent manner to help her complete her final report.
The Auditor General’s review, together with last month’s conclusions in the Independent Operations and Governance Review, will help us execute on the transformational change our community deserves. This includes significant changes to the processes and policies that will lead the University into the future.
In recent months, we have implemented a number of reforms and initiatives to reinforce our commitment to emerge as a stronger, more financially sustainable university in the North. Those steps include:
- The Province providing a significant package of support, which included the refinancing of the $35 million DIP (Debtor-in-Possession) loan facility that funds our restructuring, together with other financial support;
- The completion of the Review on all aspects of the University’s operations and governance, which has allowed us to thoughtfully consider the most impactful initiatives that will inform our transformation within the sector; and
- The ongoing renewal of the Board of Governors, which is a commitment we made to the continued strengthening of our governance process.
After taking time to digest the AG’s Perspectives, Laurentian will share information about additional actions we are taking as a result of the findings.
We know that our successful recovery will come from essential changes within the institution. Laurentian is absolutely committed to seeing this transformation to completion – and will do what is necessary to acquire the skills, operational efficiencies, transparency, and accountability that is required and expected from Laurentian.
The Board of Governors will ensure the University works with all of our stakeholders, particularly our labour partners, to bring the CCAA process to a conclusion, end this chapter in the University’s history, and build a brighter future.
Jeff Bangs, Interim Chair, Laurentian University Board of Governors