WCE Board of Directors

[melvill]

The WCE Borda of Directors was elected by shareholders Dec 14. They are:

-Lorne DeJaeger, Chairman (Outside Director)
-Jean-Pierre Gallardo, Vice-Chairman (President, CEO and Administrator, Fimat Canada Inc.)
-Bill Parrish, Jr., Immediate Past Chairman (President, Parrish & Heimbecker, Limited)
-Mike Gagné (President and CEO, Winnipeg Commodity Exchange Inc.)
-Pete Anderson (President and CEO, FCStone Group, Inc.)
-Robert Chipman (Outside Director)
Rob Dzisiak, (President, Refco Futures (Canada) Ltd.)
-Brian Hayward (CEO, Agricore United)
-Bern Kotelko (Outside Director)
Sandi Mielitz
Brant Randles (President and CEO, Louis Dreyfus Canada Ltd.)
-Curt Vossen (President, James Richardson International)
-Ray Wyse (Manager of Foreign Exchange, Archer Daniels Midland Company)

Mr. Anderson is President and CEO of FCStone Group, Inc. located in Des Moines, Iowa. Mr. Wyse is Manager of the Foreign Exchange for ADM located in Decatur, Illinois. Mr. Kotelko is President of Highland Feeders, a feedlot with a standing capacity of 36,000 head, located in northeastern Alberta. Ms. Mielitz was an officer of CN Rail for 25 years before retiring in 2001.

I knew a producer who was one of the "outside directors" (non-participants and not employees of participants)in the past. He was very, very frustrated with the heavy handedness of the commercials on the Board.

Bernie Kotelko is probably going to have a hard time putting forward the non-commercial point of view.

[Incognito]

Sandi Mielitz is an Ex VP of CN Rail and sits on the Board of Directors for JRI.

[Braveheart]

I am a producer and was an outside director (non shareholder)on the board of the WCE. I always felt that my opinions and comments were well received and respected by the commercial interests as well as the floor representation at the board table. The board of the WCE always was concerned and genuinely interested in the producers' views re the exchange. Committee meetings were more heavily weighted towards the commercial side however.

[Incognito]

in what years did u sit on the BOG?

[Braveheart]

My term just ended.

[Braveheart]

Incognito, just to clarify, since demutualization the WCE is guided by a board of directors. There is no longer a board of governors.

[melvill]

Braveheart, good to hear that WCE BOD members were interested in hearing what you had to say. That has certainly changed from the time the producer I knew sas on the Board.

However, did the "interest" go any farther than that? Do you feel you had much "sway" in final decisions? Or were decisions taken that were more likely to benefit the holders of seats on the exchange rather than to strictly benefit producers.

[Braveheart]

Melville, my voice had equal "sway" to any of my fellow board members. Like any of the other directors, I was only limited by my own ability to make the strongest argument for whatever decision that was being considered.

At no time were decisions ever made to benefit the holders of a seat on the exchange (I like to call them participants). Decisions were made to maintain integrity, functionality, and to position the WCE as a sustainable entity for the industry and it's shareholders.

[melvill]

Braveheart, I wasn't suggesting that decisions were made to specifically benefit individual seat holders or even several seat holders, although my wording probably did look like that.

I wonder, though, if any decision would be taken that would make operations more difficult for all commercials. Specifically I wonder about modifications to contract rules that would be hard for commercials to deal with but which would make things easier and, perhaps, more effective for producers, ie. delivery against canola futures (which would make an interesting discussion on a new thread).

Okay, ball is back to you.

[Braveheart]

Melville, sorry I misunderstood the intent of your question. I try my answer to what your real query was.

First, I would be concerned with any marketplace that made it more difficult or more advantageous for any one party. Commercials make up a large percentage of the open interest in the canola. As a producer it's in my best interest to see that continue.

Re delivery against futures, some of my thoughts are in the previous thread.

So, would the WCE make modifications as suggested to give producers more effectiveness? I don't know.