2017 Annual Meeting: Smart, Efficient, and Progressing with You
REC's Annual Meeting took place Aug. 10 at the Fredericksburg Conference Center. More than 6,100 REC members participated either in person or by proxy. For the first time, the entire meeting was live-streamed on REC's website. Those present or watching remotely received a review of the past year from REC's leadership team.
At the Annual Meeting, members voted on candidates for REC's Board of Directors from Regions I, consisting of Culpeper and Orange counties, and IV, Spotsylvania County. Sanford Reaves, Jr. of Culpeper was elected to the Region I position, which is vacant due to the passing of former REC director William M. Alphin, and the decision of the current REC director, Richard C. Oliver, to not seek re-election. Reaves was one of four candidates for that region. For Region IV, Jesse R. “Randy” Thomas was elected to the Region IV position. Thomas was one of three candidates for that region.
"We congratulate our elected members to the Board of Directors, and we look forward to having them serve," said Kent D. Farmer, REC's president and CEO. "2016 was a transitional year for REC. Our focus was on doing what you expect us to do – be smart, efficient, and progressive. As we move forward our focus has been and will continue to be the same."
Farmer and chairman of the Board, Darlene H. Carpenter, updated members on the cooperative's progress and future plans, which included updates about the Cooperative's financial strength, and a preview of the plans for the future. Members learned about the benefits of REC's new advanced computer systems that provide convenient account access and bill payment, the important return of Capital Credits to members, reductions in the wholesale cost of electricity, cyber security measures and renewable energy resources made possible through Old Dominion Electric Cooperative.
"We live in a world that is changing more rapidly than we could have ever imagined," said Farmer. "You can count on REC to keep pace with advancing technologies and changing market conditions that are impacting our industry. At the same time, you can also be assured that we will remain true to the mission that has guided your Cooperative for almost 80 years – to enhance the lives of the members and communities we serve by providing safe, reliable and affordable electric service."
During the meeting, it was noted that earlier this year REC lost two of its long-standing Board members. In addition to Region I director William M. Alphin of Culpeper, who passed away in January, William E. Lane of Essex, director from Region IX, passed away in March. As noted, the Region I term was scheduled to end this year and new director was elected at the Annual Meeting. The Region IX term did not end this year, and per the Bylaws, the REC Board of Directors will be seeking candidates for appointment to fill the remaining term of the now vacant Region IX position.
President and CEO Kent D. Farmer updates members of REC during the 2017 Annual Business Meeting on Thursday, Aug. 10 at the Fredericksburg Conference Center.