Board Spotlight: Burnett Presents Equity Plan, Board Tours Shop

A regular meeting of the Board of Directors of SEMO Electric Cooperative, Inc., (hereinafter referred to as “Cooperative”) was held on Monday, January 20, 2020, at the offices of the Cooperative in Sikeston, Missouri. The meeting was called to order by President Rick Faulkner. The following Directors were present: Faulkner, John Bledsoe, Tim Coppage, Butch Dirnberger, Carl Eftink, Dennis Fowler, Myron Hawes, James Deneke, Carla Moore, Keith Haynes, Dicky Hanor and Hamil Corse. Also present were Sean Vanslyke, CEO/General Manager; Megan Ray, General Counsel; staff members, Britney Mulcahy, Amanda Burnett, Ron Montgomery, Loyd Rice, Brad Milam, Larry Kelly, and Marty Vineyard.

Faulkner asked for approval of the agenda. On motion, made, seconded and passed, the agenda was approved. The Board considered its consent agenda consisting of: the minutes of the regular meeting of December 13, 2019; new membership applications; membership cancellations; initial review of Employee Policies 205 and 206. On motion made, seconded and passed, the actions required for each were approved by consent. Montgomery presented the monthly safety report with the focus on eye safety.

Vanslyke reviewed the financial summary for the month of December with revenue and expense analysis and budget comparisons. For December, year-to-date electric revenues were up 3.65% compared to budget, down 0.90% compared to 2018; year-to-date operating expenses were down 3.38% compared to budget, up 7.53% compared to 2018; year-to-date cost of power was down 2.27% compared to budget, down 5.05% compared to 2018. Burnett presented the Cooperative’s 2030 Equity Management Plan, which served as her Capstone Project for the Cooperative Financial Professional Certificate (CFPC).

The Board took a brief break to tour SEMO Electric’s mechanic’s shop to see the Cooperative’s new digger derrick utility truck and four truck lifts, which are connected by Bluetooth technology. Afterwards, Eftink reported his attendance to the meeting of M&A. Items of interest included: safety; reliability; and finances. Haynes reported no meeting at AMEC.

Under old business the following items were discussed: schedule of meetings and confirmed registrations for attendance; employees and directors reported their attendance to various meetings over the past month; Employee Policy 201 and 207 were amended as presented; Employee Policy 203 and 204 were affirmed as presented. Under new business the following items were discussed: known issues in the Cooperative’s service area; and Employee Policy 303 was amended as presented.

Vanslyke reported on SEMO 360 activities. The Board reviewed written staff reports while department leaders were present to supplement their reports and to answer questions. The Board then entered into Executive Session. Following Executive Session, there being no further business to come before the Board, the meeting was adjourned.

Prior to the meeting, the Board hosted SEMO Electric’s retirees for lunch and a 2020 update on the Cooperative’s strategic activities.