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Hi
One of the board member in my building has started to knock on doors trying to have residents switch from coned to an alternative supplier. That BM (acting alone) is associated with the electrical company. There is obviously monetary gains in those transaction. Q: Isn't this borderline unethical, or even illegal? Using your position and influence ("trust") to basically "sell" a product to unsuspecting shareholders.
I do expect/hope that this will fire back, since no alt. electrical supplier can match or beat coned rates at this time. (no contract + variable rates = disaster)
Thanks
Thank You Steve
You confirmed my fears.
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Unless the board member uses the implied power of their position as a board member to sell the alternate supplier (direct or indirect threats or accommodations), as far as I know (and I am not a lawyer) there is nothing illegal about this. What it will do is taint your governance and make your entire board smell really bad.
The rest of the board needs to corral the ESCO employee very quickly to find out exactly how he/she is approaching shareholders. The rest of the board also needs to meet privately with shareholders who have been approached to see if there has been any coercion or promise of favors or other accommodations. The board should very quickly post notices, slip fliers under doors, send emails, whatever means of communications you use, to let shareholder know that this is *not* an activity endorsed or sanctioned by the board, and the BM is acting solely as a private individual. Finally, the board needs to pass some sort of rule or regulation that board members or their families may not undertake any sort of solicitation without the approval of the entire board.
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