I wonder how much impact this "scheduled maintenance stop" and the "soil conditions" will have on the projected opening date.
I have mulled about making noise around the concept of a legislative requirement to publicly divulge any “material change” to the status of a major transit project.
In the private sector, companies are required to disclose major events that impact or alter their earning potential - the point being that investors or potential investors rely on truthfull disclosure to make their investment decisions. Staying silent is arguably misleading these folks. (There is an interesting case currently before the Supreme Court where a mining company waited a month before disclosing that a mine had flooded…. They are in court over the month’s delay in disclosure - the argument being, a month was too long to wait - compare that to ML or TTC where something like this TBM failure may be a year or more under wraps.)
While one might say that principle only is relevant in the private sector - consider that shareholders have the right to attend annual general meetings, propose shareholder resolutions, vote out board members and senior execs, and even sue the board if their investments don’t perform as expected. Whereas taxpayers can clearly be ignored, and only get one shot at booting out politicians once rvery four years…. And have no direct leverage to deal with underperforming transit boards or executives. The per taxpayer investment amount for a transit project may exceed what people contribute to their RRSP annually, so why shouldn’t there be equivalent accountability and obligation to disclose?
In transit space, I would define a “material change” as a projected delay in end date of over six months from the original commitment, or a projected overspend of $100M or more…. Or perhaps 10% of total project cost. The point is, that impact is known much earlier in camera than in public.
I am certain that the Ford government would never endorse the idea, but without a legislative mandate that can be enforced in the courts, ML is never going to fess up.
Maybe the Opposition would consider as a private member’s bill…. They seldom are passed, but it would be a good way to make noise.
- Paul