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UNITY, Sask. — Shareholders of Northwest Terminal Ltd. are raising alarm bells after company leadership barred members of the press from attending its upcoming annual general meeting, despite mounting financial losses and rising executive compensation.
The AGM, now set for June 18 in Unity, Sask., follows nearly $28 million in cumulative losses since 2016 — including $20 million over the past three years. Critics say the decision to exclude media undermines transparency and trust in a company once proudly built by local farmers and investors.
“Shutting out the press at a time like this is deeply troubling,” said André L. Blais, a founding shareholder and former board member. “This isn’t a private club. This company was built by the community. People deserve to know what is happening.”
According to NWT’s financial records:
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The company posted a $1-million loss in 2022, followed by a $10.3-million loss in 2023 and an $8.6-million loss in 2024.
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A loan from BMO reportedly exceeds $41 million.
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Despite the red ink, executive compensation rose — with the CEO’s salary increasing from $400,000 in 2022 to $427,000 in 2024.
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The CFO's salary more than doubled, from $93,000 to $192,000.
NWT’s board also approved a $1.2-million "Change of Control Benefit," or golden parachute, for senior executives — sparking further shareholder frustration.
“Blocking media from covering this meeting only adds to the appearance that management has something to hide,” Blais said. “Shareholders and the public deserve answers, not locked doors.”
The terminal, which once posted multimillion-dollar profits with no debt in 2014 and 2015, began posting losses as early as 2015. Despite the downturn, Blais said leadership has remained unchanged and largely unaccountable.
“In 2023, when the company posted a staggering $10 million loss, the same general manager remained in charge,” he said. “Then, in 2024, NWT’s grain division was shuttered — announced on local radio, not to shareholders.”
Blais says the company delayed the AGM, traditionally held in March, and only issued notice on May 28. As of early June, shareholders had yet to receive the 2024 financial statements.
The company has restricted AGM attendance to shareholders and proxy holders only. Reporters have been explicitly denied access.
Blais is urging fellow shareholders to attend the meeting or send a proxy.
“This is the moment to say no more backroom decisions, no more silence, and no more rewarding failure,” he said. “Your voice, your vote and your presence matter more than ever.”
Northwest Terminal Ltd. was originally established as a farmer-led inland grain terminal. It has since diversified into other business operations.