Thank you, Mr. Chair and honourable members.
My name is Stephen Kukucha, and I have served on the SDTC board since February 2021. I live in Vancouver. I'm a retired lawyer, and I'm certified by the Institute of Corporate Directors.
SDTC's work is critical to the development and success of Canada's clean-tech ecosystem. I believe that my unique perspective and positions within the clean-tech sector bring value to my role on the board. My over 20-plus years of experience in clean tech provide me with an understanding of the challenges that companies face in acquiring capital. That struggle has been exacerbated by the market downturn in late 2021, the dramatic increase in U.S. government investment in this space, and now the pause in SDTC's work.
Whatever happens because of these hearings or other investigations, it's critical to state the important and unique role that SDTC plays and that the organization's mandate has for Canada. I ask this committee to consider its importance to all the fledging companies it supports.
As well as my work in clean tech, I should also disclose that I have been involved in politics in the past, both federally and in British Columbia, and I'm very proud of that involvement. I believe that engagement in our country's democratic process, no matter what party one supports, is important to civil society. For example, I have a profound respect for all of your decisions to run for office and to seek careers in public service. It's one of the more important things a Canadian can do.
I would also like to disclose that I was the recipient of the whistle-blower call to the board. I'd like to put that on the record. Unknown to me, our call was surreptitiously recorded. However, I'm comfortable tabling a transcript to show the level of professionalism that this individual was afforded in good faith. On multiple occasions, the whistle-blower was asked to share their dossier and the facts that they were basing their allegations on so that the board could respond and address them in a professional manner. Unfortunately, they did not.
After my one-hour conversation with this individual, I quickly realized that the board needed to be informed, that legal counsel need to be engaged and that a proper process needed to be followed. An immediate investigation was commenced without informing the individuals who were the subjects of the allegations. I acted in good faith and followed proper governance, and in my opinion, the board undertook its fiduciary duty.
With regard to my investments in clean-tech companies, any and all conflicts I had were disclosed prior to my appointment. In fact, I was asked to resign from the board of a company that had previously received SDTC funds, and I promptly did so. Any conflicts after joining, either real or perceived, were also disclosed. Finally, I have not had access to any files related to those conflicts, and I have recused myself from any decision-making.
With regard to payments during COVID to SDTC companies, I'd like to share my perspective as well. At my first board meeting, two weeks after being appointed, a recommendation came forward to give management discretion, within an allotted pool of capital, to make assistance payments if required. No individual companies were listed in the board documents. I'm willing to table a copy of that document to show you what the board received if required. There was also legal advice given to directors at that meeting: that if they had previously declared conflicts, they did not have to redeclare. I had declared mine two weeks prior.
Finally, I have not received a dollar from any company that has received SDTC funds, and none of the companies I'm invested in have exited or provided any return to me. I've not been compensated in any way by these companies or other organizations I'm affiliated with. I've received no payment, no dividend and no remuneration at all. In fact, my partners and I have contributed significant personal time and financial resources to keep these companies and other non-clean-tech companies contributing to the Canadian economy over these last few very challenging years.
In closing, in my experience, the team at SDTC has been professional and has delivered results. While no individual or organization is perfect and we should always strive to improve, I'm very proud of the SDTC team and the work I've done on this board.
I'm happy to take your questions.