April 24, 2014
The Board of ICBC is continuing to diligently review the ICBC Vehicle
Identification Coding (VIC) matter and is currently proceeding as follows:
the Board has reviewed with management a draft plan that reflects the
Corporation’s commitment to refund over charged customers;
the plan is continuing to be worked on and ICBC expects to make refund
payments in July,
The Board has retained Deloitte to do an independent audit and review to
assess and ensure the completeness and accuracy of the VIC data and the
calculation of the refund payments to customers,
The Board has also retained BLG (Borden Ladner Gervais) to review the
governance and decision making processes followed by management in identifying,
assessing and reporting on the VIC related risks to the Board.
Once the Board has received and considered the foregoing reports, the Board
will look at preparing a single report that combines and summarizes the
conclusions and recommendations from these reports.
The Board of Directors will not be making further comments until the Audit
has been completed.