Laurentian University picks firm to conduct operational review
Laurentian University has picked Nous Group to conduct its operational review.
Lou Pagnutti, LU's chief redevelopment officer, made the announcement this week on the university's webpage dedicated to restructuring news.
Laurentian declared insolvency in February under the Companies' Creditors Arrangement Act (CCAA). As part of that process, the university is changing the way it operates.
"Laurentian has engaged Nous Group to conduct a thorough operational and governance review of the university," Pagnutti said in the statement.
"Its purpose is to make recommendations for improving the operational structure and function of the university, as well as governance at the board and senate."
In August, Laurentian issued an RFP to identify potential firms to conduct the work, receiving three bids. But those bids were deemed "not best-suited" for the job "due to issues related to conflicts of interest or requisite qualifications," Pagnutti wrote.
"This provided the university with the opportunity to reach out directly to several highly qualified firms that could conduct the review," he said.
"After reviewing the additional proposals, the university concluded that Nous was the most appropriate firm to effectively complete this work."
Pagnutti said Nous is a leading management consultancy with a proven track record in the higher education sector, including working with many Canadian universities.
"In keeping with the commitment to conduct the review in an independent manner, Nous is reporting directly to myself and the court-appointed monitor," he said.
Work began last week, Pagnutti added, and is expected to take two months, with recommendations to follow.
"Completing this review is an important and exciting step in charting a sustainable path forward for the university — and one that is aligned with peer institutions," he said.
"I am confident it will allow the university to ensure the appropriate governance and operational frameworks are in place now and in the future."