Business ProfileforEmbark

Dear Better Business Bureau, I am reaching out to express concerns about recent modifications to the FlexFirst RESP plan managed by Embark, of which I am a policyholder. In December 2023, significant changes were made, including reducing management expense ratios and removing the "Return of Enrolment Fee" feature following a subscriber vote. Despite examining official communications on both Embark’s website (*******************************************************************) and regulatory filings on SEDAR Plus under Embark Student Corp., detailed information about the vote—such as the number of votes for, against, and abstentions—remains undisclosed. The prospectus indicates that a quorum of merely three individuals is sufficient for decisions, which is problematic given the large number of policyholders (68,433 as of October 2023). Additionally, there is a discrepancy in communication practices. Customer service representatives claimed that emails were sent to planholders about the vote, yet neither my wife nor I received any such communications prior to the changes taking effect on December 31, 2023. Given these issues, I request the BBB’s assistance in: -Securing official documentation from Embark detailing the voting turnout and results. -Investigating the adequacy of the notification process used for these significant plan changes. Should the documents and your investigation reveal a lack of transparency or inadequate representation in the voting process, I advocate for a reconsideration of these plan changes, with a new vote conducted under more transparent and inclusive conditions. Thank you for your attention to these matters. I look forward to your support in advocating for fair and transparent practices in financial services. Best Regards