The founding of the town of Guelph, Ontario, was uncommon in that the town was established prior to the development of surrounding agricultural lands. This was done through an arrangement between the British government and a private, for-profit company. Grounded in agency theory, this study examines the establishment of the town and the role of accounting in its early development. The results show how the absence of accounting created a space in which the company's agent could operate in a way that promoted the well-being of the local population while adopting a long-term approach to shareholder wealth creation. This study highlights the insights that can be gained by investigating where accounting is absent and the importance of aligning accounting techniques with organisational and social objectives, particularly in the context of private companies acting on behalf of governments.
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