Co-operative strength amidst rapid change a focus of The Co-operators Annual General Meeting
Apr 5, 2018
GUELPH, ON, April 5, 2018 /CNW/ - Today, The Co-operators highlighted significant risks, challenges and opportunities presented by a rapidly changing world with the release of its 2017 Integrated Annual Report. The report was released as more than 100 representatives of the insurance and financial services co-operative's 44 members gathered in Moncton for its Annual General Meeting (AGM).
In its second integrated annual report, The Co-operators offers a comprehensive overview of the organization's financial, governance and sustainability progress and performance alongside key world issues and trends. The report notes that the rapid pace of change and the increasing financial, social and environmental volatility in today's operating environment demand that the organization move forward strategically, efficiently and mindful of its co-operative values in order to deliver on its mission of providing financial security to Canadians and their communities.
"While a more volatile and less predictable environment presents challenges our organization must adapt to, it also heightens the importance of our role as an insurer," said Rob Wesseling, president and CEO of The Co-operators. "In 2017, we paid out more than ever before – nearly $2 billion in claims and benefits to help clients maintain their financial security and peace of mind following a loss. As we help clients recover, we must also work to prevent losses through education and advocacy aimed at building safer, more sustainable and resilient Canadian communities."
Highlights from the 2017 report include:
- The Co-operators group of companies maintained a strong financial performance, with net income after tax of $237.3 million
- The organization reached a milestone of serving over one million client households across Canada
- 7.7 per cent of its invested assets are now invested in impact investments that measurably address pressing environmental and social challenges
- $8.3 million was contributed to non-profits, co-operatives and charities throughout Canada, representing 4.8 per cent of the organization's pre-tax profit.
To view the full report, visit cooperators.ca/integrated-report.
As the AGM wrapped up today in Moncton, The Co-operators welcomed four new members to its board of directors. Chris Johnson (Ontario), Bill Kiss (British Columbia), Rob Paterson (Ontario), and Reba Plummer (Ontario) have joined the board, replacing four retiring directors who have spent a combined 33 years on the board: Don Altman (Ontario), Daniel Burns (British Columbia), Dave Sitaram (Ontario) and Roger Harrop (Ontario). The Co-operators board of directors is comprised of 22 directors representing its 44 member organizations in seven geographic regions across Canada.
During the meeting, The Co-operators also welcomed its two newest member organizations, the B.C. Agriculture Council, and Quebec daycare co-operative william.coop.
"We are delighted to welcome two more organizations to our membership," said John Harvie, chairperson of the Board of Directors of The Co-operators. "We look forward to their participation in our democratic governance structure."
The Co-operators also donated $8,500 to La Bikery Co-operative, to support the local co-op's Recycle-a-Bike program. The initiative provides economically disadvantaged people in Moncton with bicycles as well as education and tools to develop their bike maintenance skills.
About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $48 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights' Best 50 Corporate Citizens in Canada. For more information, visit www.cooperators.ca.
SOURCE The Co-operators
For further information: Leonard Sharman, The Co-operators, 519-767-3937