The Co-operators first online AGM highlights importance of a vital co-operative sector
Jun 19, 2020
The Canadian financial services co-operative reported to members on 2019 performance and its response to COVID-19, including over $600,000 in funding to support communities
GUELPH, ON, June 19, 2020 /CNW/ - Today, 45 of the 46 member organizations of The Co-operators Group Ltd., representing seven regions across Canada and sectors including healthcare, retail, agriculture, housing, financial services, and more, successfully joined a virtual Annual General Meeting to carry out the necessary governance of the organization in its 75th anniversary year. During the meeting, members were provided an overview of the co-operative's 2019 governance, financial, sustainability and strategic performance, as reported in its 2019 Integrated Annual Report.
"Together, we hold The Co-operators in trust, and it's our responsibility to protect it for future generations," said President and CEO Rob Wesseling during his remarks. "Amid the disruption facing our members, clients, communities, and the world around us, our strategy is designed to do just that. As we move forward, we do so with a clear direction – to ensure a smooth transition to a more resilient, sustainable future for our clients, our members, Canadians, and their communities."
2020 AGM highlights
Member organizations were updated on efforts to support clients, employees and Canadian communities through the impact and recovery from COVID-19, including:
- Support for Canadian communities, with over $600,000 in COVID-19 relief funding, including $200,000 for Canadian co-ops, $200,000 for United Way COVID-19 relief, and $220,000 in support of youth mental health
- Support for clients, including the Reduced Driving Refund, which offers auto insurance clients a minimum 10% refund on insurance premiums, with a commitment to share additional savings back with clients; flexible payment options and payment deferral; and the ability to change personal auto risk profiles
The Co-operators 2019 Integrated Annual Report
This report is The Co-operators Public Accountability Statement, and communicates how the group of companies creates financial and non-financial value for its clients, member organizations, employees and Financial Advisors, and Canadian communities. Highlights include:
- $7.5 million in community investments, representing over 4% of The Co-operators pre-tax profits, surpassing Imagine Canada's minimum benchmark of 1%
- Investing over 19% of assets under management into impact investments, representing over $2 billion invested into projects and initiatives that address the world's most pressing environmental and social challenges
- An overview of how the organization has connected its long-term strategy and performance to the United Nations 2030 Sustainable Development Goals
- A 2019 net income after tax of $255.2 million, and $2.15 billion in claims and benefits paid to clients
New this year, The Co-operators issued its inaugural Task Force on Climate-related Financial Disclosures Report, Managing Climate-related Risks and Opportunities available online at cooperators.ca/reports.
New members and changes to the Board of Directors
The Co-operators officially welcomed two new co-op members: Exceldor – a co-operative of 388 member poultry producers that merged with previous member Granny's Poultry Cooperative (Manitoba) Ltd.; and Bee Maid Honey, representing honey producers in Alberta, Saskatchewan and Manitoba.
The following changes were made to the Board of Directors:
- Michael Mac Isaac, Atlantic Region
- Rick Hoevenaars, Ontario Region
- Geri Kamenz, Ontario Region
- Jim Laverick, Alberta Region
- Marilyn Loewen Mauritz, BC Region
- Jim MacFarlane, Atlantic Region
- Collette Robertson, Saskatchewan Region
- Jocelyn VanKoughnet, Manitoba Region
About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $47.3 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 ranked as the Corporate Knights' #1 Best 50 Corporate Citizen in Canada and listed among the Best Employers in Canada by Kincentric (formerly AON). For more information, visit www.cooperators.ca.
SOURCE The Co-operators
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