The Co-operators underscores importance of building community resilience, sustainability at 2021 Annual General Meeting
Apr 15, 2021
Achieving net carbon neutral equivalency, investing over $2 billion in impact investments, $22.3 million in community support, amidst a strong financial performance top the 2020 highlights shared with member organizations of Canadian co-operative financial and insurance leader.
GUELPH, ON, April 15, 2021 /CNW/ - Yesterday, all 45 member organizations of The Co-operators Group Ltd., representing seven regions across Canada and sectors including healthcare, retail, agriculture, housing, financial services, and more, gathered virtually for their Annual General Meeting. During the meeting, highlights of The Co-operators strong 2020 financial performance and capital position were shared, in addition to demonstrating how the organization is creating financial and non-financial value for its members, clients, and communities, along with the launch of its 2020 Integrated Annual Report .
Highlights from The Co-operators 2020 Integrated Annual Report
The organization's Integrated Annual Report demonstrates how The Co-operators group of companies' long-term financial strength and stability is interdependent on the well-being of the planet and society. Serving as its Public Accountability Statement, The Co-operators Integrated Annual Report is now available through an interactive microsite to easily navigate, read and share highlights of how the insurance and financial services organization creates value for its members, clients and communities. Highlights include:
- $2.04 billion in claims and benefits paid to clients.
- $22.3 million in community investments, including $17.4 million for COVID-19 community relief and support. Total giving represents 5.3% of its pre-tax profit contributed to co-operatives, non-profits and charities, surpassing Imagine Canada's 1% benchmark.
- 100% carbon footprint reduction achieved, achieving its 2022 target of becoming carbon neutral equivalent.
- $2.45 billion (or 20.8% of total invested assets) in impact investments, funding projects and initiatives that provide solutions to pressing environmental and social challenges, including climate change, housing, food security and education.
- Continued strong financial performance and capital position, with $283.8 million earned in net income in 2020, largely driven by a positive core operational performance, increased operational efficiency and strong investment performance.
- COVID-19 Spotlights, which demonstrate the co-operative's strategic response to the global pandemic, including over $20.3 million in direct premium relief issued to clients in 2020.
- Additional key challenges and successes of 2020.
During their AGM remarks, both the chairperson of the Board and the president and CEO addressed delegates to highlight strategic progress and challenges from 2020, underscoring the need to embrace values of co-operation and prioritize community resilience amidst uncertainty and increased risk.
"Our enduring strength is the result of a momentum built up over our 75-year history, and the legacy of those who have come before us," said Chairperson of the Board John Harvie, during his remarks. "If we continue to make decisions through the lens of our co-operative values while strengthening our business, I'm confident we can be part of the solutions and efforts that will help re-build the economy and re-shape our ways of life for the next 75 years and beyond."
"As a society, to ensure our long-term financial security, we must take adequate steps to better prepare for the risks we face, whether it's the pandemic, climate change, or social inequality," said President and CEO Rob Wesseling during his remarks. "Co-operation is our competitive advantage. We're poised to develop co-operative solutions, built for partnership, and driven to meet unmet needs. Embracing our co-operative values is as important now as it has ever been. By co-operating with our clients, members and communities, we can build a more resilient world, and stand stronger together in the face of future risks."
Changes to the Board of Directors
With one third of its director's terms expiring at each AGM, every year The Co-operators Board experiences renewal. At this AGM, six directors were recognized for their service and contributions, six new directors were elected, and five directors were re-elected to the board:
- Denis Bourdeau, Ontario
- Rick Hoevenaars, Ontario
- Denis Laverdière, Atlantic
- Marilyn Loewen Mauritz, British Columbia (January 2021)
- Bob Petryk, Manitoba
- Reba Plummer, Ontario
- Louis-H. Campagna, Québec (Re-elected)
- Gilles Colbert, Saskatchewan (Re-elected)
- Mike Csversko, Manitoba
- Pierre Dorval, Ontario
- Kate Hill, Alberta
- Chris Johnson, Ontario (Re-elected)
- Bill Kiss, British Columbia (Re-elected)
- Shelley McDade, British Columbia
- Robert Moreau, Atlantic
- Rob Paterson, Ontario (Re-elected)
- Nicole Waldron, Ontario
About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $56.4 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, and achieved net carbon neutrality in 2020. The Co-operators is ranked as a Corporate Knights' Best 50 Corporate Citizen in Canada and listed among the Best Employers in Canada by Kincentric. For more information visit https://www.cooperators.ca/
SOURCE The Co-operators Group Limited
For further information: The Co-operators, email@example.com