FCL Annual Meeting focuses on strong results in challenging times
February 28, 2022
Federated Co-operatives Limited (FCL) held its 93rd Annual Meeting of Members this weekend. Delegates from across Western Canada and throughout the Co-operative Retailing System (CRS) were in attendance to participate in the co-operatives’ democratic governance process.
During the meeting, Scott Banda, FCL CEO, addressed the delegation and spoke about how the company has successfully navigated the challenging circumstances of the pandemic while preparing for the future.
“Together, we have faced many challenges over the past year,” said Banda. The pandemic, supply chain and weather-related issues all created difficult circumstances. However, through it all, our Co-op business has gotten stronger, more resilient, and I am proud of the strength we have shown as we continue to deliver essential service for communities across Western Canada.”
FCL was pleased to report strong results and a remarkable improvement over the previous year. The company experienced a record year for sales in its fertilizer, crop protection, seed, and home and building solutions business lines, with strong performances in food and energy. FCL recorded nearly $9.1 billion in revenue and $495 million in earnings for the financial year ending October 31, 2021, up from $7.9 billion in revenue and $177 million in earnings in 2020. From those earnings, FCL will return $353 million to local Co-ops across Western Canada.
“Our diverse portfolio enabled us to withstand the external headwinds in 2021, and have a strong financial year,” said Banda. “That solid performance enabled us to make important announcements about our future in the low carbon economy. I am so proud that our recent announcements of emission reduction commitments, renewable fuels, carbon capture and the acquisition of new retail outlets from Husky will position Co-op as a leader in the low carbon economy and transportation fuels for decades to come.”
The company provided delegates with a complete account of the FCL financials, including the returns to local Co-ops. Over the past five years, FCL has returned more than $2.3 billion to Co-ops across Western Canada as they provide returns to their members and make investments back in the 620 communities the Co-op serves.
This year’s FCL Annual Meeting was also a time to celebrate CEO Scott Banda, who announced his retirement in late January 2022 and will officially retire on May 6, 2022. Scott was appointed CEO in 2010. His tenure has seen rapid growth and expansion throughout the Co-op system and generations of Co-op members will feel the positive impact he has had on the co-operative.