FCL Annual Meeting held online for first time in more than 90 years
March 1, 2021
For the first time in its history, Federated Co-operatives Limited (FCL) hosted its 92nd Annual Meeting virtually. Nearly 300 delegates representing local co-operative associations from across Western Canada came together online to participate in the democratic governance of our co-operative.
In his address to delegates, CEO Scott Banda spoke of the resiliency of the Co-operative Retailing System (CRS) while facing the challenges posed by the COVID-19 pandemic, the strong results experienced in our food, home and building and agriculture business lines and the collapse of energy markets.
“The past year has inspired us to think differently and adapt quickly to ever-changing situations,” said Banda. “The diversity of our business lines and our commitment to all work together have helped guide us through this crisis. We must continue to focus on the long-term opportunities and consider what the future looks like beyond this pandemic to serve our Western Canadian communities.”
As the second largest business in Saskatchewan according to SaskBusiness Magazine, FCL recorded revenues of $7.9 billion, down 13.5 per cent from $9.2 billion the previous year. From our revenues, we realized earnings of $177 million. Most importantly, $117.5 million from these profits was returned to local Co-ops and their communities, with every dollar staying in Western Canada.
Other highlights from 2020 include the official opening of the Co-op Fertilizer Terminal in Grassy Lake, Alta., the launch of Co-op Helps – which distributed thousands of $100 Co-op Gift Cards and a $250,000 to food banks across Western Canada at the beginning of the pandemic – and the ratification of a seven-year collective bargaining agreement at the Co-op Refinery Complex.
The 2020 FCL Annual Report – including financial information and more highlights – is now available.