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AGM Information

Ayr Farmers Mutual Insurance Company Protects Homes, Farms, Businesses and Vehicles in Ayr, Ontario

MINUTES OF THE 127th ANNUAL MEETING

Friday, March 5th, 2021
Held virtually through Zoom Webinar
 

Following introductory remarks that included instructions on how to participate at the virtual Annual General Meeting, Ms. Baldwin called the meeting to order at 2:03 p.m. 

Elizabeth Baldwin, as Chair of the Board, will act as Chair for the 127th Annual General Meeting.

As the required number of members established a communications link to the meeting and were deemed present, constituting a quorum, the Chair declared the meeting properly convened.

To support the Board’s focus on governance and their desire to hold an effective and informative Annual General Meeting, Ms. Baldwin informed the members that Stephen Grant from Madorin, Snyder LLP will act as Parliamentarian for today’s meeting.

The Chair explained that today’s meeting will be governed by ‘Roberts Rules of Order’ and asked that questions be reserved until all the reports have been received as questions may be answered in subsequent reports.

It was duly MOVED, SECONDED and CARRIED that the minutes of the 126th Annual Meeting of the corporation be accepted as recorded and as made available on the Ayr Farmers Mutual website.

Ms. Baldwin provided the members with the Report from the Board which highlighted the Board’s oversight of the Company’s response to the COVID-19 pandemic, the Company’s continued commitment to the community through donations, and their ongoing support to post-secondary education of Policyholder’s children through the Ayr Farmers Mutual Scholarship Program. With positive financial results the Board was pleased to declare a refund of premiums for qualifying policies.

Ms. Baldwin noted that after 15 years of dedicated service to the Board of Directors, Brian Sayles retired mid-term. After Mr. Sayles’ departure, the Board filled the vacancy in accordance with the company by-laws and welcomed Brad Sayles as a Director. 

The Chair called upon President & CEO Jeff Whiting to provide the President’s Address.

Mr. Whiting provided a report on the activities of 2020 that included software conversion, review of the organization structure, and the implementation of the Company’s business continuity plan in response to the COVID-19 pandemic.

Looking ahead, the focus in 2021 will be on the return to work plan following the pandemic, stabilization of the software platform and continuation of strategic initiatives.  

Mr. Whiting noted that 2020 was an unpredictable year for financial performance. He explained that due to the pandemic The Financial Services Regulatory Authority, the insurance regulator, removed a rule to allow refunds or rebates on the automobile line of business, and strongly encouraged automobile insurance providers to provide rate relief or a refund to their customers. With a strong and stable financial position, the Board of Directors was able to declare a 7% refund to qualifying automobile Policyholders.

The Chair called on Chief Financial Officer Dave Paterson to present the Financial Statements. 

Mr. Paterson provided the members with an update on the financial position and statement of comprehensive income of the organization.

It was duly MOVED, SECONDED and CARRIED that the Financial Statements be received as presented to the membership.

It was duly MOVED, SECONDED and CARRIED that the firm of Graham Mathew Professional Corporation, Chartered Accountants of Cambridge, Ontario, be appointed as auditors for the year 2021, and that the Directors be authorized to fix the auditors remuneration.

As required by the Company’s Bylaw, there is to be an election for two directors for a 3-year term; and one director for a 1-year term to fill the vacancy created by the retirement of Director Brian Sayles mid-term.

On behalf of the Nominating Committee, Ms. Baldwin read the Nominating Committee Report that recommended Cathy Formica and Jason Vernooy be elected for the 3-year terms, and that Brad Sayles be elected for the 1-year term.

As no one else filed was nominated for election in accordance with the Company’s Bylaw, the Chair declared Cathy Formica and Jason Vernooy elected by acclamation to the Board for a 3-year term, and Brad Sayles elected by acclamation to the Board for a 1-year term.

As all business on the agenda was complete, Ms. Baldwin thanked everyone for attending and requested a motion to adjourn the meeting.

It was duly MOVED, SECONDED and CARRIED that the meeting stands adjourned at 2:37p.m.

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