MINUTES OF THE 129th ANNUAL MEETING
Friday, March 3rd, 2023
Held at the Ayr Farmers Mutual Head Office, 1400 Northumberland Street, Ayr, Ontario.
Ms. Formica, Chair of the Board, acted as Chair of the meeting.
Ms. Formica called the 129th Annual General Meeting to order at 2:01 p.m. As there was a quorum present, the Chair declared the meeting properly called and properly constituted for the transaction of business.
To support the Board’s focus on governance and their desire to hold an effective and informative Annual General Meeting, Ms. Formica informed the members that Ross Weber from Madorin, Snyder LLP would act as Parliamentarian for the meeting and that the meeting would be governed by ‘Call to Order’.
It was duly MOVED, SECONDED and CARRIED that the minutes of the 128th Annual General Meeting of the Corporation be accepted as recorded and as made available on the Ayr Farmers Mutual website.
Ms. Formica provided the members with the Report from the Board which highlighted the Board’s oversight on risk and strategy; improvements to the corporate governance practices; and the continued support of youth and agriculture through direct donations and the Ayr Farmers Mutual Scholarship program.
Ms. Formica acknowledged the contributions of Elizabeth Baldwin to the Board of Directors, and noted that following the retirement of Ms. Baldwin, the Nominating Committee was active in fulfilling its mandate of managing the recruitment of candidates suitable to fill board vacancies.
The Chair called upon President & CEO Jeff Whiting to provide the President’s Address.
Mr. Whiting provided a report on financial performance for 2022 that outlined the events that resulted in the Company experiencing its largest net loss on record. Strong risk management practices have always maintained a view on long term financial stability and with that the Company continues to be in a very stable financial position.
Mr. Whiting provided highlights from 2022 that included a return to face to face reconnection as pandemic measures were reduced; the launch of the Company’s online portal allowing for digital communications and self-serve capabilities; the completion of a fully vetted strategic planning process; and the approval of the next 3-year strategic plan that includes a full property rate review and a focus on ESG (Environmental, Social & Governance) & EDI (equity, diversity, and inclusion) frameworks.
Mr. Whiting spoke on reinsurance and how pricing and compacity have been impacted globally with several weather events fueled by climate change. It is expected that the Company will experience heavier increases in its reinsurance costs in 2023 and more significantly in 2024.
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 2023, and that the Directors be authorized to fix the auditors remuneration.
Ms. Formica, on behalf of the Nominating Committee, read the Nominating Committee Report that recommended David Thompson and Edwin Hesselink as suitable candidates to stand for election to the Board of Directors.
As no one else filed was nominated for election in accordance with the Company’s Bylaw, the Chair declared David Thompson and Edwin Hesselink elected by acclamation to the Board for a 3-year term.
Ms. Formica thanked everyone for attending the 129th Annual General Meeting. As all business on the agenda was complete, Ms. Formica declared the meeting adjourned at 2:42 p.m.
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