FCL Holds Virtual Annual Meeting

For the first time in its history, Federated Co-operatives Limited (FCL) hosted its annual meeting virtually. Nearly 300 delegates representing local co-operative associations from across western Canada participated in the 92nd annual event to discuss the democratic governance of the co-operative. In his address to delegates, Scott Banda, FCL’s CEO, spoke of the resiliency of the co-operative retailing system while facing the challenges posed by the COVID-19 pandemic, the strong results experienced in the co-operative’s food, home and building, and agriculture business lines, and the collapse of energy markets. FCL had revenues of $7.9 billion, down 13.5 per cent from $9.2 billion the previous year. Earnings were $177 million, and $117.5 million from these profits was returned to local Co-ops and their communities.