DOCSLIB.ORG

Annual Report 20 20 Solidarity Responsibility Courage © UNI Is a Registered Trademark Licensed to Caisse Populaire Acadienne Ltée for Use in Canada

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 20 20 Solidarity Responsibility Courage © UNI Is a Registered Trademark Licensed to Caisse Populaire Acadienne Ltée for Use in Canada Annual report 20 20 Solidarity Responsibility Courage © UNI is a registered trademark licensed to Caisse populaire acadienne ltée for use in Canada. HEADQUARTERS 295 St-Pierre Boulevard West P.O. Box 5554 Caraquet, NB E1W 1B7 Table of 05 Year in brief contents 08 Message from the chief executive officer 2020 achievements 16 Accomplishing our priorities 19 Simplifying connectivity 22 Having an impact in the community 25 Accelerating the transformation with our employees Management’s 31 discussion and analysis 63 Consolidated financial statements Year in brief | UNI Financial Cooperation 5 Year in brief UNI Financial Cooperation is a financial cooperative that focuses on the sustainable prosperity of UNI and its members. For nearly 85 years, UNI has contributed to the economic stability of the communities in which it operates. Through its cooperative mission, it encourages and promotes citizen participation in a changing world. business locations 43 and offices 155,000 900 members and clients employees FINANCIAL RESULTS Surplus of $ B $221.4M 4.8 $ M in operating in assets 23.5 income up 8% up 11.1% up 4,8% COMMUNITY IMPACT We invest in initiatives and causes that create and enhance local prosperity and vitality. $ 36 members 1.6M on 3 regional in donations, cooperative sponsorships committees and scholarships 6 Annual report 2020 | What drives us What drives us Our purpose defines us and gives meaning to our actions. UNIted for the sustainable prosperity of UNI and its members At UNI, • Solidarity means we are UNIted in the pursuit of a common goal Our core values are the • Responsibility means we guiding lights we follow lead and take ownership to achieve our purpose. for our decisions, even in challenging times • Solidarity • Courage means we reject • Responsibility complacency, we resolve to move forward, especially • Courage when it is most difficult. Solidly rooted across the province | UNI Financial Cooperation 7 Solidly rooted across the province uni.ca/en/uniassist ONLINE AND MOBILE SERVICES AVAILABLE AROUND THE CLOCK, 365 DAYS A YEAR. ONLINE SERVICES CLIENT CONTACT CENTRE Log in 1-888-359-1357 24/7 Monday to Friday | 9 a.m. to 5 p.m. Eel River Crossing Campbellton Petit-Rocher Lamèque Beresford Caraquet Shippagan Kedgwick Paquetville Bathurst Saint-Quentin Tracadie Sheila Edmundston Clair Neguac Saint-Léonard Grand-Sault Baie Sainte-Anne Saint-Louis Business locations Rogersville Richibucto UNI Insurance Bouctouche UNI Business Cocagne Saint-Antoine UNI Wealth Cap-Pelé Management Shediac Grand-Barachois Moncton Dieppe Fredericton Memramcook Or find us at facebook.com/unicooperation twitter.com/UNIcooperation instagram.com/unicooperation youtube.com/caissespopulaires linkedin.com/company/uni-cooperation-financiere Robert Moreau, Chief Executive Officer Message from the chief executive officer | UNI Financial Cooperation 9 Message from the chief executive officer DEAR MEMBERS AND CLIENTS, The right strategy for our times Last year was anything but ordinary. At a time when many companies have been forced to re-examine their strategies, ours With the entire world in the grip remains relevant and well calibrated—we of a pandemic, UNI sprung into have even accelerated certain projects. In a leadership role as an essential 2020 UNI acquired a $150 million mutual fund portfolio. The transaction brings service. Our employees demonstrated our total assets under management to solidarity, responsibility and courage $897 million. We are always looking for by implementing safe and innovative opportunities to do more for our members and clients, and we pursued this important solutions to serve our members and acquisition to put ourselves in a favourable clients. Despite the tough times, I must position in the New Brunswick asset say that I am incredibly proud of our management market. In keeping with our strategic plan, we continue to modernize employees’ achievements and our by seizing opportunities in rapidly growing excellent financial results in 2020. markets. Furthermore, our partner Aviso Wealth has informed us that UNI ranked first in asset growth among its Canadian Staying connected while pursuing change clientele in 2020. In 2020 we trained our employees in our We have expanded our portfolio of newly unveiled purpose and core values investment solutions for a responsible to instill their importance and, more and sustainable economy. All our advisors importantly, facilitate our culture change. are certified in responsible investment by UNIted for the sustainable prosperity of the Responsible Investment Association UNI and its members expresses UNI’s (RIA) of Canada. fundamental purpose, the root of our actions and our ultimate goal. We opened our new Petit-Rocher business location in fall 2020. The space has been The core values of solidarity, responsibility designed to try out new approaches and and courage were inspired by our employees’ new ways of interacting with clients, and to choices, sustain their engagement and guide imagine the caisse of tomorrow. Everything our decisions and actions. I am convinced is focused on our core business: offering that the new purpose and values will put personalized, straightforward service and UNI on a sustainable path. advice with a human touch. I want to congratulate the Petit-Rocher team and everyone who had a hand in creating this new space. The past and future meet in Petit-Rocher, where our first caisse opened in 1936. 10 Annual report 2020 | Message from the chief executive officer Agility and kindness in a global crisis Exceptional financial results We had to learn quickly in 2020. Rolling up I am also extremely proud of our excellent our sleeves, we took stock of what we do financial results, because in addition to best in order to adapt and reinvent ourselves. offering our members and clients top-notch In March, we made our work spaces safe in financial services, we want their financial compliance with public health requirements, cooperative to be sound, responsible and nearly 250 of our employees switched and engaged. to working from home. These safety measures, UNI’s total assets rose to $4.8 billion, up while essential for everyone’s health, 8% from 2019. Our financial results improved demanded tremendous flexibility from substantially in 2020. Surplus earnings before both our employees and our clientele. other items at December 31, 2020, stood at We fast tracked a number of digital $23.46 million, up $2.34 million from 2019. projects to safely support our members The improvement shows that our sustained and clients. We can now meet members efforts are generating tangible benefits. and clients virtually, and they can sign Our solid financial performance means we documents electronically. Our mortgage can continue investing in talent acquisition, advisors are now fully mobile and can meet training our employees, enhancing the with members and clients whenever and experience of members and clients, wherever is best for them. Aware of the embracing the digital transformation and financial challenges the pandemic presented pursuing our business development. to both individuals and businesses, we made it easier to request payment holidays and access government assistance programs. Celebrating and encouraging provincial entrepreneurs Last fall, we met with a group of New Brunswick entrepreneurs to hear what they It was important to us to contact had to say. The grit and resourcefulness with the thousands of our members and which they have kept their businesses going clients in vulnerable situations to and thriving was truly inspiring. Christened tell them how we can help with “The Art of the Pivot,” their stories of resilience their day-to-day transactions found a loyal audience on social media. and avoid unnecessary travel. We set up a call centre to walk Being an entrepreneur takes courage, members and clients through perseverance and resilience in the face of routine financial transactions. uncertainty. I firmly believe that because of their vision, their courage and the fact that they take nothing for granted, they will continue to adapt their business models and We also set up UNI Telehealth, a virtual get the provincial economy back up and medical clinic for our employees and their running. It is a privilege to work with them. families. It was crucial for us to make sure Plans to recognize employee efforts proved they had remote access to healthcare to be a resounding success, with more than professionals, especially during a pandemic. $328,800 channelled into local businesses in just two months. Through the 100% Here: UNI Together for Local Prosperity initiative, we reimbursed employee purchases of up to $500 made at local businesses in December 2020 and January 2021. Imagine the impact we could have if each of us bought locally all year long. 11 Supporting our communities’ UNIted prosperity and vitality In closing, I would like to express my UNI exerts considerable leverage and deepest gratitude to every member of the actively contributes to the economic Board of Directors for their support and development ecosystem in New Brunswick. confidence during this unprecedented We paid out $1.6 million in donations, period of transformation, both globally sponsorships and scholarships. and in our organization. In 2020, UNI launched the Voilà! Projects I also want to emphasize the importance that Unite Us contest, in which organizations of our employees, who have demonstrated and engaged residents were encouraged unfailing engagement day in and day out. to submit sustainable projects that drive Thanks to their enthusiasm and hard work change and contribute to the wellbeing of in the face of challenges, we are making the community. UNI members voted, and the changes needed to stay relevant. 15 winning candidates from around the I also sincerely thank our members and province split $300,000 in prize money. clients for the trust they place in us. We One project that stood out was the are honoured to stand at their side as they renovation of the former Inkerman pursue their life projects.
Load more

Recommended publications
  • The Strengths of Canada's Four Global Financial Centres
    Stronger Together. The Strengths of Canada’s Four Global Financial Centres REPORT JULY 2016 Stronger Together: The Strengths of Canada’s Four Global Financial Centres Todd Crawford and Cory Renner Preface Canada’s financial system has often been cited as one of the best of the world, and this prominence has been driven in large part by four internationally recognized financial centres spread across the country—Calgary, Montréal, Toronto, and Vancouver. Although they differ in size and core strengths, in terms of GDP, employment, and number of firms, these four centres account for an outsized share of the financial services activity undertaken in Canada in aggregate. The purpose of this report is to better understand the specific role that each of the four centres plays in this dynamic. We assess their impact by analyzing their relative footprints across many different activities, broadly grouped into banking, insurance, securities and asset management, and related activities like professional services and information technology. To cite this report: Crawford, Todd, and Cory Renner. Stronger Together: The Strengths of Canada’s Four Global Financial Centres. Ottawa: The Conference Board of Canada’s, 2016. ©2016 The Conference Board of Canada* Published in Canada | All rights reserved | Agreement No. 40063028 | *Incorporated as AERIC Inc. An accessible version of this document for the visually impaired is available upon request. Accessibility Officer, The Conference Board of Canada Tel.: 613-526-3280 or 1-866-711-2262 E-mail: [email protected] ®The Conference Board of Canada and the torch logo are registered trademarks of The Conference Board, Inc. Forecasts and research often involve numerous assumptions and data sources, and are subject to inherent risks and uncertainties.
    [Show full text]
  • Credit Unions… Trusted by Millions of Canadians 1
    MEMBER ADVANTAGE™ The Credit Union Advantage Table of Contents Credit Unions… Trusted by Millions of Canadians 1 Serving Our Members First 2 Tradition and Innovation 3 Full Range of Services 3 Caring for Communities 5 Local, Provincial/Regional, National Tiers 6 The Primary Tier: Local Credit Unions 6 Protecting Members’ Deposits 8 Information About Your Debit Card 9 The Regional Tier 11 The National Tier: Credit Union Central of Canada 13 National Partners in Financial Co-operation 15 Growing Our Success: Savings, Loans, Assets 20 Where to Find Us: By Phone, or Online 21 This booklet is provided to you courtesy of a Credit Union. Credit Unions… Trusted by Millions of Canadians Welcome to the financial institution that counts you in – as a customer, as a member and as an owner. We’re popular across Canada because we offer knowledgeable and friendly service, with a unique commitment to supporting local communities. Millions of Canadians The principle of putting members first galvanized the growth of credit unions and their French-language equivalent, caisses populaires. Thanks to more than a hundred years of member loyalty, the Canadian credit union system continues to be strong. Today, our 326 credit unions and caisses populaires manage $142.3 billion* of deposits in 1,741* locations. As our 5.3* million members will tell you, credit unions and caisses populaires work hard for and with their members, making a difference in their local communities. The Credit Union Difference If you walk by one of our branches, or use our online services, you might think we are just like other financial institutions.
    [Show full text]
  • A Critical Analysis of a Credit Union's Strategic Plan
    A CRITICAL ANALYSIS OF A CREDIT UNION'S STRATEGIC PLAN William E. Klug M.Sc., University of Memphis, 1990 M.Sc., University of Wisconsin, 1976 B.Sc., University of Wisconsin, 197 1 PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION In the Faculty of Business Administration EMBA Program O William E. Klug 2007 SIMON FRASER UNIVERSITY Summer 2007 All rights reserved. This work may not be reproduced in whole or in part, by photocopy or other means, without permission of the author. Approval Name: William E. Klug Degree: Master of Business Administration Title of Project: A Critical Analysis of a Credit Union's Strategic Plan Supervisory Committee: Dr. Neil Abramson Senior Supervisor Associate Professor of Strategy Faculty of Business Administration Dr. Aidan Vining Second Reader CNABS Professor of Business and Government Relations Faculty of Business Administration Date Approved: SIMON FRASER UNIVERSITY LIBRARY Declaration of Partial Copyright Licence The author, whose copyright is declared on the title page of this work, has granted to Simon Fraser University the right to lend this thesis, project or extended essay to users of the Simon Fraser University Library, and to make partial or single copies only for such users or in response to a request from the library of any other university, or other educational institution, on its own behalf or for one of its users. The author has further granted permission to Simon Fraser University to keep or make a digital copy for use in its circulating collection (currently available to the public at the "Institutional Repository" link of the SFU Library website <www.lib.sfu.ca> at: <http://ir.lib.sfu.ca/handle/1892/112>) and, without changing the content, to translate the thesis/project or extended essays, if technically possible, to any medium or format for the purpose of preservation of the digital work.
    [Show full text]
  • JOHNSON-THESIS.Pdf
    The Role of Governance in Balancing Conflicting Institutional Logics in a Canadian Credit Union A Thesis Submitted to the College of Graduate Studies and Research In Partial Fulfillment of the Requirements for the Degree of Master of Public Policy in the Johnson-Shoyama Graduate School of Public Policy University of Saskatchewan Saskatoon By Kathleen J. Johnson Copyright Kathleen Joanne Johnson, December, 2015. All rights reserved. PERMISSION TO USE In presenting this thesis in partial fulfillment of the requirements for a Master’s degree from the University of Saskatchewan, I agree that the Libraries of this University may make it freely available for inspection. I further agree that permission for copying of this thesis in any manner, in whole or in part, for scholarly purposes may be granted by the professor or professors who supervised my thesis work or, in their absence, by the Head of the Department in which my thesis work was done. It is understood that any copying or publication or use of this thesis or parts thereof for financial gain shall not be allowed without my written permission. It is also understood that due recognition shall be given to me and to the University of Saskatchewan in any scholarly use which may be made of any material in my thesis. DISCLAIMER Reference in this thesis to any specific commercial products, process, or service by trade name, trademark, manufacturer, or otherwise, does not constitute or imply its endorsement, recommendation, or favoring by the University of Saskatchewan. The views and opinions of the author expressed herein do not state or reflect those of the University of Saskatchewan, and shall not be used for advertising or product endorsement purposes.
    [Show full text]
  • Comparing Canadian Credit Union and Bank Branch Locations
    Maiorano, Mook, & Quarter (2016) Vol. 7, No 2 Autumn / Automne, 2016 pp. 40 – 56 Canadian Journal of Nonprofit and Social Economy Research Revue canadienne de recherche sur les OBSL et l’économie sociale IS THERE A CREDIT UNION DIFFERENCE? COMPARING CANADIAN CREDIT UNION AND BANK BRANCH LOCATIONS John Maiorano University of Toronto Laurie Mook University of Arizona Jack Quarter University of Toronto ABSTRACT This study of credit union and bank branch locations and neighbourhoods in Canada seeks to discover if there is a distinct credit union niche. We find that credit union branches are over-represented in rural areas, and under-represented in large population centres relative to bank branches. Additionally, credit unions are overrepresented in middle-income areas and underrepresented in high-income areas compared to bank branches both at the national level and in all provinces where differences are statistically significant. While both credit unions and banks cater to marginalized communities, the type of marginalized communities they cater to distinguishes them. Making use of the Canadian Marginalization Index, we find credit union branches in Canada to be overrepresented in communities marginalized along the dimensions of material deprivation and dependency, while bank branches are overrepresented in communities marginalized along the dimensions of residential instability and ethnic concentration. RÉSUMÉ Cette étude de l’emplacement des coopératives financières et des succursales bancaires dans divers quartiers au Canada cherche à découvrir s’il y a un créneau distinct pour les coopératives financières. Nous remarquons que, par rapport aux banques, les coopératives financières sont surreprésentées dans les milieux ruraux tandis qu’elles sont sous-représentées dans les grands centres urbains.
    [Show full text]
  • Canadian Co-Operative and Credit Union Movement in Canada: the Unfolding Story
    Canadian Co-operative and Credit Union Movement In Canada: The Unfolding Story Ana Maria Peredo As co-operatives become increasingly recognised as a form of enterprise, there are opportunities as well as challenges in embodying the co-operative principles and values in the contemporary business world. The Canadian co-operative movement is an unfolding story with diverse perspectives, promises and challenges. Through an interview with Ms Patrice Pratt, a long-time practitioner, board member and activist in the Canadian and international co-operative/credit union movement, this piece explores the practice of principle number seven, innovative co-operative models of banking, the role of education, the relationship of the Canadian co-operative movement with other social movements, the recent unifcation of the English and French co-operative sectors and the priorities and the challenges of the movement. Introduction As co-operatives become increasingly recognised as a form of enterprise, there are opportunities as well as challenges in embodying the co-op principles and values in the contemporary business world. The Canadian co-operative movement is an unfolding story with diverse perspectives, promises and challenges. In this last piece, Patrice Pratt, an active protagonist in shaping that story, shares with us her refections on current developments and the future of the sector. For almost 30 years she has been an infuential voice in organisations working toward social inclusion, co-operation and innovation. Her presence in the co-operative and credit union movement has been fundamental in encouraging the practice of principle number seven: concern for community. Her background in sociology together with her engagement with the labour movement and numerous health and social development community organisations has served as a foundation for contributing toward the innovations of the co-operative sector.
    [Show full text]
  • Basel III Capital Buffers and Canadian Credit Unions Lending: Impact of the Credit Cycle and the Business Cycle ∗∗∗
    Basel III capital buffers and Canadian credit unions lending: Impact of the credit cycle and the business cycle ∗∗∗ Helyoth Hessou Department of Finance, Insurance and Real Estate Faculty of Business Administration Laval University, Quebec, Canada Email: [email protected] Van Son Lai 1 Laboratory for Financial Engineering of Laval University Department of Finance, Insurance and Real Estate Faculty of Business Administration Laval University, Quebec, Canada Email: [email protected] and IPAG Business School, Paris, France November 2017 ∗ We appreciate the insights from the Guest Editor (Sabri Boubaker) and the valuable comments from two anonymous referees. We acknowledge the financial support of the Autorité des Marchés Financiers (AMF) Education and Good Governance Fund Contract SC- 1968), the Conrad Leblanc Fund, and the Social Sciences and Humanities Research Council of Canada. We have benefitted from the valuable comments from Molly Burns, Merwan Engineer, Ben Naceur, Kyounghoon Park, Marc-André Pigeon, James A. Wilcox, experts from the AMF and conference participants at the 2016 International Workshop on Financial System Architecture & Stability at the University of Victoria, B.C., Canada, the 2016 International Summit of Cooperatives in Quebec City, Canada and the 2016 Paris Financial Management Conference in Paris, France. We also thank Marc-André Pigeon and Les Czarnota from Credit Union Central of Canada for their helpful advices and appreciate the excellent research assistance provided by Amine Arfaoui, Jean-Philippe Allard- Desrochers, Houa Balit and Olivier Côté-Lapierre. 1 Contact author . 1 Basel III capital buffers and Canadian credit unions lending: Impact of the credit cycle and the business cycle Abstract We take advantage of the long-standing regulation of the risk-based capital and the leverage ratio in Canada to provide empirical evidence on the relation between the credit unions’ capital buffers and loans to members.
    [Show full text]
  • Canadian Credit Union Association
    September 17, 2018 DELIVERED VIA ELECTRONIC MAIL Alberta Securities Commission Autorité des marchés financiers British Columbia Securities Commission Manitoba Securities Commission New Brunswick Securities Commission Newfoundland and Labrador Superintendent of Securities, Northwest Territories Nova Scotia Securities Commission Superintendent of Securities Ontario Securities Commission Registrar of Securities, Prince Edward Island Financial and Consumer Affairs Authority, Saskatchewan Superintendent of Securities, Yukon Territory Superintendent of Securities, Nunavut Me Anne-Marie Beaudoin Grace Knakowski Corporate Secretary Secretary Autorité des marches financiers, Ontario Securities Commission 800, rue du Square-Victoria, 22e étage 20 Queen Street West C.P. 246, tour de la Bourse 22nd Floor Montréal (Québec), H4Z 1G3 Toronto, Ontario M5H 3S8 [email protected] [email protected] Dear Sirs and Mesdames: RE: Canadian Securities Administrators Proposed National Instruments 93-101 and 93- 102 Canadian Credit Union Association (“CCUA”) is pleased to provide comments on the Canadian Securities Administrators’ (“CSA”) proposed National Instrument 93-101 Derivatives: Business Conduct (the “proposed Business Conduct Rule”) and proposed National Instrument 93-102 Derivatives: Registration (the “proposed Registration Rule”). 2 CCUA is the national trade association for 251 credit unions in Canada outside Quebec that collectively control over $216 billion in assets and serve more than 5.6 million credit union member/owners
    [Show full text]
  • Beyond Banking: the Potential for Credit Union
    BEYOND BANKING: THE POTENTIAL FOR CREDIT UNION PARTICIPATION IN COMMUNITY ECONOMIC DEVELOPMENT By Loralee Yanya Athena Deibrouck B.Sc., McGffl University, 1988 A THESIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF SCIENCE in THE FACULTY OF GRADUATE STUDIES School of Community and Regional Planning We accept this thesis as conforming to the required standard THE UNIVERSITY OF BRITISH COLUMBIA April 1994 © Loralee Yanya Athena Delbrouck ___________________________ In presenting this thesis in partial fulfilment of the requirements for an advanced degree at the University of British Columbia, I agree that the Library shall make it freely available for reference and study. I further agree that permission for extensive copying of this thesis for scholarly purposes may be granted by the head of my department or by his or her representatives. It is understood that copying or publication of this thesis for financial gain shall not be allowed without my written permission. (Signature) eprtmen1 of wi/ R&,oiJ4L p-rnJ)iJ”1t The University of British Columbia Vancouver, Canada Date 2’? APRIL /9941 DE6 (2)88) ABSTRACT Many communities in Canada are experiencing high levels of unemployment, poverty, social breakdown and environmental degradation. In an effort to address these problems, individuals, community groups and all levels of government, are experimenting with an approach to development called community economic development (CED). CED is a grassroots, bottom-up process that focuses on the creation of stable, viable, and equitable local economies. In trying to implement CED strategies, communities and individuals face many obstacles, one of the most significant of which is a lack of capital.
    [Show full text]
  • Analysis of Canada's Largest Credit Unions
    2016 50 Analysis of Canada’s Table of Contents Largest Credit Table of Contents…………………………………………………………………………………………………………………………………1 Introduction…………………………………………………………………………………………………………………………………………2Unions Executive Summary……………………………………………………………………………………………………………………………..4 Economic Growth in Canada Remained Steady……………………………………………………………….…………………..6 Lending Activity – Residential Mortgages………………………………………………………………………..……………… 8 Housing Market in Canada………………… ……………………………………………………………………..……………………10 Lending Activity - Consumer Credit…………………………………………..………………………………..………………..….15 Canadian Credit Union System……………………………………………………………………………………..……..….…….… . 19 Membership…………………………………………………………………………………………………………………………………….19 For the period ending Consolidation of Credit Unions………………………………………………………………………………………………….……..23 Branch Network…………………………………………………………………………………………………………………….………….24December 31, 2016 Assets……………………………………………………………………………………………………………………………………………….25 Deposits and Savingss……………………………………………………………………………………………………………………….27 Loans………………………………………………………………………………………………………………………………………………. .29 Overview of Credit Union System: Canada vs. United States…………………………………………………………… ..30 Credit Unions’ participation in the Brokerage Industry………………………………………………………………………….35 Prepared by: On-Line Deposit Taking Institutions……………………………………………………………………………………..……………....53 Canada's Top 100 Employers…………………………………………………………………………………………………………………58Bob Leshchyshen, MBA, CFA Comparison of Domestic Banks vs Largest Credit Unions in Canada………………………………………………………65 Assets under
    [Show full text]
  • Credit Union Social Responsibility: a Road Map for the Development of a Sustainability Strategy Jointly with the Filene Research Institute
    i ACKNOWLEDGMENTS The author acknowledges the support of participating credit unions in helping to inform this guide. Their observations were insightful and their commitments inspiring. Credit Union Central of Canada (Canadian Central) also deserves recognition for perceiving the significance of this trend to Canadian credit unions. Finally, the author would like to thank her colleagues at Vancity Credit Union and the credit unions she has worked with over the years on sustainability strategy, as this experience has helped create the pioneering Road Map to move the credit union system toward greater economic, social, and environmental sustainability. ii TABLE OF CONTENTS Executive Summary and Commentary iv About the Author vii About This Guide viii CHAPTER 1 Introduction and Context 1 CHAPTER 2 Sustainable Finance Trends and Drivers 14 CHAPTER 3 Sustainability Strategy 32 CHAPTER 4 The Future of Sustainable Finance 64 APPENDIX Case Studies 68 Resources 107 Endnotes 109 EXECUTIVE SUMMARY AND COMMENTARY By Brigitte Goulard om‘s not a runner. Don‘t get me wrong, he looked like one. In his bright Vice President, Policy new athletic shoes, brand-name sunglasses, and race day shirt and bib, he T fit in with the crowd. But somewhere between the nine kilometre mark and the start of a shooting pain originating from the third toe of his right foot and his almost complete loss of forward momentum, the conclusion was unavoidable. My friend had casually signed up for his first half marathon confident that he was more fit than most men his age. That was true. But as race day approached, he hadn‘t trained or changed much about his routine at all.
    [Show full text]
  • Credit Union Market Share of Commercial Mortgages Outpacing the Banks
    For Immediate Release Credit union market share of commercial mortgages outpacing the banks TORONTO, ON – (August 25, 2015) – The credit union market share of commercial mortgages in Canada has increased significantly, outpacing the growth seen by chartered banks. According to CBRE’s second quarter cap rate survey, credit unions’ year over year commercial mortgage holdings have seen dramatic increases over the past year. The top three commercial mortgage holders are chartered banks, credit unions, and life insurance companies. The survey shows that credit unions have grown the most, by a remarkable 7.7%, over the past year in comparison to the other main commercial mortgage holding institutions. Chartered banks grew by 3.7%, life insurance companies by 2.3%, while the total market saw a gain of 4.3% over the previous year. “We are particularly proud to be growing our commercial mortgage holdings at such a rapid pace alongside our fellow credit unions. It is great to see that more commercial businesses are realizing the credit union difference and partnering with us for their financing needs,” said Rob Paterson, President & CEO, Alterna Savings. “Credit unions are often falsely characterized as being unable to offer business banking services such as commercial mortgages. The market is changing, and in fact the majority of the larger credit unions in Canada now offer this important product to their members.” Alterna Savings has been offering its members mortgages for their businesses for over 15 years. They have an in- house Commercial Services team whose primary focus is on helping businesses with real estate and construction financing needs, and understanding their unique challenges.
    [Show full text]