Calgary, Alberta
61 st
ANNUAL GENERAL MEETING
FEBRUARY 11, 2014
AGENDA
1.
Registration of Members
2.
Establishment of a Quorum
3.
Introduction & Approval of Guests
4.
Appointment of Scrutineers
5.
Adoption of the Minutes of the Last Meeting
6.
Report of the Board of Directors
7.
Report of the General Manager
8.
Financial Statement Presentation & Auditor’s Report
9.
Report of the Credit Committee
10.
Report of the Audit and Finance Committee (ALCO)
11.
New Business
(a) Resolutions
(b) Election of Credit Union Officers
(c) Question Period
12.
Adjournment

BOARD OF DIRECTORS REPORT 2013
On behalf of your Board of Directors, Management and Staff of your Credit Union, welcome to the 61st Annual General Meeting.
This year is one of transition, with the recent acquisition of Canada Safeway Ltd. by
Sobeys West Inc. It has been business, as usual, for the Safeway Credit Union, as we move forward to continue to offer financial services to you, our valued members, and continue our efforts to grow our membership base.
When the acquisition was announced, one of the common questions from our members was around how the financial services, and the relationship with Safeway
Credit Union, would be affected. Rest assured, our credit union will continue to operate in its current structure and your dealings with us will remain unchanged.
Some adjustments will need to take place to accommodate the ownership change.
The name Canada Safeway Limited is no longer an active business name, and as such, we will have to make changes to our Bond of Association and to any of our Bylaws referring to the name Canada Safeway Limited.
Your board is also contemplating a potential name change to enable us to offer our personal services to Sobey’s West Inc. employees and their families.
As credit union members, you continue to have a voice in the decision-making process, and the direction of our Credit Union and any of these above mentioned changes would require membership approval.
Our Board of Directors declared there would not be a patronage rebate to its members this year, due to the continuing economic challenges. We will be adding
$104,561 to our retained earnings in order to build on our equity position. This year, we experienced a steady growth in our asset-base, and we wish to continue to maintain a strong capital position.
As your Credit Union, we remain committed to providing financial services to our members, with professionalism and dedication. I wish to express my appreciation to all the board members for the leadership and commitment, and to the management and staff for your outstanding efforts.
Respectfully submitted by the
BOARD OF DIRECTORS
Barrie Schimpf, President
Marla Clermont, 2 nd
Vice President
Ken Stewart, Vice President
Colby Cavanagh, Director
Sandra Dobrowolski, Director Shawn Eltom, Director
Rob Toews, Director -Chair Audit & Finance (ALCO) Committee
2

GENERAL MANAGER’S REPORT 2013
It is my privilege to welcome you to the 61 st
Annual General Meeting.
2013 was not without its challenges. Our bottom line continues to be affected by external pressures, such as the interest rates continuing at alltime lows, and other economic factors. Even in this unstable environment, we were able to grow our asset-base by over 6%.
Our capital position remains strong at 16.40% of risk-rated assets, and our liquidity is above the requirements of the Credit Union Act.
Our operating expenses continue to improve with the steady lowering of our costs over the last 5 years.
Overall, we had some positive results in 2013. We were able to visit 32
Safeway store locations in Calgary, and 16 store and plant locations outside the Calgary area, in this past year. Feedback from the employees was positive, and we achieved a net growth in our membership.
We are committed to making the necessary changes to support the transition to the Safeway/Sobey’s environment so that we can continue to grow our Credit Union.
I would like to take this opportunity to thank my staff, who were instrumental in helping to continue to provide the value-added service you, as members, are accustomed to.
I would also like to thank the Board of Directors for their insight and support over the last year. These dedicated individuals spend much of their personal time ensuring our Credit Union is meeting the needs of its members.
Respectfully,
Cliff Roberts
General Manager
3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

2009 - $41,114,087.00
2010 - $42,687,133.00
2011 - $41,675,410.00
2012 - $43,738,572.00
2013 - $46,423,544.00
47
46
45
44
43
42
41
40
39
38
41.1
42.6
41.6
43,7
46.4
2009
2010
2011
2012
2013
35

2009 - $38,248,353.00
2010 - $39,787,102.00
2011 - $38,734,140.00
2012 - $40,776,837.00
2013 - $43,357,408.00
44
43
42
41
40
39
38
37
36
35
38.2
39.7
38.7
40.7
43.3
2009
2010
2011
2012
2013
36

2009 - $3,224,800.00
2010 - $3,257,827.00
2011 - $3,359,913.00
2012 - $3,131,964.00
2013 - $3,214,891.00
3.4
3.35
3.3
3.22
3.25
3.2
3.21
3.13
3.1
3
2009
2010
2011
2012
2013
37

2009 - $264,036.00
2010 - $174,506.00
2011 - $192,558.00
2012 - $159,426.00
2013 - $144,561.00
200
150
100
50
0
300
264
250
174
192
159
144
2009
2010
2011
2012
2013
38

2009 – 2.98%
2010 – 2.89%
2011 – 2.80%
2012 – 2.82%
2013 – 2.74%
3
Operating Expenses % - Average Assets
2.98
2.9
2.89
2.80
2.82
2.8
2.74
2.7
2.6
2009
2010
2011
2012
2013
39

2009 - $33,073,686.00
2010 - $32,890,334.00
2011 - $32,973,282.00
2012 - $34,838,173.00
2013 - $33,619,123.00
35
34.8
34
33
33.0
32.8
32.9
33.6
32
31
2009
2010
2011
2012
2013
40

2009 – 3898
2010 – 4005
2011 – 4041
2012 – 4151
2013 – 4165
4200
4150
4100
4050
4000
3950
3900
3850
3800
3750
3898
4005
4041
4151 4165
2009
2010
2011
2012
2013
41

CREDIT COMMITTEE REPORT 2013
The Credit Committee would like to welcome fellow members and guests to the
2013 Annual General Meeting and is pleased to report on the activity in the Loan
Department.
The board of Safeway Credit Union is assigned lending limits by the Credit Union
Deposit Guarantee Corporation. In turn, the Board delegates responsibility for the credit granting to the Credit Committee. The Credit Committee is responsible for ensuring that loans are made in keeping with the lending policies and procedures of the Credit Union. Loans in excess of the lending limits are forwarded to the Credit
Union Deposit Guarantee Corporation for approval.
During the year, the Credit Committee approved 1620 loans totaling $9,542,141., consisting of personal loans, line of credits and mortgage loans. In addition, the overdraft protection balance year ending October 31, 2013 was $511,328 for total loans granted of $10,053,469.
Our delinquency at year end was 0%, and our write offs were targeted for less than
.75% of our loan portfolio. We achieved the lowest write-offs in the history of our
Credit Union of .22% of our loan portfolio or $61,445 (after recoveries).
This report is respectfully submitted on behalf of your Credit Committee with appreciation for your continued support.
Credit Committee Members:
Cathy Bowes – Chair
Cindy Purvis
Anke Rotzal
42

Audit & Finance Committee Report (ALCO)
The Audit & Finance Committee (ALCO) held quarterly meetings and reported to the Board after each meeting.
The Committee reviewed the scope of the external audit with Curtis
Friesen, CA of Hawkings Epp Dumont LLP, Chartered Accountants, prior to our audit.
All financial reports were reviewed by the Committee during the year.
The financial statements as at and for the year ended October 31,
2013, were reviewed by the Committee and Hawkings Epp Dumont
LLP, Chartered Accountants.
We can assure our members at this time that your affairs in this Credit
Union are in good standing.
Repectfully submitted on behalf of:
Rob Toews - Chair
Ken Stewart
Marla Clermont
43

RESOLUTION #1
Resolution:
Submitted By:
Whereas:
To confirm an amendment to the by-laws of the Canada
Safeway Limited Employees Savings and Credit Union
Limited
The Board of Directors of Canada Safeway Limited
Employees Savings and Credit Union Limited.
The by-law 2.10 reads, (Bond of Association)
2.10 a) reads,
Canada Safeway and Related Companies – means Canada Safeway Limited, Macdonald’s
Consolidated Ltd., Lucerne Foods Ltd. Storecare Supply, Chain Tibbet and Britten
Group, and any of their successor corporations, and any corporation in which Canada
Safeway Limited owns a controlling interest.
Employee – means a person employed by Canada Safeway and Related Companies, any former employee, retired employees, and employees of the Credit Union.
Whereas:
Family Member – means a spouse of the employee including a common-law spouse, and other members of the employee’s immediate family who live in the same household as the employee.
2.10 b) reads,
Membership in the Credit union is limited to employees of Canada Safeway limited and
Related Companies and their family members.
The name Canada Safeway Limited no longer exists
Now Therefore: Be it resolved that by-law 2.10 be changed to read, (Bond of Association)
2.10 a)
Sobeys West Inc. – Safeway – means
Employee – means a person employed by
Sobeys West Inc. – Safeway and their subsidiaries or related companies,
Any former employees, retired employees, and
Employees of the Credit Union.
Family Member – Means a spouse of an employee
Including a common-law spouse, and other members
Of the employees family.
2.10 b)
Membership in the Credit Union is limited to Employees
of Sobeys West Inc. – Safeway and their subsidiaries or related companies
And their family members.
44

RESOLUTION #2
Resolution: To confirm an amendment to the by-laws of the Canada
Safeway Limited Employees Savings and Credit Union
Limited
Submitted By: The Board of Directors of Canada Safeway Limited
Employees Savings and Credit Union Limited.
Whereas: The by-law 7.12 – c) reads, takes employment with a competitor of Canada Safeway Limited
Whereas: the name Canada Safeway Limited no longer exists
Now Therefore: Be it resolved that by-law 7.12 – c) be changed to read c) Takes employment with a competitor of Sobeys
West Inc. or Safeway
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OFFICERS & STAFF
Board of Directors
Barrie Schimpf, President
Ken Stewart, Vice-President
Marla Clermont, 2 nd
Vice President
Shawn Eltom, Director
Colby Cavanagh, Director
Sandra Dobrowolski, Director
Rob Toews, Director
Audit & Finance Committee (ALCO)
Rob Toews - Chair
Ken Stewart
Marla Clermont
Credit Committee
Cathy Bowes - Chair
Cindy Purvis
Anke Rotzal
Staff
Cliff Roberts, General Manager
Parin Ladha, Assistant Manager
Cindy Purvis, Administrative Assistant
Colette Weber, Office Supervisor
Wendy Mertick, Front End Supervisor
Lisa Ingham, Teller
Arlie Mahood, Teller
Loan Department
Cathy Bowes, Manager, Lending Services
Anke Rotzal – Loan Officer
46

The Credit Union Guarantee:
Three Levels of Protection
The Credit Union Deposit Guarantee Corporation, a Provincial
Corporation, and credit unions, operate under the authority of the
Credit Union Act. This legislation provides a three-level system of deposit protection.
Level One:
Each credit union is required to build and maintain capital to a level outlined in the Credit Union Act and Regulations. A credit union's capital is comprised of:
•
• retained earnings, and common shares and investment shares (if any) owned by its members
Level Two:
The Credit Union Deposit Guarantee Corporation provides a 100% guarantee of all deposits with Alberta credit unions. This protection includes accrued interest to the date of payout.
Level Three:
The Government of Alberta ensures that the Credit Union Deposit
Guarantee Corporation's obligation to depositors will be carried out.
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1822 – 10th Avenue S.W. Calgary, Alberta T3C 0J8
Telephone: 403.261.5681
Fax: 403.261.5748
Toll free (AB & BC): 877.723.2653
Office hours: Monday to Friday from 8:00am to 4:30pm info@safewaycucalgary.com | www.safewaycucalgary.com