Yesterday Farm Credit Canada hosted their Annual Public Virtual Meeting.
The meeting included messages from FCC Board Chair Jane Halford, EVP and CFO Ross Topp, and President and CEO Michael Hoffort.
Things started off with some words from FCC Board Chair Jane Halford.
“Our priorities reflect the federal government’s mandate to support the agriculture and agri-food sector in a way that allows us a vibrant industry to be both the leader of job creation and innovation.”
Halford took a moment to welcome some new board members, and acknowledge two reappointments.
“Jame Laws and Michele Hengen have been reappointed to three-year terms. Rita Achrekar, Sylvie Chagnon, and Michael Tees are our new board members, all appointed to four-year terms.”
President and CEO Michael Hoffort’s speech revolved around the COVID-19 pandemic.
“In March 2020 as the first round of lockdowns began across the country, Prime Minister Trudeau announced that FCC would receive a $500 million enhancement to our capital base to ensure FCC could stand strong and support the agriculture and food industry that was experiencing market and supply chain disruptions. In the months that followed we offered loan payment deferrals and products to assist our customers with their cash flow needs.”
The meeting finished up with EVP and CFO Ross Topp giving the financial results.
“Our balance sheet continues to grow. As of March 31st, 2021, loans received when leasing reached nearly $41.5 billion, growing by nearly 3 billion dollars or 7.6 percent year over year.”
The whole meeting can be viewed here.
