U.S. markets closed

Desjardins changes the format of its annual general meetings and directs caisses to postpone their meetings

MONTREAL , March 13, 2020 /CNW Telbec/ - In response to the government's recommendations to minimize the spread of COVID-19, Desjardins Group has begun adopting a number of preventive measures, including cancelling large gatherings. As a responsible employer and organization, Desjardins considers the health and safety of its employees, directors, members and clients a top priority.

Federation AGMs

Given the situation, the Federation's Board of Directors has decided to change the format of its 2020 Annual General Meetings (AGMs).

To comply with regulatory requirements, the voting portion of the AGMs will now be held online on Saturday, March 28 . Desjardins Group has used this format in the past during a special general meeting in fall 2018.

Elections for positions on the Board of Directors and Board of Ethics and Professional Conduct have been postponed until the 24th Congress this fall. Outgoing board members will continue to hold office until then.

Caisse AGMs

The Federation's Board of Directors is directing caisses to adopt similar measures and hold their AGMs at a later date. 

Caisse payments of member dividends will be delayed accordingly, as they must legally be approved at each caisse's AGM. Desjardins can, however, confirm that members will be receiving member dividends in 2020. According to the financial results released on February 26 , member dividends for 2019 totalled $317 million , up $64 million , or 25.3%, from the year before.

"Desjardins Group is aware of the repercussions of this decision, but I believe we have a duty to put public health ahead of internal governance processes," said Guy Cormier , President and CEO of Desjardins Group.

About Desjardins Group

Desjardins Group is the leading cooperative financial group in Canada and the fifth largest cooperative financial group in the world, with assets of $313.0 billion . It has been rated one of Canada's Top 100 Employers by Mediacorp. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Ranked among the world's strongest banks according to The Banker magazine, Desjardins has some of the highest capital ratios and credit ratings in the industry. 

SOURCE Desjardins Group


View original content: http://www.newswire.ca/en/releases/archive/March2020/13/c4031.html