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Minutes of the 2004 Annual General Meeting

Held March 25, 2004, 7:00 p.m. - 9:00 p.m. at the Delta Ottawa Hotel & Suites, Ottawa, Ontario

1. Registration

Registration took place between 7:00 and 7:15 p.m.

The Meeting was called to order at 7:15 p.m. chaired by Merdon Hosking. Merdon Hosking advised the meeting that 461 ballots were cast which met the quorum requirements for the meeting to proceed. The following Roll Call was taken:

2. Opening Remarks

Merdon Hosking thanked the members for attending and participating in the governance of their Association. Merdon Hosking introduced the Board and staff members present. Merdon Hosking expressed regrets on behalf of Lucia Stachurski, Director, and Matthew Murray, Chair of the Nominating Committee, whom were unable to attend.

3. Minutes

Minutes of the AGM of March 27, 2003 were reviewed. There were no questions.

4. Annual Report

Merdon Hosking provided highlights of the annual report that had been distributed to members prior to the meeting.

5. Financial Report

Gene Szabo presented the 2003 financial reports that were distributed prior to the meeting and responded to questions from the floor which were answered by the Treasurer. It was suggested that more detailed financial reports be prepared in the future.

6. 2004 Budget

The 2004 budget was presented by Gene Szabo.

Highlights of the 2004 budget included:

Revenues

• Dues revenue is based on 2950 FIs
• Vengrowth is bringing another fund on-line in 2004 and it is expected to generate $50K in sponsorship fees

Expenditures

• Minimal increase in Board and Member expenses to reflect the expanaded role of board members
• Increase in salaries to accommodate a communications officer, a representative coordinator, contracted salary increases and salary related items such as benefits
• Professional Services increased to reflect consulting services assistance on various new projects as well as carry over projects from 2003
• The commissioning of research papers, grants and prizes accounts for the increase in the Research and Education Category
• General Operating expenses have increased to reflect the requirement of meeting space requirements of various committees, normal increases in services such as telephone, printing and travel, occupancy cost, etc.
• With the formation of the Compensation and Benefits committee of which 9 members are not from the NCR, travel for this group, a requirement for an outside negotiator and legal services accounts for the increased cost for Collective Bargaining.

Gene Szabo responded to questions from the floor.

7. Nominations Committee - Elections and Resolutions

Merdon Hosking was provided with the ballots received at the meeting.

Floor opened to questions regarding resolutions. The questions asked were answered by the Board.

Result of Vote

RESOLUTIONS   (Total Votes Cast = 461)   * Spoiled Ballots: 2

Merdon Hosking declared that the seven resolutions were carried.

ELECTIONS   (Total Votes Cast = 462)   *Spoiled Ballots: 2

1. Vice-President: Jim Currier was elected Vice-President for a three-year term.

2. Directors: Johnathan Hood and Milt Isaacs were elected for three years and Robert Loiselle for a one-year term.

8. Other Business

Merdon Hosking thanked all the candidates for their participation.

9. Adjournment

Merdon Hosking asked for the motion to adjourn the meeting at 9:00 p.m.

Moved by - Don Caldwell
Seconded - Gene Szabo

Motion carried.

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