Tandia’s 7th Annual General Meeting took place virtually on Tuesday April 6th, providing the opportunity for members to hear senior leaders present Tandia’s remarkable results for the unprecedented year of 2020. To allow for widespread participation and keeping everyone safe, the format of the AGM has fully transitioned to an online webcast event. Members and presenters were able to participate virtually from the comfort and safety of their homes.
The evening commenced with some words from the new Board Chair Nancy Di Gregorio. She reminded the audience of Tandia’s core values - Respect, Integrity and Innovation – and how they related to the challenges of the COVID-19 pandemic. She commented, “The entire Team at Tandia needs to be congratulated for the great work they did and continue to do in serving the members and their interests during these difficult times.” She concluded her remarks stating, ‘On behalf of the Board of Directors, I would like to thank you for your loyalty to Tandia and please continue to stay safe.”
Up next was Tandia’s President and Chief Executive Officer Richard Davies. He began his remarks reflecting on 2020 and the impact of the pandemic on our members and communities. He acknowledged it was a year of hardship, closures and sacrifices for many and commented, “With financial services deemed as an essential service, Tandia was able to remain open to serve the needs of members. Fortunately, we were well positioned to transition to a more digital service delivery model. By leveraging technology along with our valuable Member Solutions Centre, we were able to continue to effectively serve members. Where possible, Tandia was also able to transition a significant portion of our team to working remotely. During these challenging times, we relied heavily on the strength and commitment of our staff, who showed up every day to serve our members despite the personal challenges they also faced.”
Mr. Davies continued to share, “While 2020 was a year of incredible challenges, Tandia reached $1.6 Billion in assets under administration. Despite the pressure placed on our margin as we operated in a low interest rate environment, we were still able to achieve net income after taxes of $2.5 Million. I am extremely proud that we were also able to maintain our full workforce, despite the significant operational impact on our business. We used this as an opportunity to reach out and connect with as many members as possible and offering financial support to those who were personally impacted by the pandemic. We were able to accommodate requests for loan and mortgage payment deferrals and we also offered and fund ed the CEBA loan program for qualifying small business members.”
Mr. Davies concluded his remarks with sincere thanks to Tandia’s employees for their commitment and dedication to Tandia’s members. He also thanked the management team for their leadership during an incredibly challenging year and the Board of Directors for their support and encouragement in navigating through these unchartered waters.
Sandy Alward, Senior Vice President of Finance and Administration was introduced and presented the 2020 financial performance highlights. Most notably Mrs. Alward expressed, “It certainly was one of the most difficult and challenging years faced by Tandia which has impacted the financial results in 2020 but the performance was strong despite a global pandemic.”
This year there were three vacancies for the Board of Directors. As there were no new nominations for Directors, the three incumbents were acclaimed. Tandia’s Board welcomed back these Directors each for a new three-year term: Ivana Fortino, Bruce Neville and Dan Popov.
Members are encouraged to view or download our 2020 Annual Report from our website or request a mailed copy. The next Annual General Meeting Webcast will take place on Tuesday April 5, 2022.
For more information, please contact:
1.800.598.2891 ext. 1174
Tandia Financial Credit Union is a cooperative financial institution with a vision to be the financial services provider of choice in its communities and a continued commitment to serve education and government employees in Ontario. Tandia partners alongside its members each and every day to help them build healthy and prosperous futures. With a branch network that extends from Brant County through Greater Hamilton, Halton and the GTA, Tandia serves 29,000 members and administers $1.6 billion in assets.