Federated Co-operatives Ltd. held its 92nd annual meeting virtually, a first in the organization’s history. Nearly 300 delegates representing local co-operative associations from across Western Canada came together online for the event. FCL recorded revenues of $7.9 billion, down 13.5 percent from $9.2 billion the previous year. From those revenues, it saw earnings of $177 million, of which $117.5 million was reinvested in local Co-ops and their communities.
“The diversity of our business lines and our commitment to all work together have helped guide us through this crisis,” CEO Scott Banda said in his address. “We must continue to focus on the long-term opportunities and consider what the future looks like beyond this pandemic to serve our Western Canadian communities.”