Members turned out for a very informative Annual General Meeting on September 18.
Nearly 200 members completed ballots for the Board of Directors. Maggie Jones and Ina Pockrass were re-elected, and the Co-op welcomes new Directors Alex Metcalf and Am Naqvi. Employee Director Sarah Connolly completed her term and lost her re-election bid to Jenn Reid. Employees elect directors to participate on the Board with the full rights and responsibilities as other board members for 2-year terms. It’s with tremendous gratitude that we bid farewell to Sarah as well as outgoing Directors Alexandra Forsythe and Abra Brynne.
Download the 2019 Annual Report
Abra Brynne gave a moving recollection of her time, starting in 1991 as a cashier. Abra served as Board recorder from 2002 to 2004, and was a board member for 13 of the next 15 years. Abra served as our President for 9 of those years. Some of Abra’s remarks are captured in her President’s Message in the Annual Report. Abra received a standing ovation in thanks for her long service to our Co-op.
Ari Derfel shared a powerful message about Co-op co-ownership. His remarks are printed in the Annual Report.
John Kingsmill gave the Treasurer’s Report. The Co-op had a very successful year that allowed us to put aside money for debt repayment and capital improvements. There will not be a patronage return this year. The membership appointed Grant-Thornton as our Auditor. Members who wish to review the audited financial statements for 2018-2019 may contact Finance Manager Sean Silverson to arrange an appointment.
Resolution regarding employee profit share
Members supported a recommended resolution from the Board to suspend the employee profit share and offer an employee bonus instead. The profit share rule requires a fixed percentage of “profit” and requires a vote of the Membership to suspend the distribution. In light of the Co-op’s goal of reducing debt, Management and the Board felt it was prudent to suspend the required distribution and offer a bonus instead. After a brief discussion, the resolution passed.