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HALIFAX, May 14, 2014 /CNW/ - Morneau Shepell Inc. (the "Company" or
"Morneau Shepell") (TSX: MSI) told shareholders at its annual meeting
that 2013 was another year of solid growth and the delivery of
shareholder value. Held at the Marriott Harbourfront Hotel in Halifax,
the meeting included the election of the board of directors and
presentations by Executive Chair Bill Morneau, President and Chief
Executive Officer Alan Torrie and Chief Financial Officer Scott
"In 2013, we delivered another very solid year of financial results,
with double-digit top and bottom line growth," said Alan Torrie,
President and Chief Executive Officer. "Revenues increased more than 12
per cent to $471 million, compared to last year. We continued to set
the stage for longer-term growth, notably by expanding our presence in
the U.S., and also through acquisition." The company also released its
first quarter 2014 results which continued on the same trend.
Executive Chair Bill Morneau spoke at the meeting about some of the
biggest issues facing employees and employers in Canada, including
pension reform. "We are seeing continuing challenges in the financial
risk of defined benefit pension plans for organizations," Mr. Morneau
said. "We see change coming. We helped the Province of New Brunswick
come up with Shared Risk Pension Plans that reapportion the risk of
defined benefit pension plans. Just last month, the Government of
Canada announced they are taking the same approach and are launching a
national discussion of proposed new target benefit pension plans for
Crown corporations and federally regulated companies."
Mr. Morneau added, "The overall usage of our Employee and Family
Assistance Program among our clients' employees continues to increase.
Last year we developed a study out of our uniquely robust database and
the information that we have as the largest provider of Employee
Assistance Programs in Canada - covering more than 6,000 clients and
five million Canadians. We found that workforce stress has virtually
doubled in the past four years, and that is evident in rising
mental-health claims and the cost of high absenteeism among Canadian
Alan Torrie also commented on the Company's performance in the first
quarter of 2014. "We are seeing strong momentum in the first quarter,"
he said. "Going forward, we expect that our continued investment in our
business, our new acquisitions, capital structure, established business
relationships and prospective client base will continue to yield
positive results for the Company."
Shareholders voted overwhelmingly in support of the re-election of all
of the directors. Results, as a percentage of all votes cast, are as
Robert Chisholm: 99.7%
Jill Denham: 99.7%
Diane MacDiarmid: 99.1%
Jack Mintz: 99.7%
W.F. (Frank) Morneau Sr.: 99.7%
Bill Morneau: 99.1%
John Rogers: 99.7%
Alan Torrie: 99.7%
KPMG LLP was reappointed as the auditors of the Company.
Shareholders also approved the renewal of the Company's long term
incentive plan and a new employee share purchase plan, as well as bylaw
amendments to provide for advance notice of director nominations and to
increase the shareholder meeting quorum requirement to at least two
persons holding at least 25 per cent of the votes attached to the
Company's voting shares.
Proxy materials for this meeting are available at the Investors section
of morneaushepell.com and on the SEDAR website at www.sedar.com.
About Morneau Shepell Inc.
Morneau Shepell is the largest company in Canada offering human
resources consulting and outsourcing services. The Company is the
leading provider of Employee and Family Assistance Programs, the
largest administrator of pension and benefits plans and the largest
provider of integrated absence management solutions in Canada. Through
health and productivity, administrative, and retirement solutions,
Morneau Shepell helps clients reduce costs, increase employee
productivity, and improve their competitive position.
Established in 1966, Morneau Shepell serves more than 20,000 clients,
ranging from small businesses to some of the largest corporations and
associations in North America. With approximately 3,500 employees in
offices across North America, Morneau Shepell provides services to
organizations across Canada, in the United States, and around the
globe. Morneau Shepell is a publicly-traded company on the Toronto
Stock Exchange (TSX: MSI). For more information, visit morneaushepell.com.
SOURCE: Morneau Shepell Inc.
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