In release c7915 transmitted at 9:06e today, please note that the last
line in the "Financial statistics" table has been updated. Corrected
Monique F. Leroux comments on her re-election as Chair of the Board,
President and CEO of Desjardins Group
LÉVIS, QC, Jan. 31, 2012 /CNW Telbec/ - Monique F. Leroux, who was
re-elected by acclamation as Chair of the Board, President and CEO of
Desjardins Group, said she was extremely honoured by this sign of
confidence in her leadership. Leroux was elected to her first term in
March 2008, and this second term will end in 2016.
"I am undertaking my second term with the support of the Board of
Directors and all the elected officers, and together we will continue
making progress on many projects already underway, in particular the
Co-opme Education and Cooperation Program which we launched in 2011,"
said Leroux. Co-opme is a group of concrete actions promoting personal
commitment, education, responsible finance management, and recognition
for cooperatives and cooperation. "We will be strengthening the role of
Fondation Desjardins, revitalizing the Desjardins Cooperative
Institute, and focusing particular attention on the development of
individuals—our greatest asset," added Leroux.
This year will see the end of Desjardins Group's 2010-2012 strategic
planning cycle, and work to develop the 2013-2016 strategic plan will
begin. "We will continue to attentively manage Desjardins Group's
growth, both in Quebec and in the rest of the country. We will also
make efforts to increase member and client satisfaction. On an
international level, we will continue discussions with Crédit Mutuel in
France and we will maintain our support in developing countries, thanks
to the expertise of Développement international Desjardins," Leroux
During this, the International Year of Cooperatives, Leroux reaffirms
her profound belief in the relevance of the cooperative model.
"Throughout the year, members of the cooperative and mutualist
community in Quebec and across Canada will have the opportunity to
showcase the business model we all so strongly believe in. With that in
mind, the International Summit of Cooperatives to be held this fall
will help promote and increase recognition of the cooperative movement,
not only here at home, but also around the world."
In conclusion, Leroux added, "As we move into this second term, which I
am very excited about taking on, I am counting on the creative,
innovative and cooperative spirit of all elected officers, caisse
managers and employees within Desjardins Group, so that together we can
keep developing our organization for the benefit of our members and
clients as well as that of our communities."
About Desjardins Group
Desjardins Group www.desjardins.com is the leading cooperative financial group in Canada with assets of
nearly $190 billion. Drawing on the strength of its caisse network in
Québec and Ontario, and its subsidiaries across Canada, it offers a
full range of financial products and services to its 5.8 million
members and clients. Desjardins specializes in Wealth Management and
Life and Health Insurance, in Property and Casualty Insurance, in
Personal Services, in Business and Institutional Services. As one of
the largest employers in the country and among Canada's Top 100 Employers for 2012TM, Desjardins is supported by the skills of its 43,600 employees and the
commitment of nearly 6,000 elected officers. A new education and
cooperation program is now available to Desjardins members and the
general public. For more information, visit www.desjardins.com/co-opme.
Summary of Monique F. Leroux's first mandate
It was under the theme Live Desjardins with trust and confidence: The power to discuss, the
power to decide and the power to act that Ms. Leroux began her first mandate as Chair of the Board,
President and CEO of Desjardins Group, where her work has been guided
by five change-generating beliefs:
The caisses are the driving force of Desjardins Group
The Federation and its subsidiaries exist to serve the caisses and their
Desjardins Group's growth and strategic development depend on the
caisses, with support from the subsidiaries and the Federation
Our human capital is our greatest asset and our strength for the future
Our cooperative values must be central to all our actions.
This led to the creation of the Desjardins Group Development Plan, adopted by the Board of Directors in 2008, and including five major
projects from which have stemmed significant achievements.
The caisses are the driving force of Desjardins Group
This project has profoundly altered the dynamics with the caisse
network. Under Ms. Leroux's leadership, with the support of the Board
of Directors, a series of actions were taken to increase the caisses'
contribution to and influence on Desjardins Group's development.
The project included a number of consultations; for example, more than
500 people ─ elected officers, caisse general managers, and Desjardins
Group managers ─ participated in the work leading up to the 2009
Congress and to the preparation of the 2010-2012 Strategic Plan.
Moreover, a committee of caisse officers studied fundamental issues
related to the governance of Desjardins Group and the caisses, officer
engagement, and collaboration mechanisms. The result was a series of
recommendations accepted by Desjardins Group's Board of Directors and
implemented starting in 2011. In addition, measures were taken to
systematically consult caisse general managers.
The Evolution of Desjardins Group's Structure
The Desjardins Group Development Plan stipulated a review of Desjardins
Group's organizational structure. In spring 2009, Ms. Leroux announced
a new, simplified structure and the creation of a new 14-member
The goal of the structure was to break down internal silos to develop a
simplified service offer for members and clients. Accordingly, the new
structure was determined based on the major business sectors, namely
Personal Services, Business and Institutional Services, Wealth
Management, Life and Health Insurance, and General Insurance. The
result has been greater cohesion and flexibility within Desjardins
During the President's first mandate, Desjardins also created a
capitalization plan and a capital management framework to better shore
up its foundations and facilitate the circulation of capital within its
different components. Today, Desjardins still ranks among the best
capitalized financial institutions in Canada (see financial statistics
Desjardins Group Strategic Development and Growth
Ms. Leroux also worked on ensuring the sustained growth of Desjardins
Group. Fall 2009 marked the 20th Orientation Congress of Desjardins Group, during which some 1,200 caisses delegates clearly
reaffirmed their commitment to Desjardins's growth in Québec and across
Canada, and specifically expressed their support for strengthening its
financial results and performance.
These decisions were reflected in Desjardins's 2010-2012 Strategic Plan,
which Ms. Leroux and her colleagues and partners worked very hard to
Following this, Desjardins acquired Western Financial Group, a large
network of insurance brokers in Western Canada, MGI Financial Inc., and
the private-label cards portfolio for the Staples/Bureau en Gros chain
of office-supply stores. Desjardins also established partnerships,
including one with Promutuel in 2010, and, more recently, with Crédit
Mutuel de France, with whom it concluded a cooperation agreement for
the development of both cooperative groups.
Desjardins also formed a team dedicated to medium-sized and large
businesses to accelerate its growth in this market and further support
entrepreneurs seeking to transfer ownership of their companies.
Business development achievements include opening an office in Calgary
for the Capital Markets team, reaching the milestone of 2 million
active general insurance policies more quickly than anticipated, making
a major investment of $125 million in Lévis to revitalize the Cité
Desjardins de la cooperation (the Desjardins offices) to support the
growth of insurance companies specifically, and another $30-million
investment in Complexe Desjardins in Montréal.
Optimization of Desjardins Group's Performance
Ms. Leroux frequently points out that Desjardins is a leader by example
of the cooperative model. As such, Desjardins Group's overall
performance remains a top priority, and was largely impacted by
recurring productivity gains stemming from the implementation of the
new organizational structure.
Major efforts were also made to change product/service distribution
methods, and work methods in the caisse network to improve service
quality for members. These changes will help create an improved
experience for Desjardins members and clients, and provide added
flexibility for business development. The solutions retained will be
implemented starting this year.
In terms of financial results, during Ms. Leroux's first mandate,
Desjardins Group posted growth at all levels. For example, since 2007,
capitalization increased by 48 %, the Tier-One capital ratio by 280
basis points, assets by 31.7%, and employment by 8%.
Financial statistics Years 2008, 2009, 2010, and first 9 months of 2011
First 9 months - 2011
Surplus earnings before member dividends
Member dividends, sponsorships and donations
Return on equity
$13,690 M (1)
Tier 1 capital ratio
Total capital ratio
Gross impaired loans/gross loans ratio
Sources: 2010 DG Annual Report (figures according to GAAP), press
release on 2011 Q3 financial results (figures according to IFRS)
(1) The amount includes minority interests (according to new IFRS)
Mobilizing All of Desjardins: Human Capital, Culture and Values
With respect to our people, various measures were taken to implement the
changes stemming from the 2009 restructuring. In addition to efforts
made to increase employee mobilization, Desjardins carried out a number
of initiatives for employees, which has resulted in Desjardins Group
ranking, today, as one of Canada's Top 100 EmployersTM.
For their part, caisse elected officers and general managers were given
access to more communication and information activities, leading to
implementation of an intranet portal for the caisses' approximately
6,000 elected officers. The relaunch of the Desjardins Cooperative
Institute — which will be open to elected officers, managers and staff
members — will also help support employee development.
"Desjardins has a soul, and that soul is cooperation," said Ms. Leroux
in 2008, during her first speech to the caisse network representatives
as Chair of the Board, President and CEO. This belief is echoed in the
Co-opme program, which helps to reinforce Desjardins's leadership in
the areas of education and cooperation, and to which Desjardins
allocates 1% of its annual surplus earnings. Based on four major
pillars, Co-opme proposes concrete actions in relation to employee
engagement, education, responsible financial products and services, and
the promotion of cooperative values.
It was under this program that Ms. Leroux launched the Desjardins
Personal Finance Index and the accompanying online self-evaluation
test, available at http://www.desjardins.com/co-opme. She also presided over the relaunch of Fondation Desjardins, which
grants scholarships to young people in all regions. To fight excessive
debt loads, the minimum payment on the VISA Desjardins credit card was
increased from 3 to 5%. Ms. Leroux also launched the idea of the
Internal Summit of Cooperatives (http://www.2012intlsummit.coop), to be held in Québec City and Lévis on October 8 to 11, 2012, and
attended by leaders and organizations from the global cooperative and
Ms. Leroux received a number of accolades during her first mandate:
Named a member of the advisory group on the United Nations International
Year of Cooperatives.
Named "CEO of the Year" by readers of Les Affaires.
Women Corporate Director Award;
Woodrow Wilson Visionary Award;
Award from the Public Policy Forum;
Award from Catalyst Canada;
Honorary Doctorate from Concordia University;
Honorary Doctorate from Bishop's University.
2008 to 2010
Named one of 25 Transformational Canadians (The Globe and Mail, La Presse and CTV).
the Personnalité de la francophonie économique award, from the Canadian chapter of the Forum francophone des affaires;
the Réalisations award, Prix Femmes d'affaires du Québec;
the Management Achievement Award, from the Desautels Faculty of Management at McGill University;
Honorary Doctorate from Université du Québec à Chicoutimi.
SOURCE DESJARDINS GROUP
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