LÉVIS, QC, May 22, 2020 /CNW Telbec/ - In March, as the COVID‑19 pandemic grew and physical distancing measures were introduced to limit the spread of the virus, Desjardins asked its caisses to postpone their annual general meetings, which are usually held in April. This decision meant that the payment of member dividends also had to be postponed, as a member vote is required first.
After several weeks of deliberation, Desjardins has decided that the caisses will hold online special general meetings so that members can vote on dividend payments. More than 200 caisses will be holding online meetings through the end of September. Member dividends will then be paid out this fall. Caisses that merged in January 2020 will not hold a special general meeting: their plans for sharing surplus earnings were already approved by members when the mergers took place.
Members will receive more details about how the meetings will work and how they will vote. According to the 2019 financial results, member dividends totalled $317 million, an increase of $64 million or 25.3% from the year before.
"Our teams have worked very hard over the last few weeks to find a way for us to pay member dividends. I'm proud of the innovative solution they've found, and I'm glad that Desjardins members will be receiving their share of our surplus earnings," said Guy Cormier, President and CEO of Desjardins Group.
About Desjardins Group
Desjardins Group is the leading cooperative financial group in Canada and the sixth largest cooperative financial group in the world, with assets of $326.9 billion. It has been rated one of Canada's Top 100 Employers by Mediacorp. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Ranked among the world's strongest banks according to The Banker, Desjardins has some of the highest capital ratios and credit ratings in the industry.
SOURCE Desjardins Group
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