Draft Minutes of the Annual General Meeting of Church Society

Transcription

1 Draft Minutes of the Annual General Meeting of Church Society The One Hundred and Sixty-Ninth Annual Meeting of the Church Society of the Diocese of Quebec held at Carter Hall in Quebec City April 30th, 2011 at 4:00 p.m. 1. Welcome to Members and Visitors The Right Reverend Dennis P. Drainville, as president of the Society, called the meeting to order at 4:00 p.m. and welcomed the 31 members and friends present. 2. Regrets Regrets were received from: Mr. Gary Retzleff Mrs. Louise Moses The Ven. Heather Thomson Mr. John Moses Mr. Brian Wharry Mrs. Heather Bilkes The Rev. Jason Pollick Mr. Andrew Roy The Rev. Canon Stuart Pike Mr. James Sweeny Bruce Barnett-Cowan The Ven. Ronald West Canon Thomas Woodhouse Mr. Howard Hawes Mr. Thomas Moore Mrs. Janet Kozak The Rev. Canon Dr. Patricia Peacock The Ven. Robert Bryan 3. Opening Prayer and Remembrance of Departed Members The Bishop opens the meeting with a prayer and a remembrance of those members who departed this life since April 30 th, 2010: 4. Secretary s Report Mr. Edward Hyatt Dr. Christopher Nicholl Mrs. Mercia Church Mrs. Guylaine Caron reports that there are 96 Life members of Church Society: 55 Lay members, 41 Cleric; and 39 Annual members for a total of 135.

2 5. Approval of the Agenda It is moved by David Blair and seconded by Joan Gibb to accept the agenda as proposed. 6. Approval of the minutes of the 168 th Annual Meeting It is moved by Bruce Myers and seconded by Francie Keats that the minutes of the 168 th Annual Meeting be approved as presented. 7. Business Arising None 8. President s Report Bishop Dennis begins his report on the activities of the Church Society for Work on Bishopthorpe An incredible amount of negotiations with a great number of various bodies (eg. Ministère de la Culture et des Communications; Ville de Québec) were required in order for the renovations to be completed. This required a great deal of involvement from many people, and from both Cynthia Patterson and Guylaine Caron in particular. The final move into Bishopthorpe occurred in October A new application for further funding from the Fondation du Patrimoine Religieux has been put forth for renovations to the Chapel and this request was well received. Special thanks to James Sweeny and Hugh Bignell who work on the regional Table de concertation for their invaluable input. The See house is being put to use for various diocesan ministries, including meetings of the D.E.C. and other groups. Sale of Quebec Lodge The Diocese found itself trying to sell the Quebec Lodge camp during the 2008 meltdown in the stock exchange, thus greatly increasing the degree of difficulty for any transaction. The financial situation was dire enough that the Bishop called a Synod in October 2010, because difficult questions had to be addressed. Fortunately, a successful sale was completed at the end of October

3 Bishop Dennis wishes to publicly acknowledge our broker, Mr. David Cannon, for his contribution and hard work getting this sale completed. Both the Diocese and Church Society have received a reprieve but their financial security for the future has not yet been restored. Sale of La Tuque This property, owned by Church Society, is proving a difficult sell zoning issues are complicating the process. The topic of the sale of properties is a massive issue for our Diocese, our parishes and Church Society. The timely realization of assets is the key to improving the financial situation of the Diocese through investments for future ministry. At this moment in time, negotiations are in progress with 7 congregations to sell their church buildings. Restructuring of Ministries Church Society holds some investments that contribute to the financing of ministry in certain deaneries. Currently, the North Shore Deanery counts parishes (St. Clement s West) that can no longer pay for the cost of clergy and travel; neither can the Society or the Diocese. A restructuring of ministry has been initiated, with the arrival of the former Dean of the Cathedral of Montreal, The Ven. Michael Pitts, who will go to this parish 4 or 5 times a year for a visit of 5 to 10 days each time. In the St. Francis Deanery, the team approach is still being established; it is making steady progress. The Gaspé Deanery will next be examined in the near future to see what changes or efficiencies could be added to its modus operandi. Our Diocese is immense and the needs are commensurate with its size. The Bishop thanks the Synod Office staff for the amazing work they do and their remarkable team spirit: Sherry Knox, Guylaine Caron, Marie-Sol Gaudreau, Emma Earle, Garth Bulmer, James Sweeny and Mike Boden as head of Finance. 9. Financial Statements of 2010 The Treasurer, Michael Boden, first want to thank Guylaine Caron, Marie-Sol Gaudreau, Emma Earle, Sherry Knox and the members of the Audit 3

4 Committee for their work throughout the year and the audit process. He then reviews the three sets of financial statements for 2010: a) The Church Society of the Diocese of Quebec In his answer to a question from Mr. Bill Boden, the treasurer further explains the reason for the increase in short term debt and the impending review of the issues related to the Society s reserve called Pension Funds. b) The Church Society of the Diocese of Quebec Funds Under Management-Pooled Funds Mrs. Ruth Sheeran inquires about the level of management fees charged by Church Society; Mr. Boden responds that most managers charge fees up to 2.5% of the value of the portfolio whereas Church Society charges 1.8%. The Ven. David Oliver also inquires about exchange issues in the portfolio. c) The Church Society of the Diocese of Quebec Statement of Financial Position of Assets Held in Trust (unaudited) The Ven. Bruce Myers asks if the ethical aspects of an investment are investigated during the selection process. Mr. Boden answers that the Investment Policy includes guidelines regarding these ethical questions and that the managers are sensitive to the Society s objectives. Bishop Dennis adds that there issues can be very difficult to determine. We can use the guidelines applied by the National Church as well as our own policy. Mrs. Cynthia Patterson interjects that the National Church does not really have such a policy for its investments and that the Society should rely on its own policy and make sure it is enforced. The Bishop feels that raising these issues is a good thing and believes that the treasurer has heard our concerns. 10. Treasurer s Report Mr. Boden presents his report to the members of the Society. The Bishop called a Synod for October 2010 because the financial situation was getting dire for both the Society and the Diocese and major decisions needed to be made. Church Society faced a major cash crunch in late summer The flash crash of financial markets in early 2010 caused by concerns over 4

5 European sovereign debt stunned everyone, but the markets turned around in mid year. We were very successful in raising the level of investments in Pooled Funds and we must continue on this path in order to right the Society s financial situation as this increases Church Society revenues and will contribute to ensuring the financial viability of the Diocese of the future. We are half-way to our goal of building Pooled Funds to the 20 M$ level, which we feel is the level which will stabilize the Diocesan Finances and help add resources for ministry. 11. Appointment of Auditors PriceWaterhouseCoppers was chosen as auditors in 2008 after tenders were requested from 3 firms and received from two of them. Their proposition covered auditing services for 3 years, 2008, 2009 and They have been chosen to continue for It is moved by David Blair and seconded by Tom Matthews to name PwC as auditors of the Society for the financial year of Elections a) New Annual Members On a motion by Sherry Knox, seconded by Graham Jackson, it is proposed the following be elected as Annual Members of the Church Society: Félix Côté-Gaudreau Cynthia Patterson Elizabeth Robertson b) New Life Members On a motion by Tom Matthews, seconded by Joan Gibb, it is proposed the following be elected as Life Members of the Church Society: Ruth Sheeran Guylaine Caron David Oliver 5

6 c) Central Board The Standing Committee of the Central Board recommends to this assembly that the following be named members of the Society s Central Board: Lay Clergy Phyllis Gauthier Joan Gibb John Rasmussen Gary Retzleff Fred Richardson Edwin Stretch Patsy Hayes Christian Schreiner On a motion by Graham Jackson, seconded by Bruce Myers, it is proposed that the recommendation be approved. 13. Appointments a) Vice-President Bishop Drainville is pleased to appoint The Venerable Garth Bulmer as Vice-President of Church Society. d) Honorary Vice-Presidents Bishop Drainville wishes to name the following as Honorary Vice- Presidents of Church Society: 14. New Business Canon Graham Jackson Mrs. Aline Visser Mr. Hugh Bignell Mr. Thomas J. Moore a. The Ven. David Oliver proposes that the 2010 Annual Report be distributed to members and unit holders in electronic format and in booklet form upon request. The Ven. Bruce Myers indicates that a motion carried at the previous Annual General Meeting determines that this method of distribution is now the standard for every Annual Report. The Ven. Oliver withdraws his motion. 6

7 b. The Venerable David Oliver suggests that an electronic presentation of reports financial statements be made to the Annual General Meeting in the future. c. The Rev. Yves Samson, seconded by Diana Stavert, puts forth a motion of gratitude to the former members of Central Board, Pierre Voyer and Tom Matthews, for their efforts and devotion. d. Mrs. Joan Gibb would like to express to Mrs. Caron her personal thanks for the articles she has written for publication in the Diocesan Gazette. 15. Adjournment At 5:15 p.m., it was moved by the Tom Matthews that the Annual General Meeting be adjourned. Guylaine Caron Secretary of Church Society Bishop Dennis P. Drainville President of Church Society 7