Annual Meeting Minutes
Date: April 8, 2025
Time: 5:15pm
Location: Virtual - Live Webcast
Present: Members: 95
Guests: 37
Note: The official roster of attendees is appended to the Board of Directors’ official file.
The 2025 Annual Meeting was facilitated virtually by live webcast.
WELCOME
A. Revet, Corporate Secretary, opened the meeting with welcoming and introductory remarks at 5:15pm. She acknowledged that the Annual Meeting was taking place virtually across lands covered by treaties 2, 4, 5, 6, 8 and 10, the traditional lands of the Cree, Dakota, Dené, Lakota, Nakota and Saulteaux peoples, as well as the homeland of the Métis.
An overview of the meeting, including the purpose of the Annual Meeting was given, which included the introduction of Parliamentarian, Stuart Wicijowski, External Auditor, Andrew Geary, and Returning Officer, Neil Elder.
CONFIRMATION OF QUORUM
A. Revet confirmed for the Chair and members quorum had been reached, with more than 25 members attending.
RULES OF ORDER AND ENGAGEMENT
Chair K. Kosolofski officially opened the meeting at 5:18pm with the introduction of a short instructional video to show members how they can participate in voting and how to submit questions during the webcast.
APPROVAL OF THE AGENDA
K. Kosolofski welcomed members, including current and past Board members, Conexus employees, system partners and other guests.
He sought approval from the membership for the Agenda for the Annual Meeting.
A.Hicks/P. Skotnitsky
That the 2025 Agenda be approved as presented.
CARRIED
APPROVAL OF THE MINUTES FROM THE 2024 ANNUAL MEETING
The 2024 Annual Meeting minutes were included in the meeting confirmation email and available for review on Conexus' website.
K. Pollack/A. HicksThat the Minutes of the Annual Meeting of Conexus Credit Union held April 9, 2024, be approved as presented.
CARRIED
CHAIR’S MESSAGE AND 2024 CONEXUS CREDIT UNION HIGHLIGHTS
K. Kosolofski provided the Chair’s report and shared Conexus’ updated purpose which is to champion every member's success for a thriving Saskatchewan. He noted that the delivery of this purpose will be driven by the Conexus values which are to be curious about each member’s world, to be courageous in doing what is right, to be confident in our expertise and to be committed to every member’s success.
K. Kosolofski highlighted a key area of focus for Conexus in 2024 was reviewing the social impact priorities and identifying key social and economic issues that matter to our members and that the enterprise is uniquely qualified to address. He shared that the two key priorities determined include children and youth, and entrepreneurs. By helping young people reach their full potential and by promoting entrepreneurship, Conexus can help reduce barriers for underrepresented groups while contributing to a thriving Saskatchewan.
He noted in 2024, Conexus continued its support in multi-year community partnerships providing almost $1.6 million to 20 different not-for profit organizations.
K. Kosolofski also shared that he is most proud of the $1.25 million donation over multiple years for the YWCA kikaskihtânaw Centre for Women and Families. This contribution will create the Conexus Community Hub in the Centre which will play a vital role in providing some of the most vulnerable individuals and families with access to educational programming and resources. This project embodies the spirit of cooperation and supports an intergenerational initiative that is transforming lives and strengthening our communities.
CEO REPORT FOR 2024
C. Philpot welcomed members and guests. She provided an update on Conexus’ achievements in 2024. She shared that Conexus embarked on a refreshed strategic direction, prioritizing members and their personal goals. The year saw significant achievements in various areas. Employee development was a key focus, resulting in a positive retention rate as teams enhanced their skills and knowledge to better advocate for members. This growth in employee expertise coincided with an increase in membership, underscoring Conexus's reputation as a trusted financial institution.
To further support members, Conexus implemented a new Loan Origination System for commercial and agricultural loans. This system expedited internal processes and delivered decisions that aligned with the needs of members at the ‘speed of life’. Additionally, improvements to the digital platform led to growth in digital users and the introduction of multi-factor authentication, which reduced digital fraud incidents by over 30%. These enhancements ensured a safer digital experience for members.
C. Philpot also shared the revamped credit card services through a renewed partnership with Collabria. New product offerings were introduced, along with enhanced digital tools like the CardWise mobile app. Financially, Conexus achieved excellent results, with assets under management surpassing $10 billion. The loan portfolio and deposit portfolio increased, reflecting strong financial performance and a positive trajectory in overall membership.
Supporting the agricultural sector, Conexus launched the Ag Grow Fund, a new lending program designed to provide ag producers with discounted rates on new fixed-term ag loans and mortgages. Additionally, Conexus began offering First Home Savings Account products, giving members additional tools to help them save for a new home.
C. Philpot noted Conexus remained focused on supporting the province’s entrepreneurial and technology ecosystems. The launch of Conexus Venture Capital’s Fund 2 is aimed to support high-growth tech companies. The Cultivator business incubator continued its mission by supporting startups and connecting founders with expert mentors and key industry partners. Conexus's commitment to strengthening Saskatchewan’s economy is unwavering, and the Voice of Member Program was launched to gather feedback for future improvements. Ongoing enhancements to the digital banking platform and the realignment of Advisor roles further demonstrate Conexus's dedication to providing specialized services and richer financial insights for members.
APPROVAL OF AUDITORS FOR 2025 (INCLUDES AUDITOR’S REPORT)
K. Kosolofski noted that the full report and audited financial statements can be found online for members to review and that Andrew Geary, Conexus’ lead audit partner from Deloitte, was available to answer questions if asked.
N. Fitzpatrick/ J. McNaughton
That Deloitte be appointed as the External Auditor for Conexus Credit Union for the 2025 fiscal year.
CARRIED
2025 DIRECTOR ELECTION RESULTS AND DESTRUCTION OF BALLOTS
A. Revet presented the director election results for 2025 and announced the four candidates that were elected. A. Revet explained the election process and the role of Returning Officer, Neil Elder from KMP Law, who certified the election results. The newly elected members of the Board of Directors effective at the close of the AGM are:
Mark Borgares
Nicole Fitzpatrick
Adam Hicks
Kathryn Pollack
To formally conclude the 2025 director elections, a motion to destroy the voting records was asked of the members by A. Revet.
J. Mowchenko/K. Kohls
That all voting records pertaining to the 2025 director elections be destroyed.
CARRIED
DIRECTOR RECOGNITION
K. Kosolofski thanked outgoing director Ran Narayanasamy for his dedication and commitment while serving on the Conexus Board of Directors. His contributions to the board will be missed.
TOGETHER FOR A THRIVING SASKATCHEWAN UPDATE
K. Kosolofski shared that earlier today, an important milestone was announced. The boards of directors of Conexus, Cornerstone, and Synergy credit unions unanimously approved the business case for a proposed merger. This decision, reached after thorough due diligence, confirms that merging will enable necessary investments to maintain strength, competitiveness, and honour our commitment as credit unions to serve members now and for generations to come. The boards have recommended that the credit unions move forward with the merger and proceed to a member vote.
The journey to this point in the merger process began last November when the credit unions shared with their members the intention to explore a potential merger under the initiative "Together for a Thriving Saskatchewan."
Through ongoing discussions, it became evident that Conexus, Cornerstone, and Synergy credit unions share strong alignment in values and strategic priorities despite differences in size and regions served.
C. Philpot reported that the merger is seen as a proactive step to navigate rising costs, intensifying competition, economic volatility, and increasing regulatory demands in the financial services industry. With a combined $15 billion in assets under management, the merger aims to create a stronger, more resilient financial institution while staying true to shared values. The combined network will better serve members across Saskatchewan, allowing for greater investment in technology and local communities.
Members are encouraged to vote in favor of the merger to ensure the credit union that serves them is sustainable and able to offer enhanced services while staying true to cooperative values. The partners have committed that by merging the new credit union will offer a modern digital banking experience, that no branch closures are considered as part of the merger, competitive low to no-fee options, profit-sharing through a modernized rewards program, enhanced lending capacity, continued local service and decision-making, specialized expertise, personalized service and modern offerings to meet diverse needs, and continued reinvestment in local communities. The partners have also committed to retaining engaged team members that want to be a part of the new credit union, investing in career development, providing new opportunities, and striving to be a top employer in Saskatchewan.
The member vote will take place at the beginning of June, with more information to be shared in early May.
Following a successful member vote, the CEO and new credit union name will be announced from one of the three existing credit unions, before officially becoming one credit union on January 1, 2026.
OPEN FORUM – Q&A
A. Revet opened the floor to a Q&A session with members. Several questions were submitted in advance of the AGM as part of the registration process. The questions were grouped in themes and addressed by the CEO and the Chair. Questions raised by members during the meeting were also addressed.
At the conclusion of the open forum, with no other questions being posed, K. Kosolofski proceeded to close the meeting.
ADJOURNMENT
K. Kosolofski thanked everyone for attending the annual meeting and advised members as to how they can reach out with any questions or requests for information. As there was no other business to be conducted, a motion to adjourn was requested.
J. McNaughton made a motion to adjourn the meeting at 6:04pm.
CARRIED
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Chair Secretary