The North West Company (NWC) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of Indigenous lands and a welcome to shareholders via a virtual platform, enabling participation, questions, and voting from all locations.

• Chairman and CEO delivered opening remarks, setting the tone for the meeting and outlining the agenda, including financial review, board elections, and strategic initiatives.

• Outgoing directors Frank Coleman and Deepak Chopra were thanked for their service, with Coleman retiring due to term limits.

Financial performance review

• Sales increased 5.1% to $2.5 billion and net earnings rose 6.7% to $134 million in 2023.

• First quarter sales up 4% and net earnings up 22.3% year-over-year, driven by same store sales gains in both Canada and International Operations.

• Capital investments totaled CAD 123 million, and dividends paid increased to CAD 74 million.

• Results achieved despite inflation, changes in government payments, and disruptions from wildfires and Typhoon Mawar.

• Challenging economic environment noted, with subsidies not keeping pace with inflation and increased retail prices.

Board and executive committee updates

• Board composition updated with the introduction of directors standing for election, including Stewart Glendinning, Rachel Huckle, Annalisa King, Violet Konkle, Steven Kroft, Jennefer Nepinak, Victor Tootoo, Dan McConnell, and Brock Bulbuck.

• Leanne Flewitt appointed to lead the Next100 transformation program, supported by the executive team.