Message from the Chair.

This past year, we continued to face global challenges such as COVID-19 and the climate emergency. It’s fair to ask whether there is still a role for co-operatives and the co-operative model in this reality.

We think that now, more than ever, there is a clear and compelling role for co-operatives like us. Vancity continues to show the strong difference a co-operative can make – and how being a co-operative is so central to shaping Vancity as a truly different financial institution.

During these difficult times, rather than turning people away, we see it as our role and responsibility to ask ‘how can we help?’ That’s been our approach throughout this challenging period.

When members needed our help to deal with the impacts of the pandemic or of extreme weather events on their personal finances or their business, we listened to their unique needs and provided solutions. For example, we proactively reached out to members who might have been affected by flooding, and helped facilitate access to cash or credit if needed. We also deployed our Humanitarian Fund to help communities impacted by flooding or forest fires, including several Indigenous communities that were particularly hard hit.

Those steps made a big difference, and it’s our employees who made it happen. Our employees also needed us – to ensure a safe environment in which to continue delivering an essential service to members, and to help them deal with the same challenges so many of us have been facing outside work. As successive waves of COVID-19 variants brought shifts in public health measures, our employees’ health and safety were (and continue to be) paramount for the Board.

The impact of COVID-19 has also intersected with both economic inequality and the effects of systemic racism, oppression and colonialism.

These systemic challenges are other areas where co-operatives can make a difference, and where Vancity has sought to be a leader. Our work supporting the community-led development of climate-ready affordable housing in multiple Lower Mainland communities is but one example.

As a co-operative, we know that we must stand together against all forms of social and economic exclusion. Everyone must have the same opportunities to succeed. It is unacceptable that people continue to face systemic racism and discrimination, and one of the Board’s goals is to become a proactively anti-racist governing body. Doing more to remove systemic barriers is an ongoing Board priority, especially important when those barriers affect people’s financial wellbeing.

2021 further reminded everyone why Reconciliation is a core Vancity value. The Board knows true Reconciliation starts with meaningful engagement, listening and respectful collaboration, and Vancity continues to work to deepen and broaden our partnerships and relationships with Indigenous communities. As part of its continuous learning, the Board learned about Indigenous principles of value, wealth and wellbeing from Dr. Dara Kelly in September 2021 and plans further director education on Indigenous topics for 2022.

Vancity’s climate commitments, announced in 2021, are another top priority for the Board in addressing a systemic challenge that intersects with existing inequalities. That is why the Board set as one of its goals to approve climate risk goals and metrics, and a net-zero emissions transition plan.

But as a co-operative, we’ve long known that while the climate crisis will impact us all, those already facing economic and systemic barriers will fare worse. The Board is focused on ensuring our credit union provides help to those among our members and in our communities who might struggle to respond and adapt to the climate crisis on their own. Helping those who might otherwise be left behind is another way co-operatives make a difference.

In 2021, following an extensive search process, we appointed Christine Bergeron as our permanent President and CEO. Christine has been instrumental in leading our work. She has led our credit union to achieve record results and has done so while navigating a challenging external reality. The Board looks forward to working with Christine and the rest of our leadership group to advance our transformational vision and continue being there for our members and communities when they need us.

Since our founding 75 years ago, Vancity has worked to increase financial opportunity, remove economic barriers, and address systemic challenges affecting our members. This past year, the Board approved a new Vision Statement for Vancity, one that fully captures our hopes and aspirations and will guide our work into the future. Our Vision is: “A transformed economy that protects the earth and guarantees equity for all.” The challenges we face today may be more complex than they used to be, but our commitment to helping solve them is steadfast. We know that, together with our members, we can bring this vision to life.