Summary of proceedings from the first board meeting for 2023
On April 26th, the first of three “Well Made Here” Board of Directors’ meetings for the year 2023 was held by video conference. Eight of the eleven directors took part. Here is a summary of the proceedings.
After verification of quorum and the customary greetings by Me Jean-Maxim Lebrun, Chairman of the Board of Directors (COB), Richard Darveau, President and Chief Executive Officer (CEO), wished to inform the participants that board member Paul Faulkner, who is usually present, suffered a stroke which he is still battling, and that our thoughts are with him as he recovers.
Following the adoption of the minutes of the previous meeting, the CEO presented his activity report. Richard Darveau reported on the actions taken during the last three months of 2022 and the beginning of the current year. Click here to read his report.
Following the CEO’s presentation, directors wondered whether there was a real appetite among consumers and entrepreneurs to buy Canadian.
More specifically, they considered the extent to which the affordability of Canadian products poses a major barrier.
Directors particularly appreciated the communication efforts with architects and would like to see these extended to other professional bodies involved in quality housing.
2023 pro forma budget approved
Subject to receiving the external auditors’ engagement review, management estimates that the year ending 31 December 2022 will end with a shortfall of approximately $10,000.
Based on this approximation, a conservative pro forma budget has been developed by the staff for the year 2023: only revenues deemed to be certain, i.e. $205,000, have been taken into account, which allows direct costs and administrative expenses to remain balanced, even allowing for a slight surplus of $11,500. Click here to view the 2023 pro forma budget.
The CEO explained that a 20% reduction in expenses allows 2023 to begin with 10% less revenue than 2022, and still pass from a deficit to a surplus.
One board member asked for a comparison of the annual financial statements since the founding of the organization, which management undertook to provide.
One board member asked that the baseline of the fees charged to each banner be discussed at the next board meeting to ensure equity, which will be done.
In this regard, it should be noted that the groups and banners contribute equitably to ” Well Made Here ” on the basis of the estimated square feet they occupy on Canadian territory. Manufacturers, on the other hand, are billed according to the number of employees in the country assigned to the building sector.
Discussions on the different projects underway
Program staff was asked to develop and then propose messaging, and carry out a campaign that could persuade more end-users to favour local hardware and materials.
The discussion also spilled over to institutional clients: “Well Made Here” management is encouraged to raise awareness among decision-makers at all three levels of government about the advisability of positively discriminating against Canadian products in their procurement.