2022 was a year with a number of global challenges. Canadians faced mounting inflation and rising interest rates, the lingering impact of the COVID-19 pandemic, global supply chain issues, natural disasters, and the ripple effects of the Russian invasion of Ukraine.
Central 1 was not immune to these factors, including the associated fluctuating market conditions, which impacted the value of the organization’s fixed income investment portfolio. Our strong balance sheet, liquidity, capital and risk management practices ensured Central 1 was well positioned to weather the financial market stresses.
Despite these challenging market conditions, Central 1 continued to fulfill its purpose by ensuring essential treasury, payment and digital services for its clients and members. Core earnings remained strong throughout the turbulence of 2022, allowing the organization to continue to make strategic investments in enhancing the reliability and performance of its products and services.
Last year was Sheila Vokey’s first year as our permanent President and CEO. She led the organization through a demanding year filled with complex challenges, both internal and external. Sheila has filled her executive leadership team with bright minds that will help drive the organization forward while staying true to our cooperative principles.
Management developed a new three-year strategy in partnership with the board. The 2023-2025 Corporate Strategy addresses the challenges we face today and it also lays a strong foundation for future success.
I believe the strategy focuses Central 1’s efforts in the right areas – strengthening our offerings to meet the credit union system’s evolving needs, transforming together with our stakeholders, and operating reliably and effectively.
There’s a lot of work needed to make it happen, but I am confident the Central 1 team has what it takes to successfully implement this strategy and continue to enable a thriving credit union system.
First and foremost, I want to thank our members and clients for their support and for providing valuable input on what we need to do to best serve them. Your insights have helped to shape our strategy and will guide our work in the coming months and years.
I would like to recognize all Central 1 employees for their continued dedication to serving our members and clients and for living our values. You play a vital role in Canada’s credit union system.
I also want to thank the Central 1 executive leadership team for their ability to balance meeting today’s business needs while planning for the future success of the organization in its pursuit of best serving our members.
Finally, I would like to acknowledge my board colleagues for their contributions to the governance of Central 1. It’s been an honour to serve with you over the past year.
Chair of the Board
Central 1 Credit Union