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Annual Meeting Update
Our annual meeting was held on April 6th 2017 at the Northern Lights Ballroom in Milaca, MN. At the meeting there was a vote to update our Articles of Incorporation and By-Laws. The patrons voted 94% in favor of the update and they will be effective immediately. See attached updated Articles and By-Laws. The patrons also voted to elect four board members; Craig Mold, Mark Carlson, Ross Gerth and Clark Anderson.Their term is for three years.As part of the By-Law changes, the newly elected board members will be the nominating committee for one year to identify future board members.
At the meeting, Mike McMahon the CEO, reviewed the results for 2016. The co-op had a very successful year and it was driven by success in all three divisions; Agronomy, Energy and Retail. Mike reviewed the investment made by the co-op to help drive growth and efficiencies. The key highlights discussed by divisions were;
- Agronomy: New fertilizer plant in Ogilvie, New fertilizer mixer in Rush City, New liquid Fertilizer plant in Osceola. The Agronomy division has double their business in the last 8 years.
- Energy: Investment in routing software to improve service, Purchased two new propane delivery trucks, purchased a new fuel truck. The team added over 850 incremental customers in 2016
- Retail: Purchased a new store in Mora, MN which will be a convenience store and country store, Purchased a new store in Scandia, MN which will be a franchise Super America with a country store.
Mike also discussed the importance of all three divisions working together as one team. He encouraged the patrons to leverage the web site to trade with the co-op to help reduce administrative cost. He asked the patrons to help identify any future customers. Importantly, the more customers the co-op secures, the greater leverage the co-op will have with their suppliers to help drive down cost.
The co-op will return over $3.7 million to the patrons which equates to over 8.2% of patrons purchase for 2016. The board also approved to retire old equity up to 1987. This payout is an additional $3 million. This is possible because of the strong financial position the co-op is in due to the great support of the patrons.