Member Report 2016: President & CEO's Letter

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Alberta’s economic conditions remained challenging and uncertain in 2016. Reduced oilfield activity as a result of the decline in global crude oil prices continued to be the norm. We began to see changes to the agribusiness landscape with announced consolidations and major mergers on a global and local scale that the industry has not seen in decades. These factors have contributed to a challenging year, and the full impact will not be known for some time.


Even as local economic conditions improve, UFA needs to increase the competitiveness and the service levels of our businesses. Improving the value proposition for our members and customers will enhance our ability to compete, regardless of market conditions. This can be achieved through internal execution as well as investments to enhance our existing business. I believe strong discipline, patience, and focus will be required for long-term acceptable returns.

Three categories best describe our focus in 2016:

  • increasing engagement with members, customers, employees and other stakeholders
  • driving the day-to-day execution of our business
  • making it easier to do business with UFA

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Engagement with Stakeholders

Making UFA Easier to do Business With

Execution of Our Business

Planning Ahead

Conclusion

Conclusion

These are important steps to prepare for the future. We have made progress but there is still much work to be done. We are more positive about the economic climate going forward and the opportunities that are ahead of us in our business.

We are “On the Road to Better”. Thank you for your continued support during what has been a difficult year for many. Our employees and agents, our members and customers have demonstrated remarkable resolve in the face of terrific headwinds. I’m looking forward to all that we can accomplish together in 2017.

Sincerely,

Carol Kitchen
President & CEO, UFA