Morneau Shepell Inc. Holds 2013 Annual General Meeting of Shareholders
Company celebrates first time delivery of more $100 million in revenue in all quarters of the year.
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TORONTO, May 15, 2013 /CNW/ - Morneau Shepell Inc. (the "Company" or "Morneau Shepell") (TSX: MSI) told shareholders at its annual meeting that 2012 was another year of continued growth and the delivery of shareholder value. Held yesterday at the Trump Hotel in Toronto, the meeting included the election of the board of directors and presentations by Executive Chairman Bill Morneau, President and Chief Executive Officer Alan Torrie, and Chief Financial Officer Scott Milligan.
"In 2012, we generated record revenue of $419.3 million, a healthy 15 per cent increase from the $365 million generated in 2011," said President and Chief Executive Officer Alan Torrie. "For the first time in our history we delivered more than $100 million of revenue in each and every quarter. "
"At Morneau Shepell, we have the bench strength to meet both the employees' and the employers' needs," added Mr. Torrie. "The result, for our clients, is the opportunity for reduced costs, increased employee engagement and an improvement in the competitiveness of their organization. We offer a comprehensive suite of services to help employees and their families with issues in their work, health, and life."
Executive Chairman Bill Morneau spoke at the meeting of some of the biggest issues facing employees and employers in Canada such as the aging of the population and pensions. "We see a continuing challenge in the financial risk of defined benefit pension plans for organizations," Mr. Morneau said. "We see change coming. We helped the Province of New Brunswick come up with Shared Risk Pension Plans that reapportion the risk of defined benefit pension plans. We expect to see more initiatives across Canada to manage the allocation of pension risk between employers and employees."
Mr. Morneau added, "The overall usage of our Employee and Family Assistance Program among our clients' employees continues to increase. In 2012, we had 14 per cent more people coming to us for counselling services related to stress than we did in 2011. We handled over 80,000 mental health cases in 2012. Importantly, we had a 62 per cent increase in people coming to us for depression care help in the past two years."
Alan Torrie also commented on the Company's performance in the first quarter of 2013. "We are seeing positive momentum in this regard in the first quarter," he said. "Our pipeline is robust and we expect our client-focused, disciplined approach to continue to reap rewards going forward."
Shareholders voted overwhelmingly in support of the re-election of all of the directors. Results, as a percentage of all votes cast, are as follows:
- Robert Chisholm: 99.7%
- Jill Denham: 99.7 %
- Diane MacDiarmid: 99.4%
- Jack Mintz: 99.0%
- W.F. (Frank) Morneau Sr.: 98.8%
- Bill Morneau: 98.3%
- John Rogers: 89.3%
- Alan Torrie: 99.1 %
KPMG LLP was reappointed as the auditors of the Company.
About Morneau Shepell Inc.
Morneau Shepell is the largest company in Canada offering human resources consulting and outsourcing services. The Company is the leading provider of Employee and Family Assistance Programs, as well as the largest administrator of pension and benefits plans in Canada. Through health and productivity, administrative, and retirement solutions, Morneau Shepell helps clients reduce costs, increase employee productivity, and improve their competitive position. Established in 1966, Morneau Shepell serves more than 8,000 clients, ranging from small businesses to some of the largest corporations and associations in North America. With approximately 3,000 employees in offices across North America, Morneau Shepell provides services to organizations across Canada, in the United States, and around the globe. Morneau Shepell is a publicly-traded company on the Toronto Stock Exchange (TSX: MSI). For more information, visit morneaushepell.com.
This news release contains "forward-looking statements" within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Use of words such as "may", "will", "expect", "believe", or other words of similar effect may indicate a "forward-looking" statement. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Company's publicly filed documents (available on SEDAR at www.sedar.com) and in the firm's MD&A under the heading "Risks and Uncertainties". Those risks and uncertainties include ability to maintain profitability and manage growth, reliance on information systems and technology, reputational risk, dependence on key clients, reliance on key professionals and economic conditions. Many of these risks and uncertainties can affect the firm's actual results and could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statement made by the Company or on the firm's behalf. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements in this news release are qualified by these cautionary statements. These statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities.
SOURCE: Morneau Shepell Ltd.