AGRIS Co-operative returns $500,000 in patronage to its farmer owners

An income before tax profit of $2.3 million for 2009 was reported by AGRIS Co-operative Ltd. board president, David Malott to the co-operative’s members at its annual meeting held at Club Lentinas, in Chatham.

AGRIS Co-operative recorded agronomy sales of more than $57 million for fiscal 2009. Based on these results, Malott announced that the board of directors declared a cash patronage of $250,000 and will issue new shares in the amount of $250,000 to their owners. In addition more than $405,000 in interest on investments with the co-operative will be returned to the member-owners of AGRIS and the local communities it serves. Patronage will be calculated based upon members’ purchases and grain sold.

In his year-end report, David Malott told members that previously, the co-op’s shareholders were referred to as members but in reality they are really owners of the co-operative. “Therefore, starting this fiscal year we will be using the term owners when referring to our member-shareholders,” said Malott.

The election of directors for the co-operative was held and re-elected to a three year term from the Cottam area were John Sauvé, from Chatham, Scott McGeachy, from Maidstone, Ray Simard and newly elected from the Thamesville area were Jim Anderson and David Sherman. The board of directors met immediately after the meeting and conducted the election of officers. David Malott was re-elected as president, Larry Pajot as vice-president and Pat Vanjeule as secretary.

Retiring board directors Dennis Jack (L) and Krin Dieleman ( R) are presented with appreciation awards by fellow director John Sauve.