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HALIFAX, May 14, 2014 /CNW/ - Morneau Shepell Inc. (the "Company" or "Morneau Shepell") (TSX: MSI) told shareholders at its annual meeting that 2013 was another year of solid growth and the delivery of shareholder value. Held at the Marriott Harbourfront Hotel in Halifax, the meeting included the election of the board of directors and presentations by Executive Chair Bill Morneau, President and Chief Executive Officer Alan Torrie and Chief Financial Officer Scott Milligan.
"In 2013, we delivered another very solid year of financial results, with double-digit top and bottom line growth," said Alan Torrie, President and Chief Executive Officer. "Revenues increased more than 12 per cent to $471 million, compared to last year. We continued to set the stage for longer-term growth, notably by expanding our presence in the U.S., and also through acquisition." The company also released its first quarter 2014 results which continued on the same trend.
Executive Chair Bill Morneau spoke at the meeting about some of the biggest issues facing employees and employers in Canada, including pension reform. "We are seeing continuing challenges 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. Just last month, the Government of Canada announced they are taking the same approach and are launching a national discussion of proposed new target benefit pension plans for Crown corporations and federally regulated companies."
Mr. Morneau added, "The overall usage of our Employee and Family Assistance Program among our clients' employees continues to increase. Last year we developed a study out of our uniquely robust database and the information that we have as the largest provider of Employee Assistance Programs in Canada - covering more than 6,000 clients and five million Canadians. We found that workforce stress has virtually doubled in the past four years, and that is evident in rising mental-health claims and the cost of high absenteeism among Canadian workers."
Alan Torrie also commented on the Company's performance in the first quarter of 2014. "We are seeing strong momentum in the first quarter," he said. "Going forward, we expect that our continued investment in our business, our new acquisitions, capital structure, established business relationships and prospective client base will continue to yield positive results for the Company."
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: 99.1%
- Jack Mintz: 99.7%
- W.F. (Frank) Morneau Sr.: 99.7%
- Bill Morneau: 99.1%
- John Rogers: 99.7%
- Alan Torrie: 99.7%
KPMG LLP was reappointed as the auditors of the Company.
Shareholders also approved the renewal of the Company's long term incentive plan and a new employee share purchase plan, as well as bylaw amendments to provide for advance notice of director nominations and to increase the shareholder meeting quorum requirement to at least two persons holding at least 25 per cent of the votes attached to the Company's voting shares.
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, the largest administrator of pension and benefits plans and the largest provider of integrated absence management solutions 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 20,000 clients, ranging from small businesses to some of the largest corporations and associations in North America. With approximately 3,500 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.
SOURCE Morneau Shepell Inc.