Shareholders’ trust: always there!
The Fonds de solidarité FTQ collected subscriptions allowing it to issue shares totalling $855 million, compared to $767 million in the previous year. In addition, 42,984 new shareholders joined the Fonds. Therefore, as at May 31, 2013, the Fonds had 615,664 shareholders, up 21,377 since May 31, 2012.
The Fonds’ performance, stability and financial strength were once again assets for encouraging its shareholders to continue subscribing and for attracting new shareholders. Its presence during the RRSP period (in particular through its LR network across Québec) allowed it to increase the amount of annual lump-sum subscriptions by 20%, reaching $424 million compared to $354 million for the previous financial year.
Our LRs, essential Fonds ambassadors
Beyond the advertizing campaigns it runs in various media, the Fonds can count on a network of over 2,000 LRs who are members of FTQ-affiliated unions and unions the Fonds has agreements with to meet its objectives. From Gatineau to Gaspé, and from Baie-Comeau to Sherbrooke, LRs promote the Fonds in their workplaces without financial reward. Every day, they explain the Fonds’ objectives to their coworkers and encourage them to subscribe to the Fonds so they can save for retirement while contributing to Québec’s job and economic development. Many LRs also work in one of the 50 or so field offices that the Fonds opens throughout Québec during the RRSP period. The LR network is supported by a team of Fonds coordinators, and a service group, created especially for them, provides them with the tools they need and answers their questions at all times.
It should also be highlighted that our LRs receive continuing education, which is provided in collaboration with the Fondation de la formation économique, to update their knowledge and thereby continue to explain the Fonds’ mission and RRSP.
Fortunately, payroll deduction exists
In 2012-2013, many shareholders chose once again to contribute to their RRSP through payroll deduction. Subscriptions through payroll deduction actually represent the largest portion of our cash inflows, thanks mainly to our LR network. The efforts made to recruit new shareholders who would contribute through payroll deduction and the increase in the number of workplace blitzes during the year (up 22% compared to the prior year) have borne fruit: in 2012-2013, an additional 13,327 shareholders chose payroll deduction.
All these good results show to what extent the Fonds shareholders are aware of the importance of saving for retirement. Making workers aware of the need to save for retirement and encouraging them to do so has been part of the Fonds’ mission for 30 years!
In the last survey, conducted in 2012, the overall satisfaction rate of the Fonds shareholders, who were questioned on about 30 points covering some of the Fonds’ deepest values, was close to 90%, a very good result!