1. The meeting was opened at 10:15 am by Colin Stephenson and Florence Coleridge with a general welcome and introductions of the organizing committee. There were approximately 100 people in attendance. Fern Payer spoke in French and emphasized that everyone was free to intervene in either language.

2.It was announced that one candidate for the Member at Large positions had withdrawn (Jocelyne Boily), making an election process unnecessary. Remaining candidates would be acclaimed. Colin Stephenson gave attendees a short history of issues behind the formation of the Pensioners’ Association and outlined its objectives.

3. Florence Coleridge presented the details of the constitution, including a rationale for formalizing the association. She noted that the matter of incorporation, registration, and/or indemnification of officers was one aspect of the association that was not addressed in the constitution but which would be investigated further by the new executive committee, possibly with independent professional advice. Florence explained the voting process for acceptance of the proposed constitution, the executive committee and the proposed fee structure.

4. David Morgan moved acceptance of the draft constitution as presented in BULLETIN #2, dated 15 September 2001. Seconded by René Marcotte. Motion carried by show of hands (total count of 162 in favour, comprised of 83 from the floor + 81 mailed in ballots, of which 79 were in favour, 1 opposed, and 1 spoiled). NB Not all on floor voted; some had already mailed in ballots.

5. Florence Coleridge then introduced and called for approval of the new executive committee: President - Paul Cliffen, Vice President - David Morgan, Secretary - Maura Giuliani, Treasurer - Fernand Payer, Members at Large: Gordon May, Larry Moncrieff, Pat Redmond. Bev Lucas moved that the acclaimed candidates be approved. Seconded by Hillel Kaslove. Motion carried by show of hands. The meeting was then turned over to the new President, Paul Cliffen.

6.After a brief coffee break, Paul Cliffen expressed special thanks to Colin Stephenson and Florence Coleridge for so much preliminary work in the formation of the association. David Morgan spoke for other members of the new executive and Paul Cliffen read comments from Pat Redmond, who was unable to attend the meeting.

7. Fernand Payer presented preliminary spending proposals of about $15,000 for the first year (as circulated in BULLETIN #1), noting that figures were based on a membership of 300 – 400. The proposed fee structure included: $50.00 annual fee (pro-rated quarterly) or quarterly payments of $12.50; or pay-what-you-can (to ensure affordability); or $500.00 life time membership.

8. Gordon May moved that 2001-2002 fees detailed above be accepted. Seconded by Cliff Godding. Motion carried by show of hands.

9. Paul Cliffen went on to highlight organizational issues facing the new association and noted that the executive committee would meet bi-weekly to get things rolling.

• Minutes of the first AGM are to be sent with the next BULLETIN as well as membership application kits.
• Letters will be sent to the Bank to announce the new Pensioners’ Association and to set up a meeting; to enlist the Bank’s cooperation in sending out membership application forms to all eligible to join the new association; to request the Bank’s timetable for establishing a Pension Council with pensioner representation; to request a review of outstanding pension surplus issues.
• The issue of the Bank’s poor communication with pensioners was raised and the floor was opened to questions and comments at 11:50 am.

10. Comments/questions from the floor included:

• Indexing (Bank pensions are fully indexed in January)
• Numbers of pensioners (c1200 is best guess)
• Whether or not the new association was prepared to get legal advice (yes)
• Status of B of C employees moved to EDS (Paul to seek info from the Bank)
• Possible article for the Bank Notes bulletin (planned)
• Differing arrangements for survivor benefits (an area for examination by the association)
• Possible use of media as one avenue of pressure
• Possibility of biweekly pension payments
• General association meetings beyond an AGM (appropriate if urgent issue arises)

The meeting was adjourned at 12:20 p.m. by President Paul Cliffen.