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8 The complete 2008/2009 Alterna Accountability Report is available at alterna.ca.
Healthy Financial Futures
Healthy Financial Futures
Accountability Summary 2008/2009
About Alterna Alterna Savings is a member-owned, co-operative financial institution with 22 branches serving Ontario-based members. Alterna Bank, a wholly-owned subsidiary of the credit union, serves clients from two branches in Gatineau, Quebec. Alterna offers a full range of financial servicesincluding day-to-day banking, investing, lending, and wealth management, as well as financial services for non-profits and small businesses.
Values and CommitmentsVISION
To be the leader of co-operative financial services
MISSION
To develop and share an exceptional level of financial expertise that is:
• tailored to member needs
• accessible to all
• supportive of local communities
• delivered by caring, professional employees
VALUES
People First, Excellence, Integrity
8 The complete 2008/2009 Alterna Accountability Report is available at alterna.ca.
68%OF OUR MEMBERS
feel their ability to provide input
into the direction of Alterna Savings
is good or excellent.
Alterna launched AlternaSphere in
2009. This “community” is an online
meeting place for members, and is an
effective tool for engaging member
feedback. Members can join today
at alterna.ca.
Alterna is a member of
Alterna’s GovernanceEffective governance through member participation and an active andengaged Board of Directors is the backbone of a successful co-operativeand a healthy business.
8 The complete 2008/2009 Alterna Accountability Report is available at alterna.ca.
Message to Our Members and CommunitiesAlterna Savings’ commitment to social responsibility and accountability has deep roots. Those roots havehelped us grow and prosper. They have fed our decision-making and cultivated a strong and stable foundationfor a healthy financial future.
Our members come to Alterna because we are more than just a financial institution. That something “more”is our commitment to making a difference in our communities, which is embodied in our corporate socialresponsibility (CSR) pillars: Accountability, Community Economic Development, Financial Literacy,Environmental Sustainability, and Philanthropy. We believe these pillars create healthy futures for ourmembers, our communities, and our planet.
This Accountability Summary offers a snapshot of the things we measure every other year in this report:the contributions we have made to vibrant, successful communities; the empowerment of our members toachieve their financial goals; our small changes that have a big impact on the environment; and the healthyfinancial future that we envision for Alterna.
We hope that you find this summary of our CSR activities informative, and we encourage you to learnmore at alterna.ca.
In all that we do, we are accountable to you – our members.
IntroductionWe are committed to keeping all of our stakeholders informed of our performance, accomplishments,opportunities, and challenges. This Accountability Summary highlights some of our key activities in 2008and 2009. It is organized under three broad categories that are generally accepted as the standard for globalcorporate social responsibility reporting: Social, Environment, and Economic. For more detail, see alterna.cafor the full Accountability Report, aspects of which have recieved third-party assurance.
This summary report encompasses the social, environmental, and financial activities of Alterna Savings and its subsidiary Alterna Bank from January 1, 2008 to December 31, 2009. Any mention of “Alterna”
refers to both Alterna Savings, the credit union, and Alterna Bank. The use of the term “member” encompasses both members and clients of Alterna.
James G. FrankChair, Alterna Savings
Richard J. Neville, FCAChair, Alterna Bank
John LaheyPresident and CEO,Alterna Savings and Alterna Bank
8 The complete 2008/2009 Alterna Accountability Report is available at alterna.ca.
SOCIAL (Healthy Communities) 8
CommunityMicro-Loan Program
Over the past decade, Alterna has
provided $2 million in loans to more
than 400 micro-borrowers, many of
whom were turned down by other
financial institutions when seeking
financing for a business venture. But the
real story goes far beyond a simple loan.
These borrowers have a skill or product
and a passion to succeed, but have little
or no access to credit. They come to
Alterna hoping for a break. We give
them that, and more. In addition to
small loans of less than $15,000,
we offer business planning support,
regular feedback, and education.
We are proud of our micro-loan
members and the difference they, in
turn, are making in their communities.
At Alterna, we’ve demonstrated that
putting people first is the very first step
to a healthy financial future.
The proof of our impact is in the
numbers. Half of our micro-loan
borrowers no longer rely on
social assistance. 20%of participants
became homeowners. 33%report
they are able to provide healthier diets
for their families. And, over 60%of
borrowers have hired others.
Financial Literacy Program
Alterna empowers members with the
knowledge and tools to make the most
of their personal financial resources.
In 2009, Alterna piloted a new program
focused on financial literacy and
personal money management. The
Alterna Money Management Program
will officially launch in 2010. Personal
Money Coaches will help our members
set financial goals, develop budgets,
change spending habits, free up cash,
reduce debt, and maximize savings
opportunities. This complimentary one-
on-one assistance and education will
help members build their own healthy
financial futures.
Healthy communities are created through collective effort, fair employment,caring, and giving back to those who can use a helping hand. We supporthealthy communities through our many social responsibility initiatives. It’swhat makes us different. And we like being different.
82%SERVICE SATISFACTION
Surveys showed continual improvement in
our members’ overall service satisfaction –
78% in 2008 and 82% in 2009.
CARING COMPANY
Alterna is a long-time member of Imagine
Canada’s Caring Company program. Going
beyond the minimum requirements, we
donate 1% of our pre-tax profits to
support local charities and non-profit
organizations, and another 1% is
committed to the community through
sponsorships and related activities.
63% OF ALTERNA EMPLOYEES FEEL APPRECIATED
Living up to our core value of “People First”
includes providing an enjoyable and
rewarding work environment where
employees feel their opinions are valued
and their activities have an impact on the
organization’s success. In a 2008 survey,
63% of Alterna employees felt that their
work efforts were appreciated.
8 The complete 2008/2009 Alterna Accountability Report is available at alterna.ca.
Through this process, we developed a
series of environmental performance
indicators that will be the framework
for reporting on environmental
performance going forward. These
indicators cover environmental impacts
such as energy consumption, waste
generation, recycling, paper
consumption, and carbon emissions
from employee travel and commuting.
During the reporting period, Alterna
consumed 4,272,994 kilowatt hours of
electricity and 12,500 reams of office
paper. These are two areas in which
our newly formed Environmental
Sustainability Committee is working to
develop planet-healthy alternatives.
Alterna Green$averImprovement Loan
Alterna supports eco-friendly projects
with low-cost financing for energy
retrofits to members’ homes in the
Greater Toronto Area.
We believe Alterna must play a role in protecting our environment to ensure a healthy future.2009 marked the first year Alterna measured its ecological footprint.
Alterna is a member-owner of
WindShare, a co-operative that
develops locally owned wind
power projects that are scaled to
the size and characteristics of the
host community.
ENVIRONMENT (Healthy Planet) 8
ClimateChangeAlterna signed the Copenhagen
Communiqué on Climate Change.
8 The complete 2008/2009 Alterna Accountability Report is available at alterna.ca.
When Alterna members trust us with their money, we treat it as if it was our own. As a financial co-operative, the better we do, the more opportunities we have to invest in our members, ouremployees, and our communities.
6.0%ASSET GROWTH
Members are entrusting Alterna with
more of their business, which helps
us build a healthy financial future. Our
assets grew by 10.6% in 2008 and
6.0% in 2009.
SociallyResponsibleInvestingIn 2008 and 2009, Alterna’s investment
decisions were in full compliance with its
Investment Policy, which is built on
socially responsible investing criteria.
ECONOMIC (Healthy Bottom Line) 8
Alterna has a healthy financial future.
We fared very well in the challenging
economic environment that
characterized 2008 and 2009. Deposits
were well protected and we delivered a
healthy bottom line for the benefit of
our members by focusing on
aggressively managing our costs and
keeping operating expenses as low as
possible. You may learn more about
Alterna’s financial position by reviewing
the 2009 Annual Summary.
Despite the worldwide credit crunch, we
were in a good position to support our
members in dealing with their own
financial challenges. Alterna’s Financial
Advisory Services team helped members
to understand what was happening
with the economy and to make sound
financial decisions based on knowledge,
guidance, and independent advice.
8 The complete 2008/2009 Alterna Accountability Report is available at alterna.ca.
8 Member satisfaction with Alterna’s complaint resolution processes
2008 76%
2009 79%
8 Member satisfaction with Alterna’s protection of members’privacy
2008 88%
2009 93%
8 Member satisfaction with how Alterna uses its resources and expertise to
benefit the community and environment
2008 79%
2009 77%
8Member satisfaction with ability to provide input into Alterna Savings’ direction
2008 68%
8 Community donations
2008 $57,255.00
2009 $69,433.79
8 Community Micro-Loan Program
2008 144 loans; $607,208
2009 110 loans; $388,736
8 Funds raised by members through the Spare Change program
2008 $20,033.00
2009 $17,211.00
8 Overall employee satisfaction (2008)
Favourable 38%
Neutral 51%
Unfavourable 11%
8Women in management
2008 56%
2009 55%
8 Employee view of Alterna as a “good corporate citizen” (2008)
Favourable 71%
Neutral 25%
Unfavourable 4%
8Asset growth
2008 10.6%
2009 6.0%
8 Board gender diversity
Female Alterna Savings Directors in 2008 40%
Female Alterna Savings Directors in 2009 33%
8 Electricity consumption (2009) 4,272,994 kWh
8 Paper usage (2009) 12,500 reams
8 All staff are expected to purchase offsets when booking flights for business
travel. Total business travel in 2009:
by car 197,495 km
by train 3,900 km
by air 334,257 km
8 For comparisons to 2006 and 2007 results, where available, please see the full Accountability Report.
Key Indicators
