Message from the President and CEO
President and Chief Executive Officer
It’s incredible to reflect on what has been a busy year for all of us here at FCC. While this is my second official annual report, this report marks my first full year as President and CEO. It’s been an honour to lead the organization through a tremendous year of support for Canada’s agriculture and food industry, which is evolving at a rapid pace.
I continue to be amazed by this industry’s response to a changing global dynamic, external pressures and new demands from their customers. The sector is innovating, growing and adapting quicker than ever, and, according to Agriculture and Agri-Food Canada (AAFC), delivering more for Canada by way of gross domestic product (GDP) and exports than ever. This sector is pivotal to Canada’s prosperity.
We’re committed to the vitality and resilience of the Canadian agriculture and food industry. This year, our lending and program support grew to $7.8 billion for producers and $4.0 billion for agri-food and agribusinesses. We provide creative and innovative products that help customers seize the opportunities in front of them.
The 2023 growing season wasn’t for the faint of heart. With droughts, fires, flooding and port disruptions impacting the industry, we knew we needed to respond quickly. I was proud of our Operations team who stood up five new customer support programs to ease financial pressure on producers impacted by adverse weather and supply chain disruptions. And while addressing present challenges, we remained focused on preparing for the future.
Sustainable food production and farm transition continue to be key areas of concern for Canada’s agriculture and food industry and there is no one-size-fits-all solution. To support our customers, FCC provided advisory services through 900 engagements with the industry and 813 specifically targeted to farm transition. To encourage sustainable production, we introduced new incentive programs that include Ducks Unlimited Canada, Dairy Farmers of Canada and Lactanet, and 4R Nutrient Stewardship practices for crops. These partnerships allow FCC to pass cost savings to our customers who are setting an industry standard for sustainability.
I’m especially pleased with the work FCC has been doing around reconciliation and partnerships with Indigenous producers. For example, this year, we committed a founding donation of $1 million per year for five years to the newly formed National Circle for Indigenous Agriculture and Food. The Circle is an Indigenous-led, non-profit organization that serves to bridge the gap for Indigenous participation in agriculture and food and is an important step towards economic reconciliation.
Beyond our financing and advisory services, Drive Away Hunger is one of FCC’s most important contributions to Canadian communities. The 2023 campaign marked the 20th anniversary of this program and I was so pleased to announce that the program donated 143 million meals to Canadians experiencing food insecurity this year. The campaign brought in corporate partnerships from the entire food value chain including Canadian producers, processors, distributors and grocers. Donors increased from 90 last fiscal to 109 in 2023-24 – a great example of the role FCC plays in connecting dots across the industry and the impact we have when we come together for a collective goal.
Finally, I’d be remiss if I didn’t share a little insight into the significant work we did to develop a refreshed corporate strategy. When I accepted the role of President and CEO at FCC, I knew I was joining an organization that’s deeply appreciated by its customers and the financing backbone for much of Canada’s agriculture and food production. To honour FCC’s reputation, I committed to spending my first year meeting as many customers, industry players and stakeholders as possible to learn from them and hear about pain points and opportunities. During each of those meetings, I heard over and over that FCC was doing good work, but customers and the industry believed we could be doing more. More financing, more investment, more outreach, more flexibility, more innovation and more adaptability.
So we set about developing a new corporate strategy that will do just that. We’ll invest more in our core capabilities to ensure they continue to be industry-leading in their convenience, accessibility and relevance to Canadian agriculture and food producers. The strategy will also deliver new products and services to ensure that this industry remains world leading, by investing in key innovative technologies and financing sustainable food production. The strategy includes forming new partnerships across the food value chain to ensure that FCC continues to connect the right people to the right customers to help them scale, innovate and grow. I’m already looking forward to providing an update on the implementation of our new corporate strategy in next year’s annual report. In the meantime, I hope you’ll take my word for it that FCC is building something remarkable.
Agriculture and food needs all of us and FCC has an ambitious outlook. We’ll help this incredible industry seize the generational opportunity in front of us – and that begins with the commitment of our team.
I’m proud of our work in 2023-24 and couldn’t be more excited for the year ahead!
Justine Hendricks
President and Chief Executive Officer