CEO Update – April 2022
It is a difficult time in the world. The horrific damage to lives and property in the Ukraine being inflicted by the Russian army is incomprehensible, and unacceptable, to us all. We are proud of the actions that Canadians and many other members of the international community are taking to support the Ukrainian people and stand up to the aggressors.
Amongst those actions is the imposition of sanctions, designed to impose a heavy cost on those responsible for this war. We strongly support these actions. Given the nature of global markets, those additional costs do not stop at the Russian border. At Modo, the primary impact is seen in the rising cost of fuel.
Affordability has always been a core tenet of our co-operative, with the price paid for the use of a vehicle designed so that each member pays their fair share and nothing more. The fuel surcharge we have introduced from April 1st aligns to that approach.
For those that will wonder about the cheque for $110 per vehicle that the provincial government has announced it will provide to vehicle owners, our understanding is that we have been declared ineligible. We find it grossly inequitable that those that decide to co-own and share cars through their co-op must bear the increasing cost of fuel and their car-owning neighbours do not. We are pursuing this issue with the provincial government and will update you as applicable.
And as a reminder, we are continuing the work to transition our fleet to lower and zero-emission vehicles to both reduce our environmental impact and mitigate the risk of future fuel cost increases.
I am very proud to share that Modo has been rated by Corporate Knights, known as the voice for socially conscious business, at the highest possible level in its inaugural Social Purpose Score Card. It is the realization of our Purpose that defines our success, and we are honoured to be recognized amongst those who believe that a business’ enduring reason for being is to create a better world. In our recent member survey, 90% of members agreed that Modo’s Purpose continues to be relevant, 88% agreed that Modo’s Purpose aligns well with who they are and 83% agreed that it is important that Modo helps to transform the communities it serves. Thank you for this resounding endorsement of our work.
I hope that you are already aware of our Annual General Meeting (AGM) on April 20th. Much has happened during the last year and it’s a good opportunity to hear about both the recent past and near future. Register now and join us on the 20th. I’ll be happy to take your questions at the meeting.
