A new beginning (1993-2001)
A string of bankruptcies (Les Coopérants in 1992, Calgary-based Sovereign Life in 1993 and Toronto's venerable Confederation Life in 1994) took a heavy toll on Canada's life and health insurance industry.1 Stemming primarily from real estate problems, this crisis did not, however, change the dominant trends shaping the sector. The restructuring already underway continued to play out, with a number of highly significant mergers completed in early 2000 amid a wave of demutualization and stock market listings.
With union support, particularly from the FTQ's solidarity fund, SSQ turned its financial situation around as it pursued key initiatives, developed products and conquered new markets. It continued to fulfil its commitment to its members by creating jobs for many young people. Having weathered the storm, it went head-to-head with the competition and reached its goals by upholding its mutualist values and original governance model. In so doing, it set itself apart from other mutual insurers that decided to facilitate their growth by becoming joint stock companies.
While remaining true to its core principles, SSQ also adapted to the new economic reality by gradually becoming a bona fide financial group. Although it specialized in group insurance, it became more active in the retirement savings and general insurance sectors. Although La Mutualité was sold to Union Life in 1993, it had a negligible impact on the life insurance premiums collected. It did, however, generate a capital gain for SSQ, which, along with the other measures, facilitated a return to growth in 1994.
Diversifying group insurance clienteles
In early 1993, SSQ insured 3,500 different groups, chiefly from the hospital sector, as well as provincial government employees and school boards. Recognized for its expertise with large groups, it had around 15 such groups in 1992. However, the above-noted loss of the provincial nurses federation (FIIQ) and the subsequent loss of the provincial government employees union (UFPQ) dealt a devastating blow. In the latter case, the relationship dated back to 1976. To reduce revenue fluctuations, SSQ Life turned to the group insurance brokerage network in order to offer small-and medium-sized companies products and services on which it had built its reputation.
Efforts to grow the client base by sign-ing small-and medium-sized groups began in 1994 and continued the following year. This soon paid off as the privatesector proportion of the group insurance sector rose from 28% in 1993 to 39% in 1996.2 In 2001, as SSQ was about to enter a new phase in its development, 45% of its 1 million insureds came from the private sector.3 The company had reached its goal of diversifying its client base while maintaining its group insurance expertise. This provided a much more stable financial foundation.
Prescription drug insurance
Over the years, SSQ has been faced on multiple occasions with the question of government-run insurance. After health insurance and no-fault auto insurance were implemented in the 1970s, the provincial government turned its attention to prescription drugs in 1994 as part of a package of healthcare reforms, including a shift to "ambulatory care."
The Quebec association of chartered life and health insurers (RAPCQ) played a pivotal role in implementing the province's prescription drug plan on January 1, 1997. The goal was to have insurance in place for all Quebecers. This was achieved because private insurers covered everyone who could be covered by a group insurance plan; the government-run plan applied to everyone else. The private insurers strove to ensure the new program would run smoothly by providing expertise and making the necessary adjustments to the group plans in force, which covered more than 4.2 million people in 2001.
As the new millennium approached, prescription drug insurance became a major social issue due to the aging population. The constant development of new drugs by the pharmaceutical industry and a higher-than-expected increase in their use affected the overall cost of the system. This posed a sizeable challenge to the provincial government, as well as private insurers.4
Investment and retirement products
Competition was intense in the retirement savings sector, which accounted for 11.3% of premium revenues in 1993. The RRSP market, in particular, was highly prized by various financial institutions. SSQ sought to establish a foothold in this area by tailoring its product line to consumer preferences.
A new investment management subsidiary (Gestion de placements Valorem inc.), was established in 1994, with SSQ Life holding a 55% stake. SSQ Life offered the advisory services of the subsidiary's experienced managers to holders of institutional and private portfolios while targeting the pension funds of industrial companies, municipalities, schools and other entities.5 Although Valorem was created to offer SSQ's clients accessible investment management services with a focus on Quebec securities, it also recruited its own clients. Seeking to gain a share of the individual savings market, the subsidiary launched a family of mutual funds in January 1997, which were distributed by financial intermediaries.6 This experiment lasted less than two years: Valorem divested itself of its funds in 1999 and subsequently focused on its investment advisory business.7
In the 1990s, revenues from investment and retirement products reflected consumer preference for mutual and segregated funds (rather than insurerguaranteed plans). The value of SSQ's segregated funds soared from $84 million in 1992 to $475 million in 2000. Over that same period, investment in annuities dropped sharply (from $71 million in 1992 to $13 million in 1999 and $22 million in 2000). In 1997, SSQ rolled out its new ASTRA family of segregated funds (by 2014, ASTRA-related assets would reach $5 billion). Despite its newcomer status, the investment and retirement sector was seen as one of the company's future drivers of growth in the run-up to the new millennium.8
SSQ, General Insurance Company Inc.
SSQ, General Insurance Company Inc. (SSQ's auto and home insurance subsidiary) recorded steady growth in the 1990s. Annual premium volume reached $39 million in 2000, up from $14.4 million in 1992. It also contributed to SSQ's surplus each year. Insured groups were the marketing focus, providing access to a large pool of clients. To keep pace with growing demand, the subsidiary opened a branch office in Montreal in 1995. Drawing on SSQ's existing reputation, the sales team had increasingly effective tools in place, as well as new products tailored to the needs of specific clienteles (self-employed workers, retirees) and specific types of coverage.
Despite exceptional events—flooding in the Saguenay region in 1996 and the ice storm in 1998—SSQ, General Insurance Company continued to develop and to contribute to the Group's profitability.
SSQ Realty Inc.
Following difficulties in the sector in the early 1990s, the subsidiary tasked with managing SSQ's real estate portfolio, which included the company's Quebec City headquarters, together with the Parc Samuel Holland complex and the Papineau-Lévesque complex (SSQ's initial 50% ownership stake in the latter was raised to 100% in 2000), took advantage of more favourable economic conditions to complete several major investments. These included the construction of a multi-tenant building in the Quebec Metro High Tech Park in 1996 and the renovation of the Parc Samuel Holland complex, a property geared towards senior citizens.
A new corporate image: SSQ Financial Group
SSQ, Life Insurance Company Inc. became SSQ Life after the restructuring in 1993, although the SSQ brand was what the public remembered most. In 2000, the company adopted a new name: SSQ Financial Group. More than just a calling card, this new name marked a shift in focus for the company, which continued to offer a broad range of insurance products, along with a range of financial services.
Innovation and modernization
SSQ Financial Group embraced innovation, particularly in the area of information and communications technology, and stayed on the cutting edge of IT development. In 1995, the company began modernizing the electronic management of its investment and retirement sector. In 1998, it carried out a major project aimed at streamlining the administration of life and disability insurance benefits.9 Accounting and HR management software was replaced in the run-up to Y2K.10 At the time, IT was part of the finance and administration department. In 1999, the company created a technology division and appointed Gilles Mourette to run it.11 Developments gathered pace amid the Internet boom.
Computer technology also simplified the claims settlement process. In the areas of prescription drug and dental insurance, payment cards gained popularity in the 1990s. The services provided by CAPSS (a health management company) and Centre Dentaide made it much easier to determine insurer/ insured cost sharing and helped to reduce paperwork.12
SSQ Financial Group's brand image was based on customer service; special emphasis was placed on staff recruitment, training and working conditions. Managers were given the tough task of translating the board members' vision (as representatives of SSQ member interests) into a program of concrete action. Above and beyond financial performance goals, SSQ's human resources were guided by mutualist values.
The success of the company's day-to-day operations depended on the efficient provision of insurance services by its employees. Those who took on leadership roles after the departure of Jacques de la Chevrotière and Léopold Marquis ended up staying the course charted by these two HR management pioneers. In addition to ensuring competitive working conditions, SSQ Financial Group strove to offer stimulating and meaningful employment in a high-growth sector, where top candidates were courted by numerous companies.13
In light of its existing financial difficulties, SSQ was forced to lay off nearly 100 employees following the loss of group insurance contracts with the Quebec nurses federation in 1992 and provincial government employees in 1993.14
These layoffs came as a shock, although those who kept their jobs rallied to put SSQ back on track. Management's decision to acquire an equity stake in the company was one of the first tangible signs of this newfound determination. Consultations were also begun with unionized employees, with the president of the office employees' union working closely with the standing committee on quality development formed in 1993.15 The following year, small groups of employees were asked to meet with senior management to discuss the company's position and objectives. This collaborative atmosphere undoubtedly contributed to the fact that, for the first time, the collective agreement for investment advisors and insurance representatives was renewed early in December 1994.16
In 1996, the union representing SSQ's 608 office employees was the primary negotiating unit (there were only around 20 sales professionals).17 It should be noted that it was quite rare for office employees to be unionized in the insurance sector. The non-unionized staff consisted of 63 managers, 162 professionals and 27 administrative support employees.
From 1996 to 2001, the issue of pay equity came to the fore.18 Striking a balance between work duties, family responsibilities and leisure activities was also a key concern. In this regard, SSQ offered its employees part-time opportunities and flexible work schedules in line with their personal needs.19
Over the years, SSQ Financial Group became a major employer in the Quebec City region. The company's growth opened doors for many young people seeking career opportunities. More than 100 jobs were created in 1996 alone. Pierre Genest was very pleased to note that 70% of these new positions went to candidates under 30 years of age.20 The company finally reached 1,000 employees in 2001.
The expansion of SSQ's staff accompanied a wave of transformation in the workplace itself. Office equipment was constantly evolving; as the available tools were enhanced, employees had to keep adapting their work methods. In late 1999, SSQ had several hundred microcomputers at its disposal. This equipment and the accompanying software had to be modified due to the infamous Y2K bug. As a result, companies became much attuned to IT security issues.21
In a sector as competitive as auto and home insurance, company name recognition is a crucial factor. But direct product marketing required an effective sales force that was qualified, responsible and in sync with the company's goals. Focusing on computer telephony integration, the CTI project was launched in 2000 to provide employees with a new tool for optimizing work processes.22 A code of ethics and integrity was adopted to maintain service quality.
"Because SSQ's growth and the wellbeing of its employees go hand in hand, we strive to create a dynamic work environment that emphasizes personal and professional development."23 The goal expressed in this quote was supported by various concrete initiatives, including training and professional development activities. SSQ continued to invest between 3% and 5% of its payroll in skills development. Staff enjoyed cost-free access to LOMA's specialized insurance courses,24teambuilding sessions, cooperation/mutualism seminars, and scholarships for employment-related training programs, English conversation classes, computer courses, and more.25
Maurice Savoie: Human Resources manager
Maurice Savoie served as senior vice-president of human resources until 2004, overseeing the company's employees. In contrast with his senior management colleagues (most of whom were actuaries), Savoie always maintained that SSQ's strength came first and foremost from its human capital. He took great pride in the team of managers and professionals he recruited over the years: qualified young people willing to work together to build a fast-growing company. Several hundred of these same employees paid an emotional tribute to Maurice Savoie on the eve of his retirement, following 33 years of loyal service.26 He was succeeded by Denis Légaré.
After being appointed CEO of SSQ Life, Pierre Genest restructured the company by dividing it into business lines rather than corporate functions. His two main collaborators were René Hamel, who became vice-president of individual insurance and annuities, and Richard Bell, whose longstanding dream was fulfilled when he took over as head of group insurance. This trio went on to chart SSQ's course over the next 20 years.
A notary by training, Yves Demers retained his responsibilities following the 1993 restructuring. With the double role of chairman of the board of SSQ Life and SSQ, Mutual Management, he sought to reconcile the company's competing interests, i.e., its shareholders and its insured groups. A staunch defender of mutualist values, Demers transmitted his beliefs to his collaborators over the years. When presented with the Quebec order of cooperative and mutualist merit in 2008, he was described as ensuring "that the company allied itself with partners who shared core values. But he also oversaw the expansion of business outside Quebec while preserving the company's mutualist identity."27
Yves Demers retired in 2006 after 28 years of service as SSQ's board secretary (until 1990) and as chairman of the board.
Pierre Genest and SSQ's restructuring
Pierre Genest headed SSQ until 2001. The multi-stage restructuring he oversaw was intended to embed the principle of management accountability in the various business lines. In 1997, a new milestone was reached when several departments were revamped. The corporate actuarial, accounting and investment functions were now grouped together in a department headed by vice-president Serge Boiteau. This department, which originally evaluated the company's various financial commitments, was now tasked with managing investments designed to guarantee those commitments.28 The strategy, development and technology department was put in charge of overall medium- and long-term planning and operational guidance. It played a key role on various projects (e.g., acquisitions, alliances and new market development).29 Technology was regarded as important enough to merit its own department in 1999. And corporate communications, initially a part of the HR department in 1997, were assigned to the new general secretariat in 2000.30
In 2000, Richard Bell's appointment to the brand-new position of senior executive vice-president, insurance and investment, set off a series of internal changes that affected various functions. René Hamel became senior vice-president, group insurance, while Johanne Goulet was named senior vice-president, investment and retirement. Maurice Savoie, Serge Boiteau and Gilles Mourette were all appointed senior vice-president. The new titles reflected the importance the company placed on these responsibilities.31 In addition, the sales and marketing directors in the group insurance sector (private/public sectors), and the investment and retirement sector were promoted to the rank of vice-president in keeping with the company's decision to spotlight its promotional and marketing efforts. This restructuring did not affect the management of SSQ's main subsidiaries, each of which was headed by a CEO and various vice-presidents.
In 2001, Pierre Genest was tapped by Henri Massé to take on a new challenge involving the FTQ's solidarity fund, which was experiencing difficulties.32 Genest's record of service at SSQ made him the logical choice to bring the solidarity fund back to profitability. SSQ Financial Group paid tribute to him in these terms: "Dedicated to group success and teamwork, Pierre Genest has provided strong and competent leadership that unified the company. The decision to name his successor, Richard Bell, was unanimous and will ensure continuity."33
Board of directors and governance
The board of SSQ, Life Insurance Company Inc., which oversaw SSQ Financial Group, was made up of union representatives and members from a variety of backgrounds. Most of the directors were elected members. Delegates to SSQ, Mutual Management's general meetings could run for positions on the parent company's board. With the exception of FTQ solidarity fund shareholders, who only served on SSQ, Life Insurance Company Inc.'s board, the same individuals sat on both boards.
A number of individuals served on SSQ's board for many years. Victorin-B. Laurin, general manager of Quebec City Hall, joined the board in 1969 and was vice-chairman from 1971 to 1993.34 He was also chairman of the general insurance subsidiary board from its founding in 1986 until 1998.35 Similarly, Jean-Guy Frenette, who was FTQ's research director and political advisor before he joined the solidarity fund, which he helped set up in 1983, retired from SSQ's board in 2004.36 He dedicated more than two decades of his life to SSQ and played an important role during the rescue operation in 1992-1993. He also served as second vice-chairman for several years. Étienne Giasson, CSN's union advisor, served on SSQ's board for 20 years (1979-1999).
In general, directors served on SSQ's board for several years. The main union federations and major union groups from the public and parapublic sectors played key roles, although SSQ's representatives and those from other socio-economic backgrounds helped provide some diversity. In addition, board directors of the mutual who were not on the parent company's board still attended its meetings.
The mutualist difference
SSQ Financial Group's affinity for the mutualist model became one of its signature characteristics. This model survived SSQ Life's major internal restructuring in 1993, in addition to the wave of demutualization that affected the sector at the end of the decade. All policy or contract holders in the areas of group insurance, individual insurance and investment and retirement became de facto co-owners of SSQ Financial Group. The company celebrated its unique status by promoting cooperative values, affirming its social commitment and making responsible investments.
Administration of SSQ, Mutual Management
SSQ, Mutual Management served as the guardian of SSQ Financial Group's mutualist values.
Up until 2006, members were invited to attend a series of regional meetings held across Quebec. In the 1990s (and until 2001), César Simon, general secretary of the SSQ companies, was responsible for organizing and running these meetings (he was succeeded by Ève Giard and, a few years later, by Hélène Plante). At the regional meetings, reports were submitted on the company's activities, although they were primarily used to obtain feedback from users and insurance plan administrators.37 Seminars were also held in conjunction with these meetings. In the early 2000s, a committee tasked with promoting mutualist interests, made up of board directors and company employees, was set up to find ways to boost participation in the regional meetings and to make staff members more aware of the "mutualist difference".
The regional meetings were also used to select delegates to the general meetings of SSQ, Mutual Management. These delegates elected all of SSQ, Mutual Management's board members, who also served on the board of SSQ, Mutual Holding Inc., which was incorporated on September 13, 1991.
The roots of mutualism run deep into the past. It developed in the 19th century, at a time when governments offered very little social protection. Mutualism originally emerged as a type of "foresight" mechanism whereby the members of a group (often engaged in the same trade or profession) paid contributions to ensure mutual coverage in the event of illness, disability, old age, death, etc. and to guarantee certain benefits. The core aspects of mutualism evolved over the years, most notably thanks to actuarial sciencebased methodological improvements. As in the past, mutualist companies still seek to accumulate reserve funds that members can tap into as needed.
In day-to-day life, the mutualist difference is defined in terms of values. Equality, fairness, solidarity and democracy are among the core beliefs of mutualist leaders, whose prime objective is to ensure their company's ongoing viability.
In other echelons of the company, SSQ promotes mutualist values via a committee established in 1994.38 This committee initiated a training program for SSQ company employees.
SSQ Financial Group's adherence to cooperative values is also reflected in its participation in various associations in Quebec and around the world that seek to defend this economic model.
For example, the provincial cooperation and mutualism council (CQCM) takes part in Quebec's socio-economic development by promoting the full potential of the cooperative and mutualist movement, in keeping with the principles and values of the International Co-operative Alliance.
SSQ Financial Group is also one of the original members of the Quebec foundation for cooperative and mutualist education (FECM), established in 1994. From the outset, SSQ has supported this foundation, which is also dedicated to promoting the cooperative model.
In the global arena, SSQ joined the International Cooperative and Mutual Insurance Federation (ICMIF) in 2000. "In this era of globalization," said Yves Demers, "our membership in this organization appears highly relevant as we have gained access to a worldwide network of mutualist companies."39 SSQ also remains very active within SOCODEVI, a Quebec-based international development organization. In this regard, SSQ Financial Group has shared its insurance expertise through missions to developing countries over the years.
SSQ Financial Group has come a long way from its beginnings as a medical cooperative in a working-class district of Quebec City. Today, it is deeply involved in the community, not only via sponsorships and donations (including those made by the SSQ Foundation), but also through the personal volunteer efforts of its employees and managers.
A plaque commemorating the decision of Fondation SSQ to open the home of its founder, Dr. Jacques Tremblay, to Pignon Bleu, a community organization located in the Saint-Sauveur district of Quebec City.
As a member of Imagine Canada, SSQ sets aside at least 1% of its pre-tax profits as donations to community development organizations. It also established the SSQ Foundation in 1996.
Until 1994, corporate donations were made to Centraide (the Quebec chapter of United Way), as well as to universities, healthcare institutions and cooperative education programs. Playing a very active role in Centraide's annual fundraising initiatives in Quebec City and around the province, Pierre Genest oversaw the 1996 campaign. The company's employees are known for their high participation rates in Centraide's annual campaigns. In 2000, SSQ was given a special award for "business and social commitment", presented jointly by Centraide-Quebec and the Quebec City chamber of commerce and industry. This inaugural award recognized the outstanding involvement of a regional company and its staff in humanitarian causes and social development projects.40
Spearheaded by Yves Demers and Pierre Genest, the SSQ Foundation was created to mark the organization's 50th anniversary in 1996. It is funded via an annual contribution by the Group's companies. In the early years of the Foundation, the only project to receive funding involved the purchase and restoration of Dr. Tremblay's home in the Saint-Sauveur district, which had once served as the SSQ healthcare cooperative's headquarters. One of the departments of Pignon Bleu, a non-profit organization that assists young families in difficulty, now occupies the ground floor of the building, which is officially known as "La Maison SSQ".41
The community involvement of SSQ's management team is also considerable. Their participation on the boards of various philanthropic and socio-economic organizations is a testament to their personal dedication.
By the time Pierre Genest retired, SSQ Financial Group had become a solid institution whose management team had a clear and confident vision of the future. By respecting SSQ's mutualist leanings, FTQ's solidarity fund ensured the viability of an organization that had previously placed member services and social values above its economic interests. Following the appointment of actuaries to key decision-making positions, the company became more focused on business development, although it never turned its back on the social legacy bequeathed by the founders of the original healthcare cooperative.
SSQ Financial Group: Now and Then
52 Avenue des Oblats, Quebec City
Dr. Tremblay's office housed the health cooperative from 1944 to 1949.
38 Rue Caron, Quebec City
The company moved to a building belonging to the Caisse populaire Jacques-Cartier, where it stayed from 1950 to 1958.
190 Rue Dorchester, Quebec City
SSQ moved to Rue Dorchester in 1958. In 1968, the company leased space from the Congrégation des Frères des Écoles chrétiennes while waiting to move into its new offices on Boulevard Laurier.
2525 Boulevard Laurier: SSQ headquarters, Quebec City
SSQ inaugurated its headquarters in 1969.
1245 Chemin Ste-Foy, Quebec City
SSQ owned the Parc Samuel-Holland complex from 1982 to 2003 and continues to lease office space there.
1200 Avenue Papineau: Papineau-Lévesque complex, Montreal
SSQ purchased the building in 1984 and sold it in 2010. The company continues to lease office space there.
2525 Boulevard Laurier: SSQ headquarters, Quebec City
In 1989, the Laurentian Tower was added onto the original St. Lawrence Tower built in 1969.
110 Sheppard Avenue East: SSQ Place, Toronto
This building, acquired in 2010, helped SSQ break into the Ontario market.
2505 and 2515 Boulevard Laurier: Roland-Giroux building, Quebec City
This building was inaugurated in 2005 and houses SSQauto (at 2515) and many other employees (at 2505).
1225 Rue Saint-Charles Ouest: SSQ Tower, Longueuil
The SSQ Tower is currently under construction and is slated to open in 2016. It will house all of the company's employees from the greater Montreal region.
2475 Boulevard Laurier, Quebec City
This three-storey building built in 1961 was purchased by SSQ in 2014 to allow the company to house all of its employees on a single campus on Boulevard Laurier.
- Assuris, "Past Insolvencies", (page consulted on May 28, 2013).
- SSQ Life, 1996 Annual Report, p. 5.
- SSQ Financial Group, 2001 Annual Report, p. 12.
- SSQ Life, 1995 Annual Report, pp. 14-15. Quebec National Assembly, Journal des débats, standing committee on social affairs, Fascicule no. 25, February 22, 2000, p. 18, RACQ, testimony by Pierre Genest, (page consulted on July 22, 2013).
- SSQ, Mutual Management, 1994 Annual Report, p. 7.
- SSQ Life, 1996 Annual Report, p. 26.
- SSQ Life, 1999 Annual Report, p. 35.
- SSQ Financial Group, 2000 Annual Report, p. 19.
- SSQ Life, 1998 Annual Report, p. 5.
- SSQ Life, 1999 Annual Report, p. 5.
- Health services authorization and payment centre.
- Rose-Line Brasset, interview with Maurice Savoie, November 7, 2012.
- Rose-Line Brasset, interview with Pierre Genest, December 10, 2012.
- SSQ Life, 1993 Annual Report, p. 5.
- SSQ Life, 1994 Annual Report, p. 10.
- Pay equity commission, "Dossier no. 400- 00830", December 6, 2005, p. 2, (page consulted on July 2, 2013).
- SSQ Financial Group, 2002 Annual Report, p. 11.
- SSQ Financial Group, Bilan social, 2002, p. 3.
- SSQ Life, 1996 Annual Report, p. 7.
- SSQ Life, 1998 Annual Report, p. 5.
- SSQ Financial Group, 2000 Annual Report, p. 20.
- SSQ Financial Group, 2002 Annual Report, p. 34.
- The Quebec City chapter of the Life Office Management Association (LOMA) was founded in 1981.
- SSQ Financial Group, 2004 Annual Report, p. 48.
- Rose-Line Brasset, interview with Maurice Savoie, November 7, 2012. These words are recorded in a souvenir album that Mr. Savoie treasures.
- CBCM banquet, press release, March 29, 2008, (page consulted on August 12, 2014).
- SSQ Life, 1997 Annual Report, p. 3.
- Ibid., p. 4.
- SSQ Financial Group, 2000 Annual Report, p. 13.
- Pierre Genest was appointed to his new position in 2002.
- SSQ Financial Group, 2001 Annual Report, p. 11.
- SSQ Life, 1993 Annual Report, p. 2.
- SSQ Life, 1998 Annual Report, p. 25.
- SSQ Financial Group, 2004 Annual Report, p. 54.
- SSQ Life, 1999 Annual Report, p. 3.
- SSQ, Mutual Management, 1994 Annual Report, p. 5.
- SSQ, Mutual Management, 2000 Annual Report, p. 3.
- SSQ Financial Group, 2000 Annual Report, p. 22.
- Ibid., p. 23.