Under the theme, “Building A Stronger Future”, Mr. D. Michael Morton, Group Chairman presided over the meeting and the Directors Report was read by Mr. Glenville Jeffers, Executive Director.
In reporting to the shareholders on the Group’s performance, the directors noted that the 2011/12 fiscal year “was one of the most challenging in the face of a weak economy, reduced spending power, along with decreases in total turn over and gross margins along with increases in every category of expenses.”
Director Jeffers noted that the Board was actively working on a comprehensive strategic plan that will emphasize ongoing efforts to reverse the decline. The objective is to reshape the overall business activities by continuing to identify growth opportunities including strengthening consumer relationships, inventory management, credit, and internal controls and processes.
The company maintained its commitment to make significant contributions to the Community, through its ongoing Corporate Social Responsibility Programmes, such as, the Michael L. King Advanced Scholarship Programme and Michael L. King Scholarship Grant.
There were lively discussions between the shareholders and the Board in relation a number of cost cutting measures that could be implemented to meet the challenges of the present business environment in the short and medium term.
The shareholders then received the Auditors Report, and approved a final dividend of 3.25, cents per share, following the interim dividend of 2.75 cents per share paid in January 2012. The total dividend paid for the year is EC$3,120,000.00.
Immediately following the close of the business session, as usual staff was recognized for ten, twenty, twenty-five, thirty, and thirty-fiveyears of devoted service with commemorative pins and Corporate tokens.
Mr. St. Clair Hodge, from the TDC Automotive Division on St. Kitts received the coveted Jacques A. Cramer Employee of the Year, and took home a cash prize and plaque. The following employees were also acknowledged for their considerable contributions to the Company throughout the year:
Employee of the Year (Runner Up) Barbara Farrell Administration/Accounts Dept. (Nevis)
Outstanding Sales Award Hazel Webster TDC Airlines/Tours (St. Kitts)
Runner Up Michelle Parris TDC Automotive Division (Nevis)
Outstanding Service Award Suzette Barry TDC Home and Building Depot (Nevis)
Runner Up Keithley Liburd TDC Automotive Division (Nevis)
The meeting adjourned on a high note, following a demanding year of operations, where the Group managed to hold its own with a positive outlook for the future.