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MONTRÉAL, May 25, 2023 (GLOBE NEWSWIRE) -- The Foundation of Greater Montréal (FGM) held its Annual General Meeting today and renewed its Board of Directors, notably with the election of a new Chair. The Foundation's members also examined its financial results and were given an overview of its activity in 2022. You can find out more by consulting FGM's annual report .
With more than $381M in assets under management, distributed over 761 philanthropic funds, the Foundation of Greater Montréal remains the largest community foundation in Quebec. In 2022, it granted more than $34M to 458 community organizations in Greater Montreal that were active in all sectors, from culture to health, and from ecological transition to social equity and education. That total represents an increase of 40% over 2021, which means that an additional $10M was distributed in the community; as well, this amount is a new record for fgm .
"More than ever, the Foundation is providing ambitious leadership that breaks new ground, most notably by developing new methods. In order to bring about the changes our world truly needs, philanthropy itself must renew its practices and better align them with the needs of the people it aims to serve. That is why FGM, through every aspect of its work, aspires to become a living laboratory for philanthropy in Montreal, Quebec and Canada. And I am very proud of the work we have done in that spirit over the last few years," stated Kathy Fazel, outgoing Chair of the Board of Directors.
"FGM aspires to create a community that will be free from poverty and discrimination, where all can realize their potential and live in a healthy environment, today and in the future. In addition to our commitment to advancing the ecological transition and social equity, we have rethought our ways of working, so as to better embody the values of justice, equity, diversity and inclusion that are at the core of our action. In doing so, one of our goals is to democratize and promote FGM's services with a view to serving new populations," noted FGM's President and CEO, Karel Mayrand. FGM's strategic plan offers further details on these initiatives.
In 2022, donations and other contributions to the Foundation amounted to more than $36M. Thanks to this support from the community, and rigourous management, the Foundation maintained its excellent financial health, notwithstanding a gross rate of return on investment of -9.93%, attributable to the plummeting stock market. Over a 10-year period, its annualized gross return on investment now stands at 6.23%.
At the Annual General Meeting, the Foundation's members also elected new Board members, while other members assumed new duties.
Karen Macdonald, who had been serving as Vice-Chair since 2021 and has been a Board member since 2018, succeeds Kathy Fazel as Chair of the Board. Ms. Macdonald is News Director and Station Manager at Global Television in Montreal.
"It is with great enthusiasm that I take on the role of Chair of the Foundation of Greater Montréal's Board of Directors, at a crucial time for our community. FGM is now established as a leader in Montreal's philanthropic sector. Its impact in the community is greater than the number of philanthropic funds or the total value of the assets it manages. In developing innovative partnerships, FGM has found new ways of supporting the actors working for Greater Montreal's development and for the well-being of its population. I take this role to heart and I am eager to pursue the initiatives that have been launched,” Karen Macdonald stated.
Frédéric Lavoie, a partner with PwC who has been a Board member for four years and chairs its Philanthropic Development Committee, will assume the post of Vice-Chair. Mariama Dupuis, Chief of Staff for the Chair and CEO at Sagard, Sophie Labrecque, CEO and founder of the MAGNET philanthropic agency and Jason Taylor, an expert in sustainable finance, are the other new Board members.
Have a look at FGM's website to view a complete listing of the board of directors as well as the Foundation's committees for 2023-2024.
For more information:
Simon Delorme, Communications Advisor
(514) 866-0808 ext. 107
About the Foundation of Greater Montreal
The Foundation of Greater Montréal (FGM) serves, and listens to, its community. In collaboration with its partners, it mobilizes philanthropic resources, disseminates knowledge, sparks new initiatives, and supports the community, with a view to furthering the United Nations' Sustainable Development Goals in Greater Montreal. FGM aspires to the development of a community that will be free from poverty and discrimination, where all can realize their potential and live in a healthy environment, both today and in the future. Website: fgmtl.org