Victory Electric’s annual meeting, held in April each year, generally draws more than 800 people for a meal and business meeting. Due to COVID-19 and state and county restrictions on mass gatherings at the time, the board of trustees voted to postpone April’s annual meeting until it was safer to host the meeting.
After careful consideration, Victory Electric elected to reschedule the annual meeting to Aug. 13 at the Western State Bank Expo. Some traditional parts of the annual meeting, such as the meal, safety demonstration trailer, video presentations, and live door prize drawings were canceled in an effort to reduce the length of the meeting and to keep our members safe and healthy. Hosting the meeting in a scaled down format allowed Victory Electric to adhere to our bylaws and keep the board election timeline intact.
Approximately 105 members were present and 116 total people in attendance. Prior to the vote, Attorney Dave Snapp explained the proposed bylaw amendment. With the 2019 retirement of capital credits, the board realized the need for a bylaw change to clarify the language pertaining to capital credits. When considering a capital credit retirement, the board of trustees evaluates the financial condition and health of the cooperative to ensure a retirement will not impair the cooperative. The proposed bylaw changes would give the board of trustees (a) clarification on how to handle a financial loss and the ability to prescribe the accounting procedures to address such loss, (b) the flexibility to make decisions regarding the retention or distribution of non-operating margins, and (c) the manner and method to which capital credits are retired. The bylaw change vote passed.
CEO Shane Laws gave a brief update and thanked Victory Electric employees for their work and cooperative members for their support and understanding of changes during the COVID-19 pandemic.
The results of the board of trustees election were announced and reelected were: John Leis, District 2; Jim Imel, District 4; Kenny Wehkamp, District 6; and Randy Quint, District 10.
“On behalf of the board, I would like to thank our members for their understanding of the method of this year’s annual meeting,” said CEO Shane Laws. “Once the pandemic subsides, we look forward to seeing you in person at next year’s annual meeting.”
Several winners for door prizes were drawn from the registration cards on Friday following the annual meeting.