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With each day we get greater clarity on the impact of Covid on our operations, at the same time we are seeing the EV transit industry adapting to the "new normal" and moving forward. As an essential business manufacturing on behalf of the transit industry, GreenPower production remains ongoing.

While production continues, it does so at a subdued rate to comply with physical distancing recommendations and to protect our family of GreenPower employees. While we have encountered some issues, our supply chain has not been substantially impacted in a negative way. We continue to monitor this situation very closely and are doing everything in our power to have contingency plans in place where feasible should greater disruptions arise.

Given the human interaction required to physically deliver a bus, we have experienced some delivery delays relative to our expectations at the start of the year. That being said, in March we were still able to deliver eight EV Stars to customers while carefully adhering to physical distancing recommendations and taking other precautionary measures. In sum, we are part of an industry that is rapidly adapting to overcome the inherent logistical challenges caused by the pandemic, but progress continues for both GreenPower and the EV transit industry as a whole.

In the case of the EV Star Plus, our body builder has temporarily suspended production and will be restarting next week, otherwise production continues on all of our other EV Stars. I think that is somewhat indicative of what we are seeing with the business as a whole, pockets of disruption and some delays, but we are making the necessary adjustments and moving forward.

Additionally, we are pursuing funds under the SBA program via the US stimulus package to support operational overhead during this period of disruption. The Directors and Officers who hold the majority of the Company's outstanding debentures and promissory notes have all agreed to postpone all interest payments. We believe that collectively, these efforts will allow GreenPower to navigate the near term and be well positioned as we emerge from the crisis.

Over the past six months, insiders have purchased over 1. Our sales pipeline is strong and we anticipate substantial new orders to be announced in the near future, despite being in the midst of a global pandemic. We are encouraged by the new interest we've received during this time. This activity is not by chance, but rather is the result of a focused strategy and effort. We have built a line of superior performing vehicles from the ground up that were designed as all electric from day one and we are seeing great traction with the GreenPower brand as a result.

The more vehicles we get on the road, the more our EV bus sells itself. It is one thing to say you have a superior product, now we are proving it and the sales pipeline is a reflection of that. While uncertainty will remain over the near term, we have great confidence in the years ahead -- that GreenPower will strive to further solidify its position as a leading provider of EV transit solutions to this burgeoning industry.

On a personal note, a round of applause to the health care professionals who are the real heroes during this pandemic. GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles, a cargo van and a double decker. GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions.

GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements.

For further information go to www. This document contains forward-looking statements relating to, among other things, GreenPower's business and operations and the environment in which it operates, which are based on GreenPower's operations, estimates, forecasts and projections.Q3 earnings. Access BlackRock's Q3 earnings now. Publications and data visuals. Our thought leadership in investing, risk management, portfolio construction and trading solutions.

As an asset manager, BlackRock invests on behalf of others, and I am writing to you as an advisor and fiduciary to these clients. The money we manage is not our own. It belongs to people in dozens of countries trying to finance long-term goals like retirement.

And we have a deep responsibility to these institutions and individuals — who are shareholders in your company and thousands of others — to promote long-term value. Last September, when millions of people took to the streets to demand action on climate change, many of them emphasized the significant and lasting impact that it will have on economic growth and prosperity — a risk that markets to date have been slower to reflect.

But awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance. The evidence on climate risk is compelling investors to reassess core assumptions about modern finance. Will cities, for example, be able to afford their infrastructure needs as climate risk reshapes the market for municipal bonds?

What happens to inflation, and in turn interest rates, if the cost of food climbs from drought and flooding? How can we model economic growth if emerging markets see their productivity decline due to extreme heat and other climate impacts? Investors are increasingly reckoning with these questions and recognizing that climate risk is investment risk. Indeed, climate change is almost invariably the top issue that clients around the world raise with BlackRock. They are seeking to understand both the physical risks associated with climate change as well as the ways that climate policy will impact prices, costs, and demand across the entire economy.

These questions are driving a profound reassessment of risk and asset values. And because capital markets pull future risk forward, we will see changes in capital allocation more quickly than we see changes to the climate itself. In the near future — and sooner than most anticipate — there will be a significant reallocation of capital.

As a fiduciary, our responsibility is to help clients navigate this transition. Our investment conviction is that sustainability- and climate-integrated portfolios can provide better risk-adjusted returns to investors. And with the impact of sustainability on investment returns increasing, we believe that sustainable investing is the strongest foundation for client portfolios going forward.

Over the next few years, one of the most important questions we will face is the scale and scope of government action on climate change, which will generally define the speed with which we move to a low-carbon economy. This challenge cannot be solved without a coordinated, international response from governments, aligned with the goals of the Paris Agreement.

Under any scenario, the energy transition will still take decades. We need to be mindful of the economic, scientific, social and political realities of the energy transition. Governments and the private sector must work together to pursue a transition that is both fair and just — we cannot leave behind parts of society, or entire countries in developing markets, as we pursue the path to a low-carbon world. While government must lead the way in this transition, companies and investors also have a meaningful role to play.

BlackRock has joined with France, Germany, and global foundations to establish the Climate Finance Partnership, which is one of several public-private efforts to improve financing mechanisms for infrastructure investment.

The need is particularly urgent for cities, because the many components of municipal infrastructure — from roads to sewers to transit — have been built for tolerances and weather conditions that do not align with the new climate reality.

new ceo letter to shareholders

In the short term, some of the work to mitigate climate risk could create more economic activity. Yet we are facing the ultimate long-term problem. But there is no denying the direction we are heading. Every government, company, and shareholder must confront climate change. We believe that all investors, along with regulators, insurers, and the public, need a clearer picture of how companies are managing sustainability-related questions.

The importance of serving stakeholders and embracing purpose is becoming increasingly central to the way that companies understand their role in society. As I have written in past letters, a company cannot achieve long-term profits without embracing purpose and considering the needs of a broad range of stakeholders.Last year was a big year — we delivered strong results, launched fantastic new products and services, and positioned Microsoft for an incredible future.

We delivered these results while preparing a pipeline of new and updated products that will launch in the year ahead. To best understand what we are about to deliver and what we're building toward, it's important to recognize a fundamental shift underway in our business and the areas of technology that we believe will drive the greatest opportunity in the future.

Last year in this letter I said that over time, the full value of our software will be seen and felt in how people use devices and services at work and in their personal lives. This is a significant shift, both in what we do and how we see ourselves — as a devices and services company.

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It impacts how we run the company, how we develop new experiences, and how we take products to market for both consumers and businesses.

The work we have accomplished in the past year and the roadmap in front of us brings this to life. We will continue to work with a vast ecosystem of partners to deliver a broad spectrum of Windows PCs, tablets and phones. We do this because our customers want great choices and we believe there is no way one size suits over 1. There will be times when we build specific devices for specific purposes, as we have chosen to do with Xbox and the recently announced Microsoft Surface.

In all our work with partners and on our own devices, we will focus relentlessly on delivering delightful, seamless experiences across hardware, software and services. This means as we, with our partners, develop new Windows devices we'll build in services people want. Further, as we develop and update our consumer services, we'll do so in ways that take full advantage of hardware advances, that complement one another and that unify all the devices people use daily.

So right out of the box, a customer will get a stunning device that is connected to unique communications, productivity and entertainment services from Microsoft as well as access to great services and applications from our partners and developers around the world.

A great example of this shift is Windows 8. Windows 8 will come to market Oct. Windows 8 unites the light, thin and fun aspects of a tablet with the power of a PC. It's beautiful, it's functional, and it's perfect for both personal and professional use. SkyDrive, our cloud storage solution, effortlessly connects content across a user's devices. Bing's powerful search technologies in Windows 8 will help customers get more done. Skype has a beautiful new Windows 8 app and connects directly into the new Office.

Office, too, is taking a major leap forward. The new Office was designed from the ground up for Windows 8 and takes full advantage of new mobile form factors with touch and pen capabilities.

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It unlocks new experiences for reading, note taking, meetings and communications and brings social directly into productivity and collaboration scenarios. The combination of a Windows 8 tablet with OneNote and SkyDrive has truly revolutionized how to take notes, annotate documents and share information.As an essential business manufacturing on behalf of the transit industry, GreenPower production remains ongoing.

While production continues, it does so at a subdued rate to comply with physical distancing recommendations and to protect our family of GreenPower employees. While we have encountered some issues, our supply chain has not been substantially impacted in a negative way.

We continue to monitor this situation very closely and are doing everything in our power to have contingency plans in place where feasible should greater disruptions arise. Given the human interaction required to physically deliver a bus, we have experienced some delivery delays relative to our expectations at the start of the year. That being said, in March we were still able to deliver eight EV Stars to customers while carefully adhering to physical distancing recommendations and taking other precautionary measures.

In sum, we are part of an industry that is rapidly adapting to overcome the inherent logistical challenges caused by the pandemic, but progress continues for both GreenPower and the EV transit industry as a whole. In the case of the EV Star Plus, our body builder has temporarily suspended production and will be restarting next week, otherwise production continues on all of our other EV Stars.

I think that is somewhat indicative of what we are seeing with the business as a whole, pockets of disruption and some delays, but we are making the necessary adjustments and moving forward. Additionally, we are pursuing funds under the SBA program via the US stimulus package to support operational overhead during this period of disruption. We believe that collectively, these efforts will allow GreenPower to navigate the near term and be well positioned as we emerge from the crisis.

Over the past six months, insiders have purchased over 1. Our sales pipeline is strong and we anticipate substantial new orders to be announced in the near future, despite being in the midst of a global pandemic. This activity is not by chance, but rather is the result of a focused strategy and effort. We have built a line of superior performing vehicles from the ground up that were designed as all electric from day one and we are seeing great traction with the GreenPower brand as a result.

The more vehicles we get on the road, the more our EV bus sells itself. It is one thing to say you have a superior product, now we are proving it and the sales pipeline is a reflection of that.

While uncertainty will remain over the near term, we have great confidence in the years ahead — that GreenPower will strive to further solidify its position as a leading provider of EV transit solutions to this burgeoning industry.

On a personal note, a round of applause to the health care professionals who are the real heroes during this pandemic. GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles, a cargo van and a double decker.

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GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions. GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems.As an essential business manufacturing on behalf of the transit industry, GreenPower production remains ongoing. While production continues, it does so at a subdued rate to comply with physical distancing recommendations and to protect our family of GreenPower employees.

The CEOs of nearly 200 companies just said shareholder value is no longer their main objective

While we have encountered some issues, our supply chain has not been substantially impacted in a negative way. We continue to monitor this situation very closely and are doing everything in our power to have contingency plans in place where feasible should greater disruptions arise.

Given the human interaction required to physically deliver a bus, we have experienced some delivery delays relative to our expectations at the start of the year.

That being said, in March we were still able to deliver eight EV Stars to customers while carefully adhering to physical distancing recommendations and taking other precautionary measures.

In sum, we are part of an industry that is rapidly adapting to overcome the inherent logistical challenges caused by the pandemic, but progress continues for both GreenPower and the EV transit industry as a whole. In the case of the EV Star Plus, our bodybuilder has temporarily suspended production and will be restarting next week, otherwise production continues on all of our other EV Stars.

I think that is somewhat indicative of what we are seeing with the business as a whole, pockets of disruption and some delays, but we are making the necessary adjustments and moving forward. Additionally, we are pursuing funds under the SBA program via the US stimulus package to support operational overhead during this period of disruption. We believe that collectively, these efforts will allow GreenPower to navigate the near term and be well positioned as we emerge from the crisis.

Over the past six months, insiders have purchased over 1. Our sales pipeline is strong and we anticipate substantial new orders to be announced in the near future, despite being in the midst of a global pandemic. This activity is not by chance, but rather is the result of a focused strategy and effort.

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We have built a line of superior performing vehicles from the ground up that were designed as all electric from day one and we are seeing great traction with the GreenPower brand as a result. The more vehicles we get on the road, the more our EV bus sells itself. It is one thing to say you have a superior product, now we are proving it and the sales pipeline is a reflection of that. While uncertainty will remain over the near term, we have great confidence in the years ahead — that GreenPower will strive to further solidify its position as a leading provider of EV transit solutions to this burgeoning industry.

On a personal note, a round of applause to the health care professionals who are the real heroes during this pandemic. GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles, a cargo van and a double decker. GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions. GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems.

This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www. Sign in. Log into your account. Forgot your password?What makes a great annual letter from the CEO to the shareholders? The typical, generic annual letter that I read adds little to the numbers and sometimes obfuscates more than it illuminates. The best letters go beyond the numbers and help shareholders get a deeper understanding of the company, how it is performing and the decision-making process the management team employs.

In this article I examine the aspects of a great annual letter and provide five examples. Uses promotional language to highlight success and largely deemphasizes any shortfalls.

new ceo letter to shareholders

Summarizes financial results readily available elsewhere without providing sufficient context. Talks about future goals and aspirations without also reviewing how performance thus far has measured up against past goals and aspirations.

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Focuses on the external environment as the source of problems with the business. Frequently leaves me feeling like I know less about what is really happening with the company than before I started reading it, and that I should just skip it and proceed to the form K filing for U.

Treats readers as partners who would like to understand the business at a deeper level rather than as prospects to be marketed to. Addresses both what went right and what went wrong for the company.

Helps the readers understand the process that the management is using to make decisions to control what is within its ability to do so. Gives the shareholders insight into qualitative aspects of the company, such as its culture.

new ceo letter to shareholders

A terrific annual letter from the CEO does not in and of itself mean that the company is a great one or that the stock is a good investment. It does, however, quickly identify the CEO as more likely to be aligned with the shareholders and more likely to possess other desirable attributes, such as the appropriate balance between confidence and humility.

In no particular order, here are five letters that hit the mark for me:. Focuses investors on metrics that are important inputs into estimating intrinsic value. It is not promotional: the emphasis is on an objective assessment of results and on helping investors better understand the business. Provides insight into what the company looks for in board members to help it succeed.

Focuses on what has not gone well and what is being done about it. It is not promotional: the emphasis is on an objective assessment of results and to help investors better understand the business. Admits mistakes made, takes responsibility and highlights lessons learned.

Chairman and CEO Letter to Shareholders

If you noticed that there is a good deal of overlap between what each letter does well, that is because these aspects are important components of a good letter. Notice also what is absent:. Lofty financial targets not substantiated by past record or by details of how they will be achieved. Pontification about topics not relevant to what a thoughtful investor trying to estimate the intrinsic value of the business would be interested in. Regurgitation of headline financial statistics easily obtainable elsewhere without providing a meaningful explanation about what they mean and how they are relevant.

I am sure there are many other good annual letters, and I do not mean to imply that the ones above are the only ones that are excellent. My goal was to give some concrete examples of annual letters that I thought stood out in a positive way. A CEO interested in writing a truly great letter will adopt a more authentic, in-depth communication style with their shareholders to help them better understand the business.

What a typical annual letter does: Uses promotional language to highlight success and largely deemphasizes any shortfalls Summarizes financial results readily available elsewhere without providing sufficient context Talks about future goals and aspirations without also reviewing how performance thus far has measured up against past goals and aspirations Focuses on the external environment as the source of problems with the business Frequently leaves me feeling like I know less about what is really happening with the company than before I started reading it, and that I should just skip it and proceed to the form K filing for U.

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Request My Copy of the Owner's Manual. Important Disclosure and Disclaimers.V GPVRF "GreenPower" a leading designer, manufacturer, and distributer of a diverse line of electric powered buses for the transit, shuttle, tourist and school sectors, has released a letter to its shareholders from its Chairman and CEO Fraser Atkinson.

To my fellow shareholders. With each day we get greater clarity on the impact of Covid on our operations, at the same time we are seeing the EV transit industry adapting to the "new normal" and moving forward. As an essential business manufacturing on behalf of the transit industry, GreenPower production remains ongoing. While production continues, it does so at a subdued rate to comply with physical distancing recommendations and to protect our family of GreenPower employees. While we have encountered some issues, our supply chain has not been substantially impacted in a negative way.

We continue to monitor this situation very closely and are doing everything in our power to have contingency plans in place where feasible should greater disruptions arise. Given the human interaction required to physically deliver a bus, we have experienced some delivery delays relative to our expectations at the start of the year. That being said, in March we were still able to deliver eight EV Stars to customers while carefully adhering to physical distancing recommendations and taking other precautionary measures.

In sum, we are part of an industry that is rapidly adapting to overcome the inherent logistical challenges caused by the pandemic, but progress continues for both GreenPower and the EV transit industry as a whole. In the case of the EV Star Plus, our body builder has temporarily suspended production and will be restarting next week, otherwise production continues on all of our other EV Stars. I think that is somewhat indicative of what we are seeing with the business as a whole, pockets of disruption and some delays, but we are making the necessary adjustments and moving forward.

Additionally, we are pursuing funds under the SBA program via the US stimulus package to support operational overhead during this period of disruption.

The Directors and Officers who hold the majority of the Company's outstanding debentures and promissory notes have all agreed to postpone all interest payments. We believe that collectively, these efforts will allow GreenPower to navigate the near term and be well positioned as we emerge from the crisis. Over the past six months, insiders have purchased over 1. Our sales pipeline is strong and we anticipate substantial new orders to be announced in the near future, despite being in the midst of a global pandemic.

We are encouraged by the new interest we've received during this time. This activity is not by chance, but rather is the result of a focused strategy and effort. We have built a line of superior performing vehicles from the ground up that were designed as all electric from day one and we are seeing great traction with the GreenPower brand as a result.

The more vehicles we get on the road, the more our EV bus sells itself. It is one thing to say you have a superior product, now we are proving it and the sales pipeline is a reflection of that.

While uncertainty will remain over the near term, we have great confidence in the years ahead -- that GreenPower will strive to further solidify its position as a leading provider of EV transit solutions to this burgeoning industry.

On a personal note, a round of applause to the health care professionals who are the real heroes during this pandemic. Thank you all for your continued support, and please, stay safe! Fraser Atkinson. For further information contact:. GreenPower Investor Relations. Mike Cole GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles, a cargo van and a double decker.

GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions. GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems.

This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www. Forward-Looking Statements.


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