Leveraging CAE’s strengths
The Board of Directors is well satisfied with CAE’s progress. In fiscal 2016, customers responded positively to our training solutions across all three of our business segments. Achieving double-digit growth in annual revenue as well as a high level of activity in all segments confirms that CAE is bringing the right solutions to market. On behalf of the Board, I would like to thank CAE’s experienced management team and dedicated employees for skillfully leveraging the company’s unique combination of strengths to deliver these solid results.
CAE’s “training partner of choice” vision underpins the company’s strategic plan, defines its investment proposition and provides the Board with confidence in CAE’s future. Given this positive outlook for long-term sustainable growth, we raised our shareholder dividend for the fifth consecutive year.
View on governance
The Board fully endorses CAE’s shift in focus from training products to delivering end-to-end training solutions. As management implements this shift, the Board is keeping a sharp focus on the oversight of major risks. We are applying best practices and policies to review CAE’s risk profile and provide informed counsel to the senior management team. Our fundamental objective is to ensure an appropriate return for the risks we judiciously assume.
Thoughtful analysis, adherence to the highest ethical standards, active engagement with management and protection of shareholders’ interests are core responsibilities that each member of the Board takes to heart.
Progress in corporate social responsibility
In fiscal 2016, Marc Parent and his management team also drove significant changes in corporate social responsibility (CSR). CAE is now equipped with a materiality matrix and a 2020 CSR Roadmap. These tools set out CAE’s six core priorities in CSR and are key to establishing objectives, targets and initiatives that will enable us to generate economic, environmental and social benefits wherever we operate.
I would like to thank my fellow directors for their commitment and sound advice. In particular, I would like to thank Brian E. Barents, who will not stand for re-election to the Board, for his many years of dedication. At the same time, I would like to welcome new Board member Margaret S. (Peg) Billson. Peg is a longtime veteran of the aerospace industry, current President and CEO of BBA Aviation’s Global Engine Services companies, and an instrument-rated private pilot.
I also want to thank our shareholders for their continued confidence in our ability to shape the future of training and deliver solid results. You can count on your Board’s collective and diverse business experience to work to ensure CAE’s continued success.