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Chairman's Letter
In the last several years, the Chairman has written to you about the challenges and opportunities of the unprecedented pace of change in the telecommunications industry. As a Board, we have worked hard to have a consistent set of strategic priorities focused on building on our leading position in Western Canada and creating revenue growth in the rest of Canada.
We are pleased with the progress we made in 2000 toward the achievement of these priorities, beginning with the successful mid-year conclusion of our extensive international search for a new Chief Executive Officer. We chose Darren Entwistle to lead TELUS in executing our growth ambitions. Darren has instilled in our Company the more sharply defined growth focus and full-speed-ahead approach we had promised you. This was evident in his 100-day plan and the bold acquisition of Clearnet, both of which the Board unanimously supported, given their strong strategic fit.
While the executive search was underway, the Company concluded the $584-million acquisition of QuébecTel. This jumpstarted our entry into Québec by about two years and gave us a home team advantage in this critical market. With the purchases of Clearnet and QuébecTel, TELUS has truly become a leading national service company.
Today, TELUS is Canada's 19th largest company in terms of market value, trading on the TSE and the NYSE with a market value of more than $11 billion, revenues of $6.4 billion and EBITDA of $2.5 billion. Also, in last year's report to shareholders, I declared our intention to achieve a total annualized return of 15 per cent over five years. Last year, we surpassed our goal - achieving a 22 per cent total return on investment.
The Company is focusing on the growth markets of data, the Internet and wireless. The Board of Directors stands firmly behind this vision. We will focus our energies on areas of growth and opportunities available to support the Company in its evolution to a New Economy company. We will create more value for our shareholders by ensuring this strong growth, while at the same time maintaining TELUS' financial strength.
The Board remains committed to the highest levels of corporate governance. We have aligned the interests of the Board with those of our shareholders by committing Board members to an equity ownership position with a minimum market value of $100,000. We also report to you on our performance against the 14 Toronto Stock Exchange Corporate Governance Guidelines in the annual meeting information circular.
I extend my heartfelt thanks to the Board members who have either retired or stepped down. David Emerson, Norm Kimball, Richard LeLacheur, Harold Milavsky and Walter O'Donoghue contributed tremendous insight and value to our Company during their tenures. Going forward, the makeup of our Board will reflect our growth strategy, with an emphasis on greater geographic representation as well as having skills and knowledge suited for a New Economy company.
In closing, I want to thank each of you for your ongoing support and confidence in Team TELUS.
Brian A. Canfield
Chairman of the Board
February 14, 2001
In the last several years, the Chairman has written to you about the challenges and opportunities of the unprecedented pace of change in the telecommunications industry. As a Board, we have worked hard to have a consistent set of strategic priorities focused on building on our leading position in Western Canada and creating revenue growth in the rest of Canada.
We are pleased with the progress we made in 2000 toward the achievement of these priorities, beginning with the successful mid-year conclusion of our extensive international search for a new Chief Executive Officer. We chose Darren Entwistle to lead TELUS in executing our growth ambitions. Darren has instilled in our Company the more sharply defined growth focus and full-speed-ahead approach we had promised you. This was evident in his 100-day plan and the bold acquisition of Clearnet, both of which the Board unanimously supported, given their strong strategic fit.
While the executive search was underway, the Company concluded the $584-million acquisition of QuébecTel. This jumpstarted our entry into Québec by about two years and gave us a home team advantage in this critical market. With the purchases of Clearnet and QuébecTel, TELUS has truly become a leading national service company.
Today, TELUS is Canada's 19th largest company in terms of market value, trading on the TSE and the NYSE with a market value of more than $11 billion, revenues of $6.4 billion and EBITDA of $2.5 billion. Also, in last year's report to shareholders, I declared our intention to achieve a total annualized return of 15 per cent over five years. Last year, we surpassed our goal - achieving a 22 per cent total return on investment.
The Company is focusing on the growth markets of data, the Internet and wireless. The Board of Directors stands firmly behind this vision. We will focus our energies on areas of growth and opportunities available to support the Company in its evolution to a New Economy company. We will create more value for our shareholders by ensuring this strong growth, while at the same time maintaining TELUS' financial strength.
The Board remains committed to the highest levels of corporate governance. We have aligned the interests of the Board with those of our shareholders by committing Board members to an equity ownership position with a minimum market value of $100,000. We also report to you on our performance against the 14 Toronto Stock Exchange Corporate Governance Guidelines in the annual meeting information circular.
I extend my heartfelt thanks to the Board members who have either retired or stepped down. David Emerson, Norm Kimball, Richard LeLacheur, Harold Milavsky and Walter O'Donoghue contributed tremendous insight and value to our Company during their tenures. Going forward, the makeup of our Board will reflect our growth strategy, with an emphasis on greater geographic representation as well as having skills and knowledge suited for a New Economy company.
In closing, I want to thank each of you for your ongoing support and confidence in Team TELUS.
Brian A. Canfield
Chairman of the Board
February 14, 2001
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