Minutes of the Meeting of Probus Club Vancouver held at the H.R. MacMillan Space Centre - Lower Level, 1100 Chestnut Street, Vancouver on Tuesday the 10th day of November 2009 at 9:00 AM.

1.  Calling the Meeting to Order.  Bill Sexsmith the Vice-President, in the absence of the President Nick Thornton, acted as chairman.  He called the meeting to order at 9:30 AM, with 218 persons present.  Ted Horsey acted as secretary.

2.  Thank You to George Adams.  The Chairman formally thanked George Adams for the good job he did last year as our President, and presented him with a Past President's Pin.  George Adams thanked everyone for the support they gave him during his term of office, and said his duties were a pleasure.

3.  Guest Speaker --  Darren Entwistle -- "Leading the Way in Corporate Responsibility".  

	Our guest speaker, Darren Entwistle, the President and Chief Executive Officer of Telus Corporation for the last nine years, was introduced by Terry Heenan.  He referred us to the last Newsletter for Mr. Entwistle's curriculum vitae.  
	Mr. Entwistle spoke wonderfully, without notes and without a microphone.  He said this:
	
Triple Bottom Line Approach.  Telus takes a triple bottom line approach to corporate social responsibility:
•  Economically, Telus generates sustainable revenue, with transparent 	disclosure of corporate matters.
•  Socially, Telus promotes employee health and well being, and also community 	giving
•  Environmentally, Telus promotes energy efficiency and conservation 	leadership.  

The Telus Values.  Telus embraces change and initiates opportunity; it has a passion for growth; it believes in spirited teamwork; and has the courage to innovate.

National Transformation.  Telus is undergoing a national transformation.  Its strategies are to:
•  Focus on growth markets of data and wireless technology
•  Build national capabilities
•  Provide integrated solutions for the needs of its customers
•  Invest in internal capabilities
•  Invest, divest and form partnerships as necessary or advisable
•  Market wireline voice, wireless, wireline date and wireless data services as a 	team .  
Telus strategy is to use the power of the internet to deliver the best solutions to Canadians at home, in the workplace and on the move.

 Evolution of Telus 2000 - 2009.  During the period from 2000 to 2009, for Telus:
•  Revenue has increased from $6.0 billion to $9.6 billion (60%)
•  Net Income has increased from $681 million to $3.6 billion (62%)
•  Earnings per share increased from$2.86 to $3.56 (24%)
•  Total connection increased from 6 million to 11.9 million (98%)
•  Wireless subscribers increased from 1.1 million to 6.4 million (482%)
•  Network Access Lines decreased from 4.5 million to 4.1 million (-9%)
•  High Speed Internet Subscribers increased from 26 thousand to 1.2 million 	(4515%)
•  Cash returned to shareholders annually by dividend and share purchases 	increased from $336 million to $602 million (79%).

	During this period Telus has had a strategic focus on the data and wireless business.  In 2000 72% of revenue came from the wireline voice business and 28% came from the wireless and data business.  Reversing this, in 2009 29% of revenue came from the wireline voice business and 71% came from the wireless, wireless data, and wireline data business.  

	During 2001 - 2002 Telus had a negative cash flow of $1.5 billion due to investing in high speed data infrastructure, national fixed and mobile platforms and building a lower cost structure.  During the "payback phase" from 2003 to 2009 Telus has had a cumulative consolidated free cash flow of $6.9 billion. 
	
	In 2000 Telus had wireless coverage only in British Columbia, Alberta, Yukon and the Northwest Territories.  Now Telus has wireless coverage in all provinces and territories.  It has increased its market share of high speed internet customers from 11% to 39%, from 26 thousand customers in 2000 to 1.1 million customers in 2009, and from no TV subscribers in 2000 to 137 thousand TV subscribers in 2009.  

	From 2003 to 2008 Telus has increased its dividend in each year, and engaged in substantial normal course issuer bid share purchases, returning $5.1 billion, or approximately $16 per share.  In 2009 it is not increasing its dividend and not engaging in normal course issuer bid share purchases.  It is investing its free cash flow in expansion of its business.  

Building on Trust.  Telus prides itself in having an independent and effective Board of Directors of 12 members.  It has directors resident in all parts of Canada, with 50% resident in Alberta and British Columbia.  It emphasizes ethical conduct with proper external and internal assurances.  In 2008 the Telus annual report was ranked third best in the world by e.com.  In 2007 it was first in the world.  

Supporting Employee Health and Well-being,  Telus promotes the well being of its employees and retirees, emphasizing health screenings, health promotion, advice from wellness practitioners, fitness and exercise, mutual employee support, and employee family support.  

Community Giving.  Telus encourages employee and retiree community giving; since 2000, they have contributed personally $137 million across Canada, and have volunteered over 2.6 million hours of service.  In British Columbia last year more than 2000 Telus employees participated in Telus Day of Service.  In the last year, Telus employees and retirees volunteered 450,000 hours of service and donated $7.1 million nationally, benefiting over 2,900 Canadian charities.  Since 2000 Telus, as a corporation, has donated more than $50 million in community giving in British Columbia.  

	Telus regards its own community giving as more than simply writing a cheque, it focuses its community giving (Mr. Entwistle calls it "investment") efforts in three areas:  arts and culture; education and sport; and health and well-being in the environment.  It does not replicate the blue chips charities, but supports "grass roots" organization.  

	Telus has nine community boards from coast to coast to oversee its community giving.  They are in: Victoria, Vancouver, Edmonton, Calgary, Toronto, Ottawa, Montreal, Rimouski and Atlantic Canada.  Prominent community leaders are on the boards, for example in Vancouver and Victoria,  Nini Baird and Mel Cooper, respectively are the chairpersons.  Some of the recipients of Telus's donations in British Columbia are: the YMCA, CNIB, Covenant House, Zajac Ranch for Children, Surrey Food Bank, Canucks Autism Network, British Columbia Professional Fire Fighters' Burn Fund, Vancouver Symphony Orchestra, and Bard on the Beach.

Caring for the Environment.  Through Telus' Paperless Office and various electronic delivery initiatives Telus has reduced its own paper consumption from 117 million to 64 million sheets.  Of its shareholders, 38,000 receive information electronically.  Since 2004, Telus has planted 220,000 trees with Tree Canada.  Last year Telus recycled or refurbished 600 metric tones of electronic waste, including 86,000 phones and accessories, telecommunications equipment and IT equipment.  
	Telus has been recognized for work in protecting the environment as follows: 
	•  Global 100 Most Sustainable Corporation 2009 (one of only five 			Canadian firms)
	•  listed on Dow Jones Sustainability Indexes for 9 years
	•  Twice appointed Canada's Best Environmental Corporate Citizen

Taking the Lead in Transforming Health Care.  Canada's health care system is in the midst of a crisis.  Surveys by Ipsos Reid and Telus reveal that 55% of Canadians are tracking their medical history on paper, 12% are tracking entirely by memory, and only 33% are tracking their medical history electronically.  Current healthcare models are unsustainable.
	Telus is investing $100 million over three years in patient-critical applications to transform health care nationally by:
	•  Delivering critical health information to point of patient care,
	•  Bringing clinical expertise to rural communities, and 
	•  Shifting the focus from remediation to the prevention of disease.
The Government of Canada announced $500 million in the 2009 budget, with a goal of providing all Canadians with electronic health records by 2016.  
	Telus was ranked the #1 Healthcare IT Company in Canada by Branham Group, and was judged 2008 Canadian Health IT Company of the Year by IT Health.  Telus maintains electronic health records for 5 million Canadians, issues 4.1 million Emergis Assure drug cards covering 8.5 million Canadians, has 3000+ pharmacies using its pharmacy management software, and is the exclusive partner in Canada of Microsoft HealthVault. 
	Telus is attempting to standardize electronic health care records and management throughout Canada to substantially reduce costs and improve delivery of health care in Canada, by replacing paper records and reducing reliance on memory for the health treatmens of Canadians.

Conclusion.  After a number of searching questions and suggestions (which Mr. Entwistle said he found very useful and illuminating), Leo Dooling thanked Mr. Entwistle for his excellent talk, and confirmed that in accordance with Mr. Entwistle's request, the usual honourarium would be donated to the Juvenile Diabetes Research Foundation. 

The regular business for the Club Meeting followed.

4.  Probus Book Club.  Mr. Eric Hayne announced that there was room for a few new members of the book club.  Members interested in joining should read about it in the last Newsletter and contact him at 604-922-5141.

5.  Web Site.  Mr. Jon Collins reported that the new Web Site was progressing well, and that the password protocol was working and is being used.  He hopes to have capability for registration for the Presidents' Lunch in working order.  Instructions for getting into the Website are contained in the last Newsletter. 

6.  Membership Committee.  The diligent Deputy Chairman of the Membership Committee, Conrad Rademaker, introduced four new members:  Peter Hawk, John Wheeler, Amir Soltan, and James (Jim) Turpin.

7.  Treasurer's Report.  The Treasurer, Wayne Audette reported on the fiscal status of the Club for the twelve months ending 31 July 2009.  The Financial Statement was published in the last Newsletter, showing Cash in Bank on 31 July 2009 of $15,915.  
		ON MOTION DULY MADE, SECONDED AND CARRIED UNANIMOUSLY, IT WAS RESOLVED that the Financial Statement for the twelve months ending 31 July 2009 be approved. 

8.  Newsletter.  Mr. Roy Williams announced that the deadline for copy in the next Newsletter is 19 November 2009.  

9.  Next Speaker.  The Chairman announced that the next speaker would be Mr. Preston Manning

10.  Conclusion.  The Chairman concluded by telling us, in rhyme, about a trip (presumably not his) to Timbuktu. 

		There being no further business, the meeting then terminated.

_______________________________
Bill Sexsmith, Chairman

_______________________________
Ted Horsey, Secretary