On Wednesday, May 6, the GTAA held its Annual Public Meeting and release of the 2008 Annual Report at the airport’s Fire and Emergency Services Training Institute (FESTI).

The meeting was attended by members of the general public, business partners of the GTAA as well as the GTAA’s Board of Directors and Executive Team.

The first presentation was given by Marilynne Day-Linton, Chair of the Board of Directors. Ms. Day-Linton gave an overview of 2008 from the Board’s perspective as well as a look ahead at 2009. She credited the management team and all staff of the GTAA for working very hard at weathering the current economic situation with focus and dedication.

Lloyd McCoomb, President and CEO presented the management report. Mr. McCoomb credited the strategic plan that was put in place in 2007 for allowing the GTAA to face the current economic challenges with clear goals and objectives. Because 2008 was the first full year in a decade the airport wasn’t under construction, it allowed management to turn to the business of running the airport rather than building an airport.

2008 was a good year with a total of 32.3 million people passing through the gates at Toronto Pearson. However, the downward trend started to show in the fourth quarter of 2008 and continues in the first quarter of 2009 with a decline of 6.1 per cent from the same time last year. Mr. McCoomb expects traffic numbers to continue to be down through this year.

He also outlined the four part plan that was established in response to the economic downturn which has proven to be a prudent plan during these difficult times. The plan puts priority on finding further reductions in operating costs across the company, as well as cuts in all but the most critical capital expenditures. The other facets of the plan saw the introduction of an incentive program to attract new airline traffic to Toronto Pearson and the increase in the Airport Improvement Fee from $20 to $25 beginning June 1.

“We’ve positioned the GTAA to seize the initiative when the economy recovers,” said Mr. McCoomb.

After questions and comments from the public, a tour of the FESTI facility was offered and guests were able to witness live fire fighting training in progress.

View the GTAA’s 2008 Annual Report.


2009 Annual Public Meeting Highlights

View a Summary of the GTAA 2009 Annual Public Meeting.

Click the download link below to acess the slideshow and audio from the Annual Public Meeting: