General Assembly: Alterfin hauls positive results in 2017

In 2017, Alterfin’s activity expanded with an increase in capital and funds under management that enables us to finance more partners in more countries and thus reach a record number of 116,705 direct beneficiaries. The areas in which our work developed the most in 2017 were Asia and Africa. To illustrate this expansion, Alterfin invited at its General Assembly its first partner in sustainable fisheries and aquaculture, Blueyou.

Sustainable fisheries and aquaculture in the spotlight

Blueyou’s ambition is to play a part in moving worldwide production of fish and seafood over to sustainable models in order to protect the oceans and the life within them, as well as the millions of people whose food security depends on them. 

Blueyou puts its ambition into action by working with 28,000 small fishermen and aquaculturists in eight countries spread across five continents, who are excluded from sustainable markets by numerous barriers to entry (costs relating to sustainable certification, guaranteed traceability, etc.). It gives them access to attractive and profitable markets, ensuring them better incomes and living conditions. 

In concrete terms, Blueyou facilitates the fair trade certification of the fish farmed by these fishermen and aquaculturists. Finally, in addition to making market access possible and improving the living conditions of these fishermen and aquaculturists, Blueyou aims to develop community-based co-management mechanisms for aquatic resources. 

Blueyou’s impact is therefore twofold: the restoration of marine ecosystems and the socio-economic development of fishermen and aquaculturists.

Positive results

In addition to increasing its social performance, with 116,705 families benefiting from its financing, Alterfin returned to positive financial results in 2017. Its net profit amounted to EUR 1,127,001, allowing it to replenish its reserves by approximately EUR 600,000 and distribute a 1% dividend.  The dividend will be distributed from June onwards, and all co-op members holding shares in 2017 will receive a letter on this subject.

New Board members

The General Assembly re-elected Chris Claes to the Board of Directors, representing the NGO Rikolto (formerly Vredeseilanden). Catherine Houssa, a law graduate, also joined the Board as an independent director. Two terms of office came to an end – those of Vincent De Brouwer and Mark Lambrechts. Alterfin wishes to extend its sincere thanks to them for their commitment to our cooperative. 

Finally, we would also like to thank the 129 co-op members who attended the General Assembly.

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