Good afternoon Ladies and Gentlemen and welcome to this, the sixth Annual General Meeting of the Vancouver Port Authority.

My name is George Adams. I am the Chairman of the Board of directors of the V.P.A. and I will be chairing this meeting.

Joining me on the stage today are Gordon Houston, our President and Chief Executive Officer, and Tom Winkler, our Vice President and Chief Financial Officer.

Gordon and Tom will be making presentations in a few moments but firstly I will take this opportunity to outline the role of the Board of Directors and then to introduce each of our directors.

Our Board of Directors is responsible for overseeing the activities and for the stewardship of the Vancouver Port Authority and the Board is accountable for its overall management.

In fulfilling their responsibilities, the directors are required to act honestly and in good faith whilst keeping the best interests of the port authority paramount. In its role, the Board considers the legitimate interests of suppliers, customers, communities, all level of governments, employees and others.

The Board has been providing stewardship since 1999 when, under the Canada Marine Act, the Vancouver Port Authority became a non-shareholder, for-profit corporation.

We are privileged to have a Board of directors who, between them, have balanced combination of wide-ranging experiences in both business and community service.

Our Board comprises 9 directors of whom one is appointed by the federal government, one by the BC Provincial government, one by the three Prairie Provinces and one by the eight municipalities surrounding the port. The remaining five members are nominated by a committee of port users and are appointed by the federal government under Orders in Council.

As I introduce each of our current directors, I would ask them to stand and to remain standing until all have been introduced. I would ask you to hold your applause, if any, until they have all been introduced.

Out of respect for your valuable time, I will not cover biographical background of each of our Board members; this information is available on the port's website.

Appointed by the governments of the three Prairie Provinces in 2003 to a three-year term is the Right Honourable Edward Schreyer. Ed is a member of the Governance Committee.

Appointed by the Provincial government of British Columbia in 2004 to a three-year term is Sarah Morgan-Silvester. Sarah is Chair of the Governance Committee and a member of the Audit Committee.

Appointed by the municipalities in 2005 for a three-year term is Marilyn Baker. Marilyn is a member of the Governance and the Human Resources and Compensation committees.

Appointed by the federal government to a three-year term starting in April this year is Kazuko Komatsu who is also a member of the Human Resources and Compensation Committee.

The five directors nominated by port users and appointed under orders in Council are John Willcox, Bob Wilds, Greg Arason, Ken Matchett and myself.

John Willcox, who is the Vice-Chairman of Board, the Chairman of the Audit Committee and a member of the Governance Committee was appointed in 2003 to a three-year term together with Bob Wilds who is Chairman of the Human Resources and Compensation Committee and a member of the Audit Committee.

Greg Arason who is a member of the Governance and the Human Resources and Compensation committees and is the Board's representative on the Port Advisory Committee was appointed to a three-year term in 2004, together with me.

Finally, Ken Matchett was appointed in March this year to a three-year term. Ken serves on the Audit committee and is the Board's liaison with the Environmental Committee of the Port.

Ladies and gentlemen - the Board of Directors of the Vancouver Port Authority.

At our Board meeting in March, I had the honour of being elected by the directors as their Chairman for a term which will expire at the end of February, 2007.

The Vancouver Port Authority was established in 1999 under the Canada Marine Act. For those first six years of the Authority and until his term expired, we were privileged to have Mr. David Stowe as our Chairman.

I would be remiss if I did not recognize David today. He provided inspired leadership; he was unstinting and unselfish in his efforts. He was, quite frankly, a shameless promoter of the Port of Vancouver. Unfortunately, David is unable to be present today but I am sure I speak on behalf of everyone in thanking him for his vision, for his significant contribution to and his lasting legacy for our port.

I would also be remiss if I failed to acknowledge the contribution of the other two directors who retired at the end of February. Firstly, Audrey Sojonky - who was appointed by the federal government in 2000 and secondly, Wayne Hartrick who served six years on our board as the appointee of the municipalities since 1999.

As you will hear, in considerable detail from both Gordon Houston and Tom Winkler and will read in the annual Community and Business Report, the Vancouver Port Authority experienced yet another successful year in 2004.

I take this opportunity to express appreciation to Gordon Houston, his executive and the staff of the Vancouver Port Authority who have contributed greatly to our achievements. With our talented and dedicated team of employees, we are well positioned for the challenges ahead. I thank them all for their diligence, their creativity and their hard work.

Our success has not come without considerable challenges. Some have been resolved, many challenges remain and new ones arise almost daily.

Indeed, we live in exciting times.

The achievements of this port - your port - are renowned. They have been possible only with a great amount of support and encouragement from the large number of constituents associated with the port. In the face of increasing global uncertainty, strident competition and economic forces, which are beyond our sphere of influence, it is imperative that our widely diverse stakeholders continue working together.

We are committed to continuing the success of the Port of Vancouver through continued development and the expansion of our commercial interests. At the same time we will remain sensitive to the environment and our social responsibilities.

Our drive for continued success will be guided by our mandate, as spelled out in the Canada Marine Act, to "promote and safeguard Canada's competitiveness and trade objectives" and our Mission - "to expand the movement of goods and passengers through the Port of Vancouver in the best interests of Canadians".

Thank you for your attendance today, your attention and your interest.

Now the first star of today's meeting - Captain Gordon Houston, our President and Chief Executive Officer.



For more information, please contact:

Anne McMullin,
Director, Corporate Communications and Public Affairs
Vancouver Port Authority
(604) 665-9069 (office)
(604) 665-9073 (fax)
(604) 218-1403 (cellular)
anne.mcmullin@portvancouver.com

For more information:
For more information on any of these stories, call 1-888 PORTVAN.
Or, send an email to:
public_affairs@portvancouver.com