Over the past fiscal year, we have moved forward, reactivating some of our key air traffic management initiatives. We made further progress in restoring our Rate Stabilization Account and started to reduce the considerable debt that was taken on to fund the substantial financial losses that were incurred during the pandemic.
As our outlook for traffic remains positive, NAV CANADA is implementing an overall decrease in our customer service charges — on average by 5.57 percent — effective January 1, 2024. Our rate strategy takes a balanced approach between rebuilding our balance sheet, investing in our employees, safety and service delivery, and restoring our Rate Stabilization Account over a reasonable timeframe.
I am also very proud of the efforts we have made to continue to address sustainability and reduce our industry’s carbon footprint. We are leveraging our governance structure to embed sustainability across the organization. As a member of the United Nations Global Compact, we completed our first Communication on Progress report in fiscal 2023 — strengthening the transparency and governance of our Environmental, Social and Governance (ESG) progress.
We also submitted our official commitment letter to the Science-Based Targets initiative (SBTi), signed by Raymond Bohn, our President and CEO. Our commitment is to develop emissions-reduction targets aligned with the Paris Agreement to limit the global temperature increase to 1.5°C above pre-industrial levels. This is an ambitious step towards climate action, and work is underway to set our targets and objectives for a climate-friendly air navigation system (ANS).
We have seen many successes this year. Whether focused on operational performance or sustainability, these achievements over the past fiscal year are thanks to the remarkable efforts and dedication of our employees. Together we are building a better future, and raising our ANS to a higher level.
In 2023, Sarah Morgan-Silvester and Kathy Baig joined the Board. They have been very positive additions to NAV CANADA. At the annual meeting in January 2024, Paul Brotto will be retiring from the Board. Paul, during his tenure, has chaired several committees and more importantly has been a great director.
This is my last annual report message to you as Chair. Michelle Savoy will be succeeding me at the conclusion of the annual meeting. It has been a great honour for me to have been part of such a special organisation.
Marc Courtois
Chair of the Board