Credit Union Annual Report 2022 - Flipbook - Page 11
and committee members, increase in quorum for
general meetings, fitness and probity requirements
for directors and committee members, enhanced
oversight for the directors on investment of excess
funds not loaned to members, and enhanced
requirements for members to be in good standing.
An internal audit of the Governance
Framework of our Credit Union was completed in
August 2022. Our Credit Union continues to grow
and attempts to meet the demands of our
members, the Authority, and other stakeholders.
We need to ensure that we have a robust
Governance Framework.
The independent evaluation performed by PwC
who assessed the existing Governance Framework
to determine (1) Adequacy of the terms of reference
of each governance body (2) Effectiveness of the
governance bodies and (3) Sufficiency of the
processes and procedures for managing meetings
and the governance structures.
Short and
long-term recommendations made were accepted
by the governance bodies which consist of the
Board of Directors, Supervisory and Credit
Committees, who are committed to improving the
governance of our Credit Union.
The Board of Directors has worked diligently
throughout the year on your behalf and met 16 (2021:
14) times to discharge their fiduciary and regulatory
duties. The focus areas for the Board continue to be:
Financial Strength, Risk Management, Compliance,
Strategy, and Sound Governance Practice.
The Development Committee which consists
of one director, one member of the Supervisory
Committee, and two members met 15 times (2021:
21) during the financial year along with various
experts in architecture, project management,
construction, engineering, and property valuation.
2021:
Completion and approval of architectural
drawings for a commercial building and
townhomes;
Widening of road to enhance the site access;
08
Draft agreements for the part sale/part lease
of the commercial building; and
Incorporation of
holding company.
an
investment
property
2022:
Selection of a Project Manager;
Estimated cost to build from a qualified
Quantity Surveyor; and
Selection of contractors for the commercial
business and separate contractors for the
residential townhomes.
Business Process Improvements
We recognize the need for continuous
improvement as we encourage feedback from our
members.
This year we implemented CUconvenience as we
listened to your requests for more efficient service.
CUconvenience allows you to call or email in your
requests that do not involve a deposit or withdrawal
of cash transaction; this service provides the
convenience of receiving service without waiting in
line.
We are expecting that the Country Corner Branch
will commence operations in early 2023 and will
provide another location for members to have
access to our services. The Country Corner Branch
will also provide additional office space for future
growth.
The review of Policies and Procedures is ongoing
as we strive to ensure that they meet the
requirements of the Credit Union Rules, the
Cooperative Societies Act (2020 Revision), the
requirements of the Authority, and best practice.
The Credit Policy was reviewed and updated in
2022 to meet the requirements of the Authority and
other policies are currently being reviewed or
drafted to ensure compliance.
Credit Union ANNUAL REPORT 2022
