WELCOME ADDRESS DELIVERED BY BRO. ASHTON TURNEY, PRESIDENT OF THE BARBADOS WORKERS’ UNION CO-OPERATIVE CREDIT UNION LIMITED AT THE 29TH ANNUAL GENERAL MEETING, HELD AT HILTON BARBADOS RESORT, NEEDHAMS POINT, ST MICHAEL ON SATURDAY, 29 JUNE, 2013 AT 3.30P.M. Good afternoon. I am Ashton Turney, President of the Barbados Workers’ Union Cooperative Credit Union. I would like to welcome you to our 29th Annual General Meeting. I am extremely happy to see each and every one of you and I take this opportunity to express how much we at the Barbados Workers’ Union Cooperative Credit Union appreciate your support and your participation in our organization—and in the Credit Union movement as a whole. I thank you all very much for being here. The Barbados Workers’ Union Cooperative Credit Union was founded in July 1983 and since then a lot has changed, but one thing that has remained the same is our dedication to serving you, our members. For the past 30 years, BWUCCUL has been offering financial services with a member-oriented focus. We would not be where we are today without our member’s business and support, so we thank you for choosing the Barbados Workers’ Union Cooperative Credit Union that help you to meet your financial needs. We look forward to continue growth and future opportunities, as well as many more years of working with you to reach your financial goals. Critical to the continued growth and success of the BWUCCUL is our Human Resources. Our strategic objectives can only be realised through the use of effective talent management. We have to be serious about engaging, developing and inspiring our most important assets-our people- to deliver on our business strategy. There has to be a strategic approach to Human Resource Management since the success of any business, irrespective of size, depends on its people. Therefore the Credit Union must use Human Resource Management as a mechanism to ensure: 1. That we have the right persons in the right positions, 2. That those persons are motivated to perform and fulfil the strategy of the credit union, 3. That they have the tools required to carry out their functions 4. That there is an effective performance management system. Performance should be measured and employees given objective feedback. In these challenging economic times, we need our people to be committed to meet and overcome these challenges. A superior customer experience will set us apart. We have already started to build on this and we must continue. To modify the words of John Ruskin, “Success is never an accident; it is always the result of high intention, sincere effort, intelligent direction and skilful execution; it represents the wise choice of many alternatives.” Education is a key ingredient in the on-going development of a prudent approach to the management of risk to members’ savings in credit unions. Therefore our Credit Union has ensured that training is provided for our staff, as well as our volunteers and our members. It is vitally important therefore that volunteers elected to serve, commit themselves to participate in Credit Union’s educational and training programs and I urge members selected to do so as well so that they can contribute effectively to the development of the Credit Union Thanks to the vision of our founders, the Credit Union is able to offer the products and services that we do today. When the Credit Union was established, the only products offered were standard savings accounts and personal loans. However, over time, the Credit Union has added more products and services designed to improve the welfare of our members. This journey was not always an easy one and the path has had more than one obstacle to overcome, but because of you, we continue to be a strong, well-capitalized financial institution. We are constantly looking for new products and services and better ways to serve you, our valued member/owners. We value your input and we are always open to your feedback, comments and suggestions. After all, the Credit Union is all about you, the members: Our Credit Union is recognized as one of the leading Credit Unions on the island and at the local level some of our members have been elected to serve on the Board and other committees of the Credit Union League, the umbrella body representing the Credit Union movement. Our members also served on the Board of Cooperators General Insurance Company, the insurance company owned by the Credit Union movement and by extension you the Credit Union members. At the regional level, your current President has served as vice president on the Board of the Caribbean Confederation of Credit Unions, the organisation representing Credit Unions regionally, as well as serving as a delegate for the regional movement on the World Council of Credit Unions. Now let me focus on some of the regulatory/ internal control procedures:- the Board of Directors, being cognizant of the Credit Union’s mandate to safeguard members’ deposits, continues to review, upgrade and devise internal control procedures that will protect the Credit Union against employee and member’s risks. The new procedures will ensure that employees have documented procedures to aid them in executing their tasks and provide Supervisors and Auditors with a reference point to verify that employees are performing their duties correctly. As a result, the Board has commissioned comprehensive operational procedures manual for the entire Credit Union: i.e. Administration, Marketing, Operations, Loans, Accounts, Information Technology. It is anticipated that the procedures manual will be completed within the current financial year. The loans policy was revised to reflect more current practices and it has already been implemented to provide general direction and guidelines in order to ensure that: • The members’ savings and deposits are adequate to support the lending policy, • The Credit Union’s investments in member loans are adequately secured, • The Credit Union’s return on investment is relative to the risk undertaken. The Financial Services Commission has identified risk areas as presenting particular challenges for the sector and regulation of Credit Unions and therefore issued guidelines to improve the prudential regulation of the Credit Union sector in Barbados. The Credit Union Guidelines issued by the Commission are Corporate Governance, Liquidity Risk Management Credit Risk Management, Operational Risk Management, Doubtful Loans, Market Risk Management, Capital Management, Deposits, Fundamental Changes, Valuation of Real Property, Qualifications of Directors and officers Director Remuneration. These guidelines are to ensure that the tools necessary to effectively manage risks are present in the Barbados’ regulatory framework. The current economic conditions continue to present challenges in managing our business, but we have been able to adapt and respond to the environment and remain financially stable. In the last year our Credit Union capital increased by 16% over the previous year. Our loan portfolio grew by over 6 % and our assets by approximately 4%. Our Membership increased by 4%, to 16,968 members strong. This is our Credit Union, and that is something you should be proud of, and as we embark on another financial year, I am confident that our Credit Union will continue to be an organization that we can be proud of. Every step of the way, we will continue to stand by our mission where we commit to being the most efficient provider of Credit Union services and products which develop and sustain the socio-economic standards of all members based on co-operative principles. I want to extend a special thank you to those persons who offer time and leadership on our Board or committees. You help preserve our cooperative structure and keep our Credit Union moving in the right direction. I feel honored to be associated with Barbados Workers’ Union Cooperative Credit Union, and to serve each of you. On behalf of the Board of Directors, Committees, Management and staff, thank you for your support, and we look forward to greater achievements in the future.
Posted on: Wed, 03 Jul 2013 21:38:01 +0000