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Annual Report 2006
Minutes of the 24th Annual General Meeting
- CALL TO ORDER
The meeting was called to order by the Chairperson for the evening Miss Claudia Alexis at approximately 1:40 pm.
- INVOCATION
Prayers were led by Mr. Standford Simon, President of the Grenada Co-operative League Ltd and National Anthem was led by Mr. Christopher Penny.
- INTRODUCTION
Mr. Brian Campbell, General Manager introduced Mr. Alvin Narine, CEO of Western United Credit Union of Trinidad and Tobago and also introduced and congratulated Miss Lydia Courtney, past President of the Board of Directors of Communal who have recently successfully completed her ACCA exams. Miss Courtney is presently employed with Cable & Wireless in St. Vincent and took the time to be present to give the welcome and opening remarks.
- OPENING REMARKS AND WELCOME
Miss Courtney congratulated Communal for their tremendous growth over the years and their lead role in amalgamation. She encouraged members to invest in their own personal development and do not let age or gender be an obstacle in they way. The world, she said, is changing and there should be no room for mediocrity. She quoted from John Emory, a motivational speaker 'We must continue in continuous learning'.
She encouraged members not to depend on the workplace and the nation to provide them with the tools to survive but they should develop themselves personally. In doing so our institution and our nation would become stronger.
She gave some thoughts on self improvement.
1. Read continuously
2. Careful attention to the food we eat – eat healthy
3. Pray always
4. Spend time with loved ones
5. Exercise
6. Consider our goal in life and work towards it
She then welcomed all and encouraged members to think and act differently if we are to succeed in CSME.
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- Remarks by Mr. Julien Ogilvie – President of the Communal Co-operative Credit Union Limited
Mr. Ogilvie welcomed everyone and emphasized that this meeting is significant at a critical period when the CSME is entrusted upon us and also when national challenges continue to face us as a result of our struggling rural economy. It is hoped, he said, that this AGM will enlighten members to take the relevant and appropriate actions that are deemed necessary for Communal’s survival. He encouraged those present to be innovative and not to lament on the CSME difficulties but strategically position ourselves to discover opportunities to enhance their growth and development. To effectively survive in this environment there is need for clear vision and a sense of commitment and dedication towards the welfare of Communal. To attain this vision warrants meaningful participation and progressive and visionary leadership. Also pertinent to our survival is the commitment of elected staff and persons committed to serve. There is need to build alliance to broaden and strengthen the financial base of Communal by developing new products and services in an attempt to serve the growing demands of our membership. There should also be opportunities for the expression of members’ views on developmental issues.
He quotes from a Danish proverb which states “Life is not holding a good hand but life is playing a programme well.” And from Williams Barrow who says “What lies behind us and what lies before us are tiny matters compared to what is within us.”
He encouraged members to build and sustain Communal and nurture its development.
Communal, he said, must be mindful of the Credit Union principles and philosophy and there is need to focus and give consideration to the following:-
- expansion of the financial landscape
- strategic planning and organization
- internal audit controls
- youth involvement
- our preparedness to manage disaster resulting from national hazards
This AGM, he said, should be used to refine and redesign our roles and engage in constructive dialogue that will enhance our potential.
- Greetings and remarks by guest Societies
Mr. Anthony Isaac brought greetings from the Public Service Credit Union. He congratulated Communal on their achievements and emphasized that with the advent of CSME there is need to change gears and revisit our commitments.
Mr. Hudson McPhail of Grenada Union of Teachers Co-operative Credit Union congratulated Communal on their 24th AGM and for their achievement of being the most outstanding Credit Union in 2005. This reward, he said indicates the quality of service offered by Communal.
The theme he said is both timely and critical and we must take proactive approach if we are to survive in a CSME environment.
Mr. Ernest Bleasdille of the Perdmontemp’s Credit Union congratulated Communal on their 24th AGM and believed that the theme is very critical and timely.
Mr. Standford Simon, President of the Grenada Co-operative Credit Union League Ltd, congratulated Communal on their 24th AGM expressed the growth in asset, members and a better understanding of the environment. The league he said is seeking to help credit unions to achieve their goals. He expounded on the theme “Investment Opportunities for Credit Unions under CSME” and encouraged members that this should not only be on paper but find opportunities to realize the theme through investments and other opportunities. He encouraged members to take advantage of the loans opportunities and educate themselves and their children in this state of CSME. Government he said has a responsibility to educate and train our people and prepare them for the job market. There is also opportunity for Credit Unions to collect their resources and open a job training school for the youths. The league is taking the lead by way of providing a visa card that will allow them to expand on opportunities. He encouraged members to save in the Credit Union. This will strengthen the ability of the Credit Unions to manage their own resources
- Remarks by Mrs. caroline de bellotte-slinger – Representative – Department of Co-operatives
Mrs. De Bellottee-Slinger congratulated Communal for holding their 24th AGM and commended them on their achievements over the past year in the areas of increase in net surplus, increase of assets and increase in loans to members. She contributed the popularity of Communal Credit Union to the competitive rates on savings, easy access to loans, voluntary withdraw of saving, and attractive rates on savings deposits. With the implementation of CSME in Grenada, she said, one of the challenges will be a more competitive financial market and so the traditional benefits to members will need to be replaced by new financial services and products. She expressed confidence that the management of the Communal is able to fulfill its obligation of increased returns on investment to its members. She commended Communal for their role in championing amalgamation and merger of other Credit Union.
- Remarks by Mrs. caroline de bellotte-slinger – Representative – Department of Co-operatives
Mrs. De Bellottee-Slinger congratulated Communal for holding their 24th AGM and commended them on their achievements over the past year in the areas of increase in net surplus, increase of assets and increase in loans to members. She contributed the popularity of Communal Credit Union to the competitive rates on savings, easy access to loans, voluntary withdraw of saving, and attractive rates on savings deposits. With the implementation of CSME in Grenada, she said, one of the challenges will be a more competitive financial market and so the traditional benefits to members will need to be replaced by new financial services and products. She expressed confidence that the management of the Communal is able to fulfill its obligation of increased returns on investment to its members. She commended Communal for their role in championing amalgamation and merger of other Credit Union.
1.
- Remarks by Honorable Roland Bhola – Minister of Co-operatives
Honorable Roland Bhola congratulated Communal and remarked on the appropriateness of the theme “Investment Opportunities for Credit Unions under CSME”. His experience taught him, he said, that the human resource is the most important factor. He went on to say that the Credit Union has given its people focus and strength to unite and overcome barriers. Credit Unions in addition to contributing to the traditional personal needs of its members it has helped to contribute socially to shape the direction of our economy by the granting of loans for house repairs, car, education, debt consolidation etc. The future remains challenging by way of competition by other financial institutions. In addition current economic environment and government spending has been reduced and so many families depend on the Credit Union. However, in this globalize environment customers are free to choose where they save, borrow and invest. And otherwise freely move their funds. It is imperative that the union be properly managed, organized and regulated so as to take advantage of the opportunities created both as a result of globalize and CSME. There is an urgent need to improve efficiency and modernize operations in-order to compete with other non banking institutions. The Minister was proud to announce that GARFIN bill had been passed in Parliament. He implored Credit Union s to be alert and take advantage of the opportunities created by globalization and CSME in expanding the scope of operations. He welcomed and encouraged the alliance with other Credit Unions in the region. He concluded by suggesting that Credit Unions must consolidate their role of being a community based organisation, enhance education of the membership, ensure good governance, continue to promote cross border linkages with other Credit Unions, identify and pursue opportunities, work towards a closer and harmonized relationship with government regulators and continue to work towards amalgamation with smaller Credit Unions.
1. 1.
- Feature Address – Dr. Patrick Antoine – “Investment Opportunities for credit unions under csme”
Dr. Antoine apologized for his lateness and expressed thanks and congratulate Communal for becoming a financial institution of choice.
He noted the growth of the Communal from the inception up to 2006 and commented that Credit Unions are becoming the financial institution of choice for most persons.
He highlighted the reasons why Credit Unions have become so popular:-
- competitive rate on savings
- lower transaction fees
- lower loan rates
Being at the cross of a quarter century of existence Dr. Antoine encouraged Communal to take this opportunity available to it. The competitive advantage brought about by globalization and CSME makes is timely and appropriate to chart a new and enhance course to propel to newer heights within the financial corporate sector. CSME not only allows the movement of goods but also services including financial services.
While the CSME is being fully developed it is important that we look at the main manifestation on how it will change the environment:-
- it will mean an increase change in the competitive service for financial markets
- entrance of branches of regional Credit Union
- customer will be free to borrow and invest
- freedom to buy and sell equity
Opportunities in the CSME can be looked at as a two edged sword where on one hand it gives member states access to resources, while on the other hand it encroaches on territory formerly preserved only for domestic financial institution. It is incumbent that Communal and other Credit Unions answer the question, what is it that our members need now that is provided by others that is not being provided by us?
In an effort to answer the above question he endorsed some of the steps taken by the communal such as:-
- review of funding policies
- importance of regional alliance
- education for members
He added the following that can be done by Credit Unions to do more:-
- create a structure similar to that of the inter banks.
- explore economy of scale
- the position of the Credit Union by providing small business loans
- asset mix – bonds and stocks
- technology – greater efficiency e.g. internet banking
The Credit Union he said must be guided by the following principles:-
- a strong service culture that places customers at the centre of all activities
- foster strategic alliances to help create the value for customers and members
- diversification including geographical diversification in terns of revenue streams and
product offering
- use of technology to compliment intellectual capital.
He applauded and encouraged the credit union movement to continue to invest in human capital.
- Vote of Thanks
Mr. Allan Simon thanked all who made presentations
Official Business
- Call to Order
The meeting was called to order at 4:05 pm by Mr. Julien Ogilvie, President who also led members in the Credit Union prayer
- Quorum
A quorum of 202 members was ascertained by Miss Ann Marie Montrose and there was a one minute silence for those passed away within the last year.
The President, Mr. Julien Ogilvie encouraged those present to participate openly and freely and make meaningful contributions
- Quorum
A quorum of 202 members was ascertained by Miss Ann Marie Montrose and there was a one minute silence for those passed away within the last year.
The President, Mr. Julien Ogilvie encouraged those present to participate openly and freely and make meaningful contributions
- Adoption of Agenda
This adoption was moved by Ms. Norma Jeremiah and seconded by Mr. Randolph Charles.
- Adoption of Agenda
This adoption was moved by Ms. Norma Jeremiah and seconded by Mr. Randolph Charles.
- Amendments
Page 8, item 10, insert “by President, Julien Ogilvie” after ….. 3:15 pm.
Page 12, item 17.8 include “in support of the resolution” be inserted after motion.
- Minutes of the 23rd annual General Meeting
The amended minutes were confirmed by a motion moved by Ms. Norma Jeremiah and seconded by Ms. Claudette Williams.
- Reports
19.1 Board of Directors report
This report was adopted by a motion moved by Anthony Belgrave and
seconded by Mr. Randolph Charles.
Scholarship
Mr. Williams commented that he did not see a report on the scholarship fund but
was however referred to page 18 of the Board of Directors’ report.
He also recommended that vehicles the Communal has reclaimed should be
advertised in the AGM booklet for member interest.
Loans
Mr. John Dumont suggested that the loan structure highlight mortgage or private
loans should be reported.
19.2 Auditors report
This report was adopted by a motion moved by Ms. Chanel Ashton and seconded
by Ms. Dahlia Purcell.
19.3 Treasurer Report
This report was adopted by a motion moved by Ms. Mary Charles and
seconded by Ms. Sherene Thomas.
Page 35
Mr. Williams enquired on the difference in the telephone and electricity. The
General Manager responded that the increase was due to uncontrollable rate and
with the introduction of Vincennes and Gouyave branches.
Page 24
Mr. John Dumont made an observation on the institutional share/total assets that
have not meet the minimum requirement of 10%. The President responded
that they have recognized that and steps will be taken to improve this situation.
Mr. Dumont also congratulated the Board on keeping the level of delinquency at
a very low rate.
19.4 Budgetary Proposal
This proposal was adopted by a motion moved by Mr. Michael Cuffie and
seconded by Mr. Earl Seaforth.
Page 47
Mr. Williams enquired on why was there a revised budget. The General Manger
responded that it was as a result of proper financial planning.
19.5 Supervisory Committee Report
This report was adopted by a motion moved by Dave Frank and seconded
by Mr. John Dumont.
19.6 Credit Committee Report
This report was adopted by a motion moved by Ms Judy Renee and seconded by
Ms. Ealyn Ashton.
19.7 Budget Approval
The budget was approved by a motion moved by Miss Norma Jeremiah and
seconded by Mr. Vincent Williams.
19.8 Resolutions
“Be it resolved that a dividend payment of 6% be paid to shareholders of The
Communal Co-operative Credit Union Limited for the year ended December
2005.”
The motion was moved by Mr. Julien Ogilvie and seconded by Ms. Shelly
Mitchell.
“Be it resolved that the accounting firm of Pannel Kerr Forster be retained as
auditors for the year 2006.”
The motion was moved by Mr. Julien Ogilvie and seconded by Mr. Randolph
Charles.
“Be it resolved that the membership authorizes the Directors to hold talks with
any Credit Union which seeks to amalgamate with The Communal as the
continuing Credit Union and if thought fit, to conclude the amalgamation
process”.
The motion was moved by Miss Heather Mc Intyre and seconded by Mr. Vincent
Williams.
19..9 Nominatin g committee
The Nominations Committee report was adopted by a motion moved by Norma
Jeremiah and seconded by Mr. Anthony Belgrave.
- Any Other Business
Mr. Julien Ogilvie congratulated members of the Gouyave branch and informed them that there will be members’ education meeting every 3 months. Members’ education he said is critical and members should avail themselves.
Mr. Ogilvie thanked all for attending and promised to do his best to grow the Credit Union from strength to strength.
The door prize for the all expense paid trip to the OECS Summit in 2007 was won by Mr. Mike Alexis.
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1. Closing of meeting
Meeting ended at 5:25. pm with prayers by Edwin Thomas.
Confirmed this …………………. Day of …………………………………2006.
______________________________ __________________________
President Julien Ogilvie Secretary Dianne Bruno
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