JPS & Partners 2016 Annual Report

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Pictorial Highlights Long Service Awards th Miss Kayla Morris receives the citation from Director, Derrick Tulloch in honour of her father, Albert “Bertie” Morris, founding member of the Credit Union. Mr. Vernon Lawrence is all smiles as he accepts a recognition award for service on behalf of founding member Mr. Lloyd Mordecai from Joydene Jarrett, General Manager of the Credit Union . Miss Sharon Walker receiving her long service award for over 30 years contribution to the Credit Union from General Manager of JCCUL, Mr. Glenworth Francis State Minister in the Ministry of Finance and Public Service, Mrs. Fayval Williams delivering the main address. These ladies were captivated by the music during the celebrations. JPS & Partners Co-operative Credit Union Ltd. 18 ANNUAL REPORT 2016
Board of Directors Report Fellow Co-operators, In 2016, the Credit Union celebrated its 60th anniversary under the theme: “Strengthening Families and Building Communities”. We believe that this theme embodies the spirit of the Credit Union since our inception in 1956. It was a community spirit that brought our founding fathers together and keeps the Credit Union growing from strength to strength. The technologies may change but our members will forever remain at the heart of our operations. Throughout the year, we held several activities to celebrate our sixtieth anniversary ending with our Long Service Awards in November. At this event we celebrated those members of staff and volunteers who have contributed to the Credit Union ensuring its viability over the years. We were able to celebrate with founding members Albert “Bertie” Morris and Lloyd Mordecai who have been with the Credit Union since inception, served in various capacities and laid the foundation on which we continue to build today. Several of our employees were also awarded for their dedicated years of service to the credit union. Collectively four (4) of our employees gave over 100 years of service Mergers The year 2016 was one of growth for our Credit Union. In October 2016 we consummated our merger with CG Cooperative Credit Union. The merger was done by way of a Transfer of Engagement which means that we assumed the operations of that Credit Union. The merger saw our Board complement increasing from nine (9) members to eleven (11) as two directors from the CG Credit Union joined the Board. This partnership increased our membership by over 1,000, extended our branch operations and has strengthened our position among the top ten largest Credit Unions in the Movement. We welcome on board employees of Jamaica revenue centres and the relatives of these employees who can become members of JPS & Partners Credit Union. The Global Economy The world is one global village with the effects in one area or region having an impact on all others especially as it relates Natalie Sparkes President to areas such as trade and foreign investments. The global economy was thrown into a mode of uncertainty when on June 23rd, the United Kingdom (UK) decided to officially sever ties with the European Union (EU) popularly called “BREXIT”. There was great uncertainty as to the impact on Europe as it relates to economic and political alliances with other remaining EU member countries, Many economists had argued that BREXIT would have weaken Europe and the UK’s competitive advantage against economies such as India, China, Japan and the United States. The election of Donald Trump to the presidency of the United States left many pondering the effects his proposed changes to the United States position in the North America Free Trade Association (NAFTA) and the impact this will have on the Caribbean region. Overview of the Economy The Jamaican economy continues to exhibit positive signs of growth and stability in the management of the major macroeconomic variables being inflation, exchange rate and interest rate. Positive growth was recorded in the last four quarters ending September 2016. The World Bank forecasted a 2.1% growth for Jamaica compared to the forecasted global growth of 2.9%. Unemployment remain high as there was little improvement in the job market. Notwithstanding, investors’ confidence remained buoyed. JPS & Partners Co-operative Credit Union Ltd. 19 ANNUAL REPORT 2016
Page 2 and 3: Our Mission Our Vision To be our me
Page 4 and 5: Table of Contents NOTICE OF MEETING
Page 6 and 7: Progress Report 2007-2016 YEARS MEM
Page 8 and 9: Minutes of the 61st AGM (Continued)
Page 22 and 23: Our Directors Natalie Sparkes Presi
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Page 30 and 31: Fellow Co-operators: I greet you wi
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Page 38 and 39: Our Team Managers Joydene Jarrett G
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Supervisory Committee Report (Conti
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League Delegates Report (Continued)
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JPS & Partners Co-operative Credit
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Editorial Team: Joydene Jarrett, Ca
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JPS & Partners 2016 Annual Report

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