JPS & Partners 2016 Annual Report

Board of Directors Report (Continued)
Staff Complement
Category
Permanent:
Number
Management 9
Other 25
Contract/Temporary 13
CORPORATE GOVERNANCE
The Board recognizes that “size doesn’t matter when it
comes to successful corporate governance” and as such
remains committed to ensuring that the interest of all our
stakeholders – members, employees and the community
within which we operate are always at the fore of all decisions
made.
The Board of Directors
We have been blessed with expertise in most areas of our
operations through our capable Board of Directors who
provide management with advice and guidance and tracks
the achievement of strategic objectives relative to budget.
The Board of Directors remains ultimately accountable to the
membership for the performance of the Credit Union. During
2016, the Board commissioned and approved a Business
Plan to guide the management of the Credit Union for the
next five (5) years.
A summary of the key functions of the Board is outlined
below:
• Approve the strategic direction and related objectives of
the Credit Union
• Approve annual operational plans and budgets
• Monitor senior management performance in the
implementation and achievement of strategic and
business objectives and financial performance
• Approve major operating and capital expenditure and
credit facilities in excess of the limits delegated to
management.
Management remains responsible for the day to day
operations of the organisation.
Board Composition
A committed and dedicated team of eleven (11) persons
serve as Directors on the Board of the Credit Union. As a
Board, it is their duty to review and drive policies that will help
the Credit Union to improve its products and services,
strengthen relationships and generate a surplus to return to
members in the form of interest and dividends.
The Board is comprised of persons with diverse skills sets
and experience which includes law, engineering, finance,
business and human resource. Board members are
mandated to attend the Proceeds of Crime and Anti-Money
Laundering training facilitated by the Credit Union.
Board Committees
The Board continues to delegate some of its responsibilities
to Committees. During 2016 the Board established the
following committees: Finance and Planning with
Delinquency as a sub-committee, Merger, Quality Assurance
and Risk Management, Infrastructure and Development,
Information Technology and Member Services. These
committees perform their assigned functions on behalf of the
Board as per their terms of reference.
The Board has outsourced its audit functions. Internal audits
are conducted on a monthly basis at the Half Way Tree Road
branch and bi-monthly at the other branches. The reports
from theses audits are submitted to the Board as well as
members of the Supervisory and Quality Assurance and Risk
Management Committee for deliberations and subsequent
recommendations. It is the objective of the Quality Assurance
and Risk Management Committee to review policies, make
recommendations for change and thereafter table such
policies at meetings of the Board. The Quality Assurance
Committee met with increased regularity during the second
half of the year, with a total of five (5) meetings for the year in
which several policies were revised and discussed after which
five (5) policies were submitted to the Board for their review.
Feedback from the Board was for procedures embedded in
the policies to be removed. Internal audit work plans and
reports were also reviewed by the Committee.
JPS & Partners Co-operative Credit Union Ltd. 24 ANNUAL REPORT 2016