JPSCU Annual Report 2015-compressed

Minutes of the 60 th AGM (Cont’d)
MATTERS ARISING FROM
THE BOARD REPORT
Mr. Leopold Angus commented that
his wish was that the Credit Union not
seek to compete with banks more in
particular as it relates to revenue
earned from fees charged. This is in
light of the fact that the former merged
credit unions did not charge fees on
services provided to their members.
Ms. Herma Baker commented that she
was not getting her Annual Report in a
timely manner. Ms. Andrea Thomas
concurred with her and also enquired
whether or not there was a notice
period for the posting of the Nominating
Committee Report. The Chairman
explained the reason for the delay and
committed to ensuring that going
forward the reports will be ready at
least two (2) to three (3) weeks
in advance of the meeting date.
Mrs. Sonia Smith from the Department
of Co-operatives and Friendly Societies
advised that the Nominating Committee
Report was not a Resolution. The
Chairman also encouraged members
to update their membership information
at the registration desk.
One participant enquired the reason for
the staff turnover at the Credit Union
which in his opinion was high. The
Chairman identified salary and lack of
scope for growth and upward mobility
as the primary reasons. She further
went on to advise that in terms of
salary, awards were based on
negotiations. The Credit Union had
employed the services of a Human
Resource Manager to help with the
human resource issues within the
organization. The person did not stay
with the organization. The Chairman
stressed that her leaving had no
correlation with treatment from the
Board. The plan is to outsource some
of these human resource activities until
a new Manager is identified and the
right structures put in place thereafter
to ensure that staff are comfortable.
Mrs. Karleen Brown wanted to know if
there would be any changes to the
structure of the Board to include their
qualifications for the positions they
hold once the BOJ Regulations are
implemented and whether or not there
would be a need for the holding of a
Special General Meeting to elect
members to the Board. The Chairman
in her response said that the BOJ will
be concerned primarily with the Fit and
Proper requirements for all Board
members and that it is the
responsibility of the Board to ensure
that it has the ideal governance
structure and skills set to develop the
organization.
Mr. Leopold Angus reiterated the
concern about high staff turnover and
recommended that exit interviews be
done by independent persons to
ascertain what causes the discomfort
among staff. The Chairman accepted
Mr. Angus’ point and said exit
interviews aren’t independent and that
is an option to explore.
The motion for the adoption of the
Members voting at 60 th AGM
Board of Directors Report was moved
by Mr. Raymond Harper and
seconded by Mr Albert Simpson.
TREASURER’S REPORT
To begin his report, the Treasurer
invited Ms. Prunella Vassell of UHY
Dawgen (Incorporating Paul Goldson
and Company) to read the Auditor’s
Report. Contained in this report was
an outline of the Auditors’ roles and
responsibilities, the standards and
principles used to audit the Credit
Union’s accounts and a statement that
the accounts complied with the
relevant standards and the Cooperatives
Societies Act.
The Treasurer then asked for a motion
for the report which was to be found
on pages 29 – 34 to be taken as read.
Ms. Tricia Robinson moved the motion;
Mr. Devon Wright seconded it.
After expressing his pleasure in
presenting the report with 2014 being
the first full year of operation since the
merger, the Treasurer began his report
by giving a brief synopsis of the
financial arena within which the Credit
Union operated during 2014:
Annual Report 2015 12 Celebrating 60 years