2023 Annual Report - Flipbook - Page 3
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Credit Union Annual Report 2023
Introduction
The Cayman Islands Civil Service
Association (“CICSA”)
Cooperative Credit Union Limited
(the “Credit Union”) was
incorporated in the Cayman
Islands in 1976 under the
provisions of the Cooperative
Societies Act and operates as a
non-pro昀椀t organisation receiving
savings and making loans to
members.
The Credit Union was formed by
seven civil servants who were
members of CICSA. The seven
founding members: Mr. Gilbert
McLean, Mr. Louis Moncrieffe
(deceased), Mr. John (Lemuel)
Hurlston, Mr. Colford Scott, Mr.
Ray Miller (deceased), Ms.
Rachael Ebanks, and Mr.George
McCarthy, assisted by the
“Matron” of the Credit Union,
Mrs. Cicely Delapenha
(deceased), started with $35 ($5
each).
Their vision, 47 years later with
over 18,700 members and assets
more than $570M, is still shared
today.
Governance structure
Cooperative Principles
Our governance structure is
strengthened internally by:
As a member of the
Caribbean Conferderation
of Credit Union (the
“CCCU”) and the World
Council of Credit Unions
(the “WOCCU”), we
endeavour to uphold the
cooperative principles of:
•
The role and functions of
an elected Board of
Directors
•
The role and functions of
an elected Credit and
Supervisory Committee
We are a member-owned,
community-focused, non-pro昀椀t
昀椀nancial institution.
The control functions
performed by an Internal
Auditor and a Chief Risk
and Compliance Of昀椀cer
Our main line of buisness includes retail and
business banking (deposit taking and lending),
commercial mortgage lending, among other
services.
•
Other enhancements
Our governance is further
enhanced by:
•
Annual internal audits
•
Regulated by the
Cayman Islands
Monetary Authority
(CIMA)
•
An entity risk
management framework
•
Other policies and
procedures
We are governed by the Cooperative Societies
Act as well as member-approved rules.
Through our work, we also uphold the highest
standards of cooperative principles and
practices..
Voluntary membership
Democractic member
control
Member economic
participation
Autonomy and
independence
Financial education,
training, information
Cooperation among
cooperatives
Concern for community