Credit Union Annual Report 2021 V2 - Flipbook - Page 12
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Credit Union ANNUAL REPORT 2021
CORPORATE GOVERNANCE
The Board of Directors has worked diligently throughout the
year on your behalf and met 14 (2020: 14) times to discharge
their fiduciary and regulatory duties. The focus areas for the
Board continue to be: financial strength, risk management,
compliance, strategy and sound governance practice.
To strengthen governance the Board approved the
following policies during the financial year:
• Code of Conduct and Conflict of Interest Policy for all
Directors and Members of Committees;
• Code of Conduct for Employees (revised 2021); and
• Board Operating Manual.
A governance audit was conducted by Internal Audit under the
guidance of the Supervisory Committee. The implementation
of recommendations from this audit along with the above
policies above will further enhance effective governance of
our Credit Union.
Rule 43 requires that at least one statutory meeting be
held with all directors and committee members during the
year. At this meeting attendees were given an overview
and update on all Credit Union policies and procedures, an
overview of all products and services, and a presentation
Contract Signing
28 there were 3 meetings held for this purpose during the
financial year.
was made by representatives of the Regulator, CIMA, on
The Development Committee which consists of one
the regulatory framework for our Credit Union.
director, one member of the Supervisory Committee, and
In June 2019, the Board of Directors in accordance with
Rule 41 formed an Executive Committee, which is a subcommittee of the Board including the Chairman, 1st Vice-
two members met 21 times during the financial year along
with various experts in architecture, project management,
construction, engineering, and property valuation.
Chairman, Treasurer, Secretary, and another director. The
In the 2020 Annual Report - The Way Forward - we
role of this Committee is to approve loans referred by the
outlined that we would “develop detailed plans for use of
Credit Committee and review the performance of the CEO.
the investment property held by the Credit Union that will
This sub-committee met 3 (2020: 7) times during the
financial year.
provide future income through sales and interest on loans.”
We also shared, through a power point presentation,
architectural renderings of the development site and
The IT Steering Committee, which consists of one director,
proposed structures. We are pleased to note the following
the Chief Information Officer, and 3 members, met 3 (2020: 3)
significant achievements so far:
times for the financial year to provide recommendations to
the Board on cyber security, IT strategy and IT governance.
The Education Grant Committee, which consists of two
directors and two members met once during the financial
year to review and approve application for grants under the
Rupert McCoy Educational Grant Programme.
Rule 28 requires that one director and a member of the
Supervisory Committee are required to attend a Credit
Committee Meeting whenever a loan application is being
considered for a staff member, director, or a member of the
Credit or Supervisory Committee. In accordance with Rule
• Completion and approval of architectural drawings for a
commercial building and townhomes;
• Construction of access to Elroy Arch to enhance access
in and out of the site;
• Draft agreement with HSA for the part sale/part lease of
the commercial building; and
• Incorporation of investment property holding company
of the Development.
Attendance by directors at Board and Sub-Committee
Meetings are outlined in the table: