Credit Union Annual Report 2022 - Flipbook - Page 8
BOARD OF DIRECTORS’ REPORT
Forty-six years ago, 7 members got together with $35 and formed our Cayman Islands Civil Service
Association Co-operative Credit Union Limited. Their purpose was to find an alternative to the banks and to
provide civil servants access to financial services. Our Co-operative was registered on the 15 March 1976.
Members, on behalf of your Board of Directors, I
present to you our Annual Report for the year ended
31 July 2022. Today, we are over 17,500 members
with assets in excess of $510 million. Today, our
Credit Union’s purpose continues – To provide our
members with easier access to financial services,
and to help them to improve their quality of life.
Today our members include employees from
Government-owned
companies,
statutory
authorities, public utility companies, and their
immediate families who work in every industry in
our Islands. We are all owners of a dynamic
Co-operative
with
one-member-one
vote
democratic principles. This is very different from
banks, whose shareholders may never use its
services, and who have the same number of votes
as shares held by each.
During this financial year we have achieved a
number of milestones as we continue this
successful financial journey started by our founding
members:
Total Assets over half a billion dollars;
Implementation of a modern technology
banking system with online, mobile and
ATM service since 2001;
The development of a Strategic Plan to guide
our Credit Union for the next three years.
Comprehensive review of our Credit Rules
since 2012;
Development of a Risk Appetite Statement
and Entity Risk Management Framework;
Leasing additional space in the growing
Community of Savannah for another
Branch; and
James Watler
Chairman
Introduction
of
CUconvenience
in
response to feedback from our members.
Credit Union ANNUAL REPORT 2022
05
