sJU5 398im5WjrIJirbeG-Credit Union AGM Booklet 2024 - Flipbook - Page 31
31 Credit Union AGM Booklet 2024
Collaboration with CCCU and WOCCU
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Fourteen members, comprising seven staff
members, two directors, two Supervisory Committee
members, two Credit Committee members, and one
general member, attended the Annual CCCU
Conference in St. Kitts in June 2024.
•
Enhanced the performance award programme by
adding employee participation and training awards,
Credit Union values awards, a Manager of the Year
award, and a Team of the Year award.
•
Provided effective management training for all
managers.
•
Implemented a Learning & Management System that
provides training to all employees based on
performance requirements.
•
Four directors attended the WOCCU Conference in
Boston, Massachusetts, in July 2024.
•
Some directors attended the CCCU Special and
Annual General Meetings in March and June 2024.
•
•
Six employees attended CaribDE leadership training
in Jamaica and St Kitts and Nevis during the year.
Completed a cultural strategy to be implemented
over three years.
•
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We supported our fellow credit union members
impacted by Hurricane Beryl. Our Credit Union
donated $10K, and 375 members donated $12,592,
a total donation of $22,592 to the CCCU Foundation.
Realigned performance goals to focus on qualitative
measures and include the Credit Union values.
•
CCCU and WOCCU collaborated to assist us by
writing directly to the Minister of Financial Services,
advocating against charging our Credit Union a
$200,000 annual registration fee.
•
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We continue to receive advice from CCCU on
specialist consultants and attend relevant training
courses held by CCCU throughout the year.
Collaboration with other Credit Unions in the region is
ongoing. We assisted Bermuda's Credit Union by
sharing corporate governance and debt collection
policies, discussed community involvement strategy
with three Credit Unions in the USA, and contracted
with Jamaica Cooperation Credit Union League for
Credit Risk Training.
We understand that our employees are our most valuable
asset. They are key in implementing our strategic
objectives, enabling us to ful昀椀ll our purpose, mission, and
vision for the future of our member-owners.
Capacity Development
•
Expansion - We are pleased to report that the branch
in Country Corner Plaza in Savannah Opened on 12
November 2024.
•
This branch provides non-cash services to members
in the eastern districts relating to new member
applications, loan applications, ATM cards, online
credentials, transfers, cheque requests, references,
and other general enquiries.
Development Project
•
In 2019, the Board formed a Development Committee
to determine the best use of Credit Union properties
at Huldah Avenue and Smith Road, Grand Cayman.
The Committee evaluated options for constructing a
commercial building for rent and residential
townhouses for sale, which the Board believed would
generate signi昀椀cant returns through rental, sales
income, and townhouse 昀椀nancing.
•
From 2020 to 2022, the COVID-19 pandemic
negatively impacted the global economy and led to
skyrocketing construction prices. In post-pandemic
years, prices have stabilised but have not returned to
pre-pandemic levels.
•
The Board prioritizes members' interests in all
investment decisions. While affordable housing is
needed, the Verdant Terrace Development units
would have been priced over $500,000, which is
Employee Engagement and Participation
•
The Credit Union employed 78 (2023: 74) team
members, 30% males and 70% females, as of 31 July
2024. Our team is committed to continuous
improvement to meet and exceed the expectations of
our members within the Rules, policies, and
procedures of the Credit Union.
Based on feedback from the 2023 Employee Survey, we
have completed the following as of 31 July 2024:
•
An Employee Wellness Policy
•
Implemented an Intranet and an Internal
Communication Policy to enhance internal
communication.
