8
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
PRESIDENT’S MESSAGE
My fellow Directors and
I are pleased to report
that we have achieved yet
another year of continuous
and balanced growth in
all key areas of the Credit
Union’s operations. This
was achieved against a
perturbing backdrop of
global
socio-economic
instability. This is clearly
attributable
to
you,
the membership, who
has remained loyal and
displayed a high level of
confidence in the leadership
of your Credit Union, by
making it your financial
institution of choice.
On behalf of the Board of Directors, Management and Staff, I
therefore extend deepest gratitude to you.
Our Group of companies has been able to withstand the prevailing
economic climate by posting encouraging financial results during
the past fiscal year which ended March 31, 2013. The final net
income of $12.8M conveys a resounding position of viability.
Notwithstanding our success, we remain acutely aware of the
need for sustainable improvement. As such, we continue to work
assiduously to respond to the increasing demands of membership,
clientele, regulatory institutions and fierce competition.
Ultimately, convenience is critical to member and customer
satisfaction. The long-term plan for the establishment of another
branch in the rapidly expanding Warrens locale still remains our
focus, however, in the meanwhile, discussions are ongoing
relative to acquiring a home for the placement of an ATM in that
area.
In short order, we will be establishing a presence in Collymore
Rock, through the placement of an ATM at the Co-operators
General Insurance Company Limited’s head office.
With limited financial and human resources and the escalating
costs of compliance and legislation, it becomes imperative that
greater focus and energy must be concentrated on our core
activities. Consistent with that perspective, therefore, and coupled
with the Credit Union’s vision that the management of non-core
activities be centralized, the Board approved the establishment of
an in-house technology services unit, aimed not only at enhancing
its operations, but also to serve the needs of the other sibling
credit unions.
Abraham Lincoln said, “The best way to predict your future is
to create it!”, and as we move forward with the creation of this
Credit Union’s future, we are acutely aware that the greatest key
success factor will continue to be the growth of our people and
their knowledge of the movement. We consider it our solemn
obligation to ensure that our youngsters fully appreciate the value
of the co-operative business model. Our work in this area on the
secondary school curriculum has borne fruit. However, we will not
rest on our laurels; our outlook on this matter has now translated
into the future tense, for if the future is to be leveraged, there must
be a conscious effort to transport our youth to the vanguard of
this exploit. This will augur well for the sustainability of the credit
union movement which has become borderless and globalized.
We will continue to engage our best efforts in forging stronger
bonds with our regulatory arm, in full recognition of the fact that
compliance must remain a major priority if best practice is to be
embraced and success sustained.
During the year, the Corporate Governance Committee undertook
a comprehensive review of the Credit Union’s corporate
governance architecture and policy. Coming out of this exercise the
existing manual has been revamped and replaced by a Corporate
Governance Policy, which is in line with “best in class” practices
and global industry standards.
Consistent with our objective to enhance our corporate governance
conduct, and in recognition of the serious nature of the individual
responsibilities of Board stewardship, I have personally introduced
a self-assessment tool, which will aptly evaluate the performance
of each director. In spite of the volunteer status of the role, I will
ensure that elevated standards of ethics, morals and accountability
are maintained.
As part of our internal governance process we recently concluded
a review of our internal controls to ensure proper and accurate
identification of key risk areas and implement appropriate policies
and procedures to mitigate such risks.
The Barbados Public Workers’ Co-operative Credit Union Limited
will continue to uphold the value of caring and sharing through
the Social Outreach Fund and Educational Grant Fund facilities.
We salute the sterling contribution of our staff. Ongoing
organizational design adjustments will create additional
opportunities; a positive aspect in terms of career advancement.
We will continue to provide training opportunities for staff,
underscoring its overall importance. Increased focus will be placed
on succession planning, career track progressions, continual
communication and appropriate and relevant policies as we seek
to increase overall productivity.
Impeccable service delivery is a non-negotiable requirement for
survival within the financial services industry. A comprehensive
review of our processes, procedures and human resource skill sets
is ongoing as we strive to achieve superior standards.
Our joint strategic plan has been finalized, one of the primary
objectives being the establishment of a more responsive and
competitive frontline. This plan will greatly assist with synchronizing
and harmonizing of efforts at the Group level, and in due course
forge a regional brand.
In the coming months, the Credit Union will be offering new and
rebranded products to maintain and increase our market share
including expanded utility of the debit card and pre approved
loans.
I wish to extend my heartfelt thanks to my fellow directors,
members of the Supervisory and Credit Committees along with
members of the various Standing Committees, for their support
and commitment over the past year.
I also take this opportunity to thank the Representatives Association
for their outstanding work and overall dedication to the credit
union cause.
The Financial Educational Unit must also be lauded for its vital role
to our members especially in these harsh economic times.
I also thank retiring directors Sis. Kieva Cadogan, Sis. Carol Layne-
Browne and Bro. Jerry Kellman for their invaluable contribution
and support during the year.
President
Bro. Glendon Belle
