BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
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of 35.4 percent over prior year. Positive growth was also
recorded in total loans and advances which increased from
$160 million to $183.4 million (15.1percent). Client deposits
moved from $160 million to $191 million or 19.1 percent.
The insurance division recorded yet another encouraging
year, yielding net commissions of $1 million, surpassing the
previous year’s performance by 35.9 percent. On September
11, 2014 this division commenced operations as a separate
brokerage entity, rebranded as CAPITA Insurance Brokers Inc.
(CIB). Essentially, the output from our subsidiaries is highly
satisfactory in consideration of the prevailing economic
climate.
CORPORATE GOVERNANCE
Corporategovernance isasystemthatdefines the relationships
between an organization’s elected officials, management
team, members, partners and other stakeholders. It provides
structures of authority for decision making to ensure not only
compliance with regulatory requirements and guidelines,
but also with sound business and financial practices. The
established governance model leverages international best
practices by integrating individual governance of integrity,
competence and commitment; with internal governance
of continuity, balance and accountability; and external
governance of transparency, compliance and public
accountability.
CODE OF CONDUCT
The Code of Conduct establishes the rules governing the
ethical and lawful conduct of the Credit Union’s elected
officials, officers, employees and volunteers. This has to
be evident in all business practices, so as to protect the
organization’s reputation and preserve community trust.
COMMITTEE OPERATIONS
The Committee met five (5) times during the year to
undertake a number of activities including:
• Creation of an agenda schedule for activity tracking
• Review Corporate Governance Committee mandate,
Charter and handbook
• Review Code of Ethics activities
• Review of the Risk Oversight Committee Charter
• Review of the Finance and Business Strategy Committee
Charter
• Review of Board competencies and its balance of
expertise
• Ensuring Director performance evaluations are conducted
BOARD OF DIRECTORS REPORT
(continued)
FUTURE DIRECTION
While our focus in these early stages of development of
the corporate governance architecture has been specifically
on the operations of the Credit Union, we do recognize
the need to expand our scope to include its subsidiary and
affiliated companies. It is important that we work together
with our many partners to ensure that effective governance
is incorporated into all aspects of the organization for the
benefit of all stakeholders.
OUTLOOK 2016 - 2017
Based on the reports of the Central Bank of Barbados (CBB),
the Barbados economy grew by 0.5% in 2015, less than 1.5%
as previously predicted. Consequently, the unemployment
levels remained elevated. This factor negatively impacted
the ability of members to service loans as agreed.
The Central Bank of Barbados projections for 2016 expect
increased activity in the tourism and construction sectors
which will provide stimulus to the wholesale, retail and
business services sectors. We anticipate that this projected
uptick in economic activities will result in reduced
unemployment levels among our membership.
CONDOLENCES
We remember with fondness the former Chairman of our
subsidiary – Capital Financial Services Inc., Bro. Carlos Holder
and in the process convey our profound sadness to his
relatives and friends at his passing. He was dedicated and
committed to the success of the organization at the time of
his passing. To all our members, staff and the wider Credit
Union family, including those at our subsidiary and affiliated
companies, who lost love ones during the year under review,
we extend our deepest sympathy.
ACKNOWLEDGEMENT
The successes of the 2016 fiscal year could not have been
realized without the effort of our members, staff, elected
committees, sub-committees and our hardworking,
dedicated departmental representatives. To each of you, both
collectively and individually, we extend profound gratitude.
The Board takes this opportunity to place on record, its
whole hearted gratitude for the invaluable support of
retiring Directors Bro. Trevor Colucci, Sis. Kerry-Ann King
and Sis. Carole Layne-Browne, who through their various
competencies and professional experiences, provided
unique, diverse and treasured contributions to the Board of
Directors. The same sentiments are conveyed to our Sis. Julie
Corbin, who replaced former director Sis. Paula Byer, who
retired during the year under review.
