forged from the love of liberty
TRANSCRIPT
Forged from the love of liberty
In the fires of hope and prayer
With boundless faith in our destiny
We solemnly declare:
Side by side we stand
Islands of the blue Caribbean sea,
This our native land
We pledge our lives to thee.
Here every creed and race find an equal place,
And may God bless our nation
Here every creed and race find an equal place,
And may God bless our nation.
CREDIT UNION PRAYER
Lord, make me an instrument of thy peace Where there is hatred, let me sow love; Where there is injury, pardon; Where there is doubt, faith; Where there is despair, hope; Where there is darkness, light; and Where there is sadness, joy.
O divine Master, Grant that I may not so much seek To be consoled as to console; To be understood as to understand; To be loved as to love; For it is in giving that we receive,It is in pardoning that we are pardoned; And it is in dying that we are born to eternal life.
NATIONAL ANTHEM
To be the financial institution of choice for all citizens of Trinidad and Tobago dedicated to member satisfaction and
financial stability.
VISION STATEMENT
MISSION STATEMENT
To facilitate the social and economic growth of our members creatively by collective efforts through quality customer service,
technological advancement, strong financial and governance systems while recognizing our corporate social responsibility.
• NATIONAL ANTHEM ......................................................................................................................... 2
• CREDIT UNION PRAYER .................................................................................................................... 2
• VISION STATEMENT ......................................................................................................................... 3
• MISSION STATEMENT ...................................................................................................................... 3
• NOTICE AND AGENDA OF ANNUAL GENERAL MEETING ................................................................. 4
• STANDING ORDERS .......................................................................................................................... 5
• BOARD AND COMMITTEES .............................................................................................................. 6
• OUT-GOING OFFICERS ...................................................................................................................... 6
• PRESIDENT’S ADDRESS ..................................................................................................................... 7
• MINUTES OF ANNUAL GENERAL MEETING .................................................................................... 12
• REPORT OF THE BOARD OF DIRECTORS ......................................................................................... 26
• REPORT OF THE CREDIT COMMITTEE ............................................................................................ 32
• REPORT OF THE SUPERVISORY COMMITTEE ................................................................................. 37
• REPORT OF THE EDUCATION COMMITTEE .................................................................................... 41
• REPORT OF THE TOBAGO ADVISORY COMMITTEE ........................................................................ 44
• REPORT OF THE NOMINATING COMMITTEE 2019 ........................................................................ 48
• RESOLUTIONS ................................................................................................................................. 49
CONTENTS
NOTICE AND AGENDA OF ANNUAL GENERAL MEETING
Notice is hereby given that the 53rd Annual General Meeting of the PSCU Credit Union Co-operative Society Limited will be held on Sunday 14th April 2019 commencing at 1:00 p.m. at the following two (2) venues simultaneously:
1) Trinidad - Torenia Hall, Centre of Excellence, Macoya 2) Tobago – Tobago Nutrition Cooperative Society Limited
AGENDA
1. CALL TO ORDER (a) National Anthem (b) Invocation (c) Notice of Meeting (d) Credential Committee’s Report 2. PRESIDENT’S ADDRESS3. LAUNCH OF MOBILE APP AND REDESIGN WEBSITE4. ADOPTION OF STANDING ORDERS 5. READING AND CONFIRMATION OF MINUTES OF MEETING6. BUSINESS ARISING FROM THE MINUTES 7. REPORTS (a) Board of Directors (b) Credit Committee (c) Supervisory Committee (d) Education Committee (e) Auditor’s Report /Financial Statements for the year ending 31st December 20188. NOMINATING COMMITTEE’S REPORT AND NOMINATIONS 9. ELECTIONS 10. BUDGET FOR THE YEAR ENDING 31st DECEMBER 2019 11. RESOLUTIONS 12. GENERAL BUSINESS 13. CLOSING REMARKS
Members are asked to confirm their attendance at any of our Branches. Registration commences at 11:00 a.m. and ceases before the voting process.
MEMBERS ARE REQUIRED TO PROVIDE VALID PHOTO IDENTIFICATION FOR REGISTRATION
By Order of the Board
Alana Goodridge-George (Mrs) SECRETARY
1. (a) A member will stand when addressing the Chair and shall identify himself/herself. (b) Speeches are to be clear and relevant to the subject before the meeting
2. A member shall address the meeting when called upon by the Chairman to do so, after which, he/she immediately takes his/her seat.
3. No member shall address the Meeting except through the Chairman.
4. A member may not speak twice on the same subject except: (a) He/she is the mover of a motion – in which he has a right to reply, or (b) He/she rises to object or explain (with the permission of the Chair).
5. No speeches shall be made after the “question” has been put and carried or denied.
6. The Mover of a Procedural Motion – (Adjournment, Lay on the table, Motion to postpone) shall have no right of reply.
7. A member rising on a “point of order” shall state the point clearly and concisely. (A “point of order” must have relevance to the “Standing Orders”).
8. (a) A member shall not call another member “to order” – but may draw the attention of the Chair to a “breach of order”. (b) In no event can a member call the Chair “to order”.
9. Only one amendment should be before the meeting at any time.
10. When a motion is withdrawn, any amendment to it fails.
11. The Chairman has the right to a “Casting Vote”.
12. If there is equality of voting on an amendment, and if the Chairman does not exercise his casting vote, the amendment is lost.
13. Provision shall be made for the protection of the Chairman from vilification (personal abuse).
14. No member shall impute improper motives against another member.
15. Electronic recording of these proceedings is prohibited, unless prior permission is obtained from the Chairman.
STANDING ORDERS
BOARD OF DIRECTORS EDUCATION COMMITTEEMr. Stephen Creese President Ms. Yvette Hall ChairpersonMs. Yvette Hall Vice President Dr. Janet Stanley-Marcano MemberMrs. Alana Goodridge-George Secretary Ms. Giselle Charles MemberMs. Brenda Elwin Asst. Secretary Ms. Arlene Stephen MemberMr. Derek Greaves Treasurer Mr. Gentle London MemberMr. Brian La Roche Director Ms. Margaret Parillon Co-opted Dr. Janet Stanley-Marcano Director Ms. Alana Goodridge-George Co-optedMs. Margaret Parillon Director Mr. Rodney Harris Co-optedMrs. Alison Alleyne-Young Director SUPERVISORY COMMITTEE NOMINATING COMMITTEEMr. Noel Johnson Chairperson Mrs. Margaret Weston Chairperson Ms. Melissa Chevalier Secretary Mrs. Alison Alleyne-Young Member Ms. Lisa Villafana Member Mr. Hugh Clarke Member Ms. Ann Albert-Pierre Member Ms. Diane Haynes (Deceased) Member
CREDIT COMMITTEE WAIVER COMMITTEEMs. Charmaine Richardson Chairperson Mr. Derek Greaves MemberMrs. Versil Charles-Wright Secretary Ms. Margaret Parillon MemberMrs Annmarie Sheppard-White Member Ms. Brenda Elwin MemberMrs. Kimberly Mc Carthy Member Mrs. Roselyn Walcott Member
OUT-GOING OFFICERS
BOARD OF DIRECTORS SUPERVISORY COMMITTEEMr. Stephen Creese Mr. Noel Johnson Mr. Brian La Roche Ms. Melissa ChevalierDr. Janet Stanley-Marcano Ms. Lisa Villafana
CREDIT COMMITTEEMrs. Charmaine Richardson Ms. Roselyn WalcottMs. Kimberly Mc Carthy
BOARD AND COMMITTEES
Navigating Our Future.... There is a clear and imminent danger of the demise of the
Credit Union Movement and we must address this. We
are compelled at this juncture of our cooperative history to
summon our collective intelligence and declare a different
path forward.
To do this requires that we segment our goals into three
spheres:
a) Short term or low hanging fruit
b) Medium term
c) Long term
But before identifying specifics there is the need to have a sense of context. Informing such a context is the need to
recognize some amount of antecedence i.e. what came before. I am arguing that we need to recognize that ours
is an ongoing socio-economic struggle emanating from a colonial past that demanded that we fashion
instruments capable of fostering our self-deliverance. What, then, have we fashioned so far? Socially we
have sought relief through the friendly societies, the trade union movement as an economic strategy and
more recently the modern political party as an instrument that spans three dimensions - social economic
and political!
Sadly, the Friendly Societies only brought temporary relief and then floundered. The trade unions, though they have
entrenched themselves in the institutional fabric, are forever under attack and have been surpassed by the political party
framework as the more dominant entity. In going forward there is the need to understand how the racial demographic has
bedevilled our prospects for survival. There is need also for an appreciation of how the fact that we are an ageing society
has presented us with a unique set of developmental issues. Credit Unions have to fashion products for their existing
ageing membership while ensuring relevance that attracts the next generation of prospective leaders.
We are between the proverbial rock and a hard place.
Short Term Focus
This has to identify those objectives that are either attainable from strategies that we can develop and
sustain as part of our own deliberate efforts acting singularly but preferably cooperatively.
It also requires that we negotiate our way past clear institutional obstacles. For instance, the question of the assignment
of salaries and pensions of retired public service workers to their respective credit unions.
It is my contention that much of the so-called excess liquidity in the banking sector arises from the cash transfers the state
makes on a monthly basis to these banks on behalf of both current and past employees.
There is also the question of the encashment of cheques especially government cheques by credit unions.
PRESIDENT’S ADDRESS
Navigating Our Future.... There is a clear and imminent danger of the demise of the
Credit Union Movement and we must address this. We
are compelled at this juncture of our cooperative history to
summon our collective intelligence and declare a different
path forward.
To do this requires that we segment our goals into three
spheres:
a) Short term or low hanging fruit
b) Medium term
c) Long term
Medium TermThis relates to levelling the playing field by deliberate state efforts to ensure greater participation by credit unions in national development programs.The role of the Commissioner of Cooperatives Office has to be revisited as it is currently understaffed and is a bottleneck with respect to approval of mortgage loans, investment projects and the processing of delinquent loans. Credit Unions are not recognized as a distinct sector for representation in the Senate.Clearly there is need for the State to have a clear and stated policy on Credit Unions!
Long-termThe absence of a clear stated policy position is reflected in the existence of outdated legislation as successive regimes have failed to resolve this issue. Clearly, we have not been a priority for several decades whatever our voting capacity!This we must change.The foregoing is largely an approximation of the external scenario. We need to address our internal shortcomings in order to effectively address our survival possibilities.
Fit for purpose:We have begun work on this aspect by commissioning a review of our management structure. Even prior to that we have made the work of the Nominating Committee central to ensuring that the democratic process of the election to Board and Committees is a more enlightened arrangement. We have begun this transition.
Digital AgeOur technological innovations have allowed us to keep abreast of what is demanded by a more discerning membership.
Product Development/MarketingThis is an area that Management and Staff has been assiduously addressing and have agreed to participate in a two-day Retreat to ensure that both a Business Plan and a new Strategic Plan will guide our endeavours going forward.
But as in everything else we do, there is need for both collaboration and cooperation within the Movement if we are not only to effectively counter the moves of our competitors but stride ahead of the pack! There is need to recognise the difference between the friendly rivalry amongst Credit Unions as opposed to the brutal competition in the wider finan-cial sector.
Market research as a guide to product development is a critical tool that we must use to obtain cooperation from our fellow co-operatives.Finally, we must demonstrate in our finest innovative and entrepreneurial spirit a willingness to broach the question of consolidation/mergers if we are to mount and sustain a framework of endurance thereby guaranteeing our members survival and a place for generations yet unborn.
So where are we today?We should by now be in possession of both a 2019 Business Plan and a Strategic Plan 2019 to 2022.The critical challenges facing us require endeavours on three fronts 1. Internal Housekeeping 2. Movement Initiatives 3. State Engagement
INTERNAL HOUSEKEEPING Evolve or perish! That is the stark choice and we must redesign ourselves to ensure that our organisation is properly structured for the tasks at hand. Moreover we have to move swiftly to ensure that we have in our employ the requisite human resources that make us fit for purpose!
There are some hard and tough decisions that the board must make in this regard. We are required to decide whether the employment model that we have currently utilized is the best option or whether we go the way of Teachers Credit Union where retired teachers/members provide the top managerial services.What is abundantly clear is that we cannot sustain employee costs at fifty plus percent of our revenue! The management restructuring exercise, currently underway, is of paramount importance.The bottom line is that there are no sacred cows: we must be efficient and effective.
MOVEMENT INITIATIVES The luxury of disunity has to be consigned to the dustbin of history. We just cannot go on this way. Egos have to be cut down to size like the credit unions themselves, the movement has to be fit for purpose and the purpose is our collective survival.This requires a return to basic cooperative principles. In this regard I am proposing a retreat involving collaboration amongst the following as a first order of priority: 1. The Credit Union League 2. The Association of Credit Union Presidents 3. The Central Finance Facility 4. The Credit Union Deposit Insurance Fund
The time has come to talk to each other, honestly and openly, about the state of the credit union alternative. We have to forge a path forward or one will be prepared for us.
There are two other initiatives that PSCU has been pioneering, because where we dare to go others limp along behind, and these two are: a. Tobago Reloaded b. Credit Union Hall of Fame
TOBAGO RELOADEDWe have sought the sponsorship by the Association of Credit Union Presidents of T&T (ACCUPTT) of a Tobago Revitaliza-tion Committee whose task is to foster the rekindling of the Tobago economy by the targeting of specific initiatives/projects in our sister isle, to ensure that we never see a repeat of what transpired when the sea bridge collapsed.
CREDIT UNION HALL OF FAMEWe have been promoting this concept as a biennial project. Its goal is twofold. First there is a clear need to recognize those who have laboured in the vineyard. But, even more importantly, if we are to win the hearts and minds of the next generation then the time has come to understand the dialectical link between the damaged psyche of our urban youth and the need to inspire them with the provision of positive role models. And I make bold to say that our credit union and cooperative history is filled with such heroes and heroines.We have to salute them as we accord them their rightful place in our history
STATE ENGAGEMENTAs a credit union that came out of the bosom of a trade union, we cannot turn a blind eye to what is facing the trade union movement in this country. We therefore have to demand of the State a clear egalitarian policy on credit unions and cooperatives generally. We have to claim our rightful place at the table. We are nobody's poor relation. When they come seeking your vote at election time you must ask them, what is their policy on credit unions and if constitutional reform means the recognition of the cooperative sector in the Senate?
CLR James makes the point in “Beyond a Boundary” about the connection between early West Indian cricket and the collective assertion of a newfound political spirit that underpinned performance on the field. In much the same way the Cooperative Movement, and particularly the Credit Union sector, has to find its way in its newfound role as a liber-ating force in this post-colonial reality. We must understand that those who fund political campaigns are not our friends and that those who receive such funding are pursuing a deliberate strategy of not introducing any kind of campaign financing legislation.
At the end of the day it comes down to the question of whether we are prepared to be robust in our recognition of and resistant to the 'boundaries' in which they seek to contain us. We have no choice but to push the envelope and be imaginative and creative in our collective efforts. Six hundred thousand credit union accounts cannot be wrong. At the end of the day our negotiating strategy must make that abundantly clear. The course that we navigate must make that a self-evident truth.
We have to seize the time and the initiative and tell them what time it is!If stick break in their proverbial ears, then welcome to ENT (Ear, Nose and Throat): we could fix that! And we will fix that!
I have no doubt that we can successfully navigate our future beyond the boundaries which have been placed to limit us.
Cooperatively yours
________________STEPHEN CREESEPRESIDENT
Held on Saturday 28th April 2018 at The Centre of Excellence, Macoya and Tobago Nutrition Co-operative Society Limited, Canaan.
CommencementThe Annual General Meeting convened at 10:40am by the President, Mr. Stephen Creese, who invited all to stand for the national anthem. Everyone was then asked to recite the Credit Union Prayer.
Reading of the Notice and AgendaThe notice of the meeting which had been duly published in accordance with the By-Laws of PSCU Credit Union Cooperative Society Limited, was read along with the agenda by the Secretary, Ms. Alana Goodridge-George
Credential ReportThe President, Mr. Stephen Creese informed the meeting that at 10:55am the credential report revealed that one hundred and seventy-nine (179) members were in attendance in Trinidad and thirty-five (35) were in attendance in Tobago, bringing our total to two hundred and fourteen (214) at the A.G.M.
Presidents AddressThe President, Mr. Stephen Creese, welcomed all to the Annual General Meeting and spoke on the theme for the meeting, ‘Mastering Your Destiny’. He commented that we were assured of only two things in life, our birth and our death but what we do in between these milestones, forms our collective story.
He stated that the most significant of these was joining the Credit Union. This forms the collective that supports us through life and joins us together with common purpose. He stated that subscribing to the cooperative way of life, is the only way to ensure that our people, our children and our grandchildren are assured of a decent space in the scheme of things.
The President reminded that filling out the membership form, effectively becomes your baptism of faith and it is from that point, our genesis is chartered. For those friends we have lost and those who have drifted away, it is our duty to bring him or her back to the fold as our strength lies in unity; unity of purpose that helps us face our everyday lives which makes our destiny manifest.
Reading and Adoption of the Standing OrdersThe standing orders were read by the Secretary, Ms. Alana Goodridge-George and were accepted on a motion moved by Ms. Lolitta Wheeler and seconded by Ms. Marilyn Smith
MINUTES OF ANNUAL GENERAL MEETING
Omissions and Corrections
a) Under the heading Minutes of the Annual General Meeting: - Pg. 8 to read “Sunday 30th April 2017”
b) Under Report of the Credit Committee: - Pgs. 9 to read “A motion for the acceptance”
c) Under Report of the Supervisory Committee: - Pg. 10 add “The report was not accepted”
d) Under Board of Directors: - Pg. 11to read “(e) Mr. Fitzherbert Phillips”
e) Pg. 41 heading to read Nominating Committee
A motion for the acceptance of the Minutes was moved by Ms. Jennylyn Bailey and seconded by Mr. Bobby Charles. The motion was carried.
Confirmation of Minutes of the Special General Meeting
Omissions and Corrections a) Pg. 13 insert at 1.1 “Stephen before Creese
b) Pg. 16 at paragraph 21 a) iv) remove the word ‘Board’ in brackets
c) Pg. 17 paragraph 22 v) remove “while the other two (2”.
d) Pg. 34 under report on Property Management Limited, line 17, change page 34 of the by-laws to “page 41 of the by-laws”
A motion for the acceptance of the Minutes of the Special General Meeting was moved by Mr. Bobby Charles and seconded by Ms. Dianna John. The motion was carried.
Matters Arising From the 52nd Annual General MeetingThere were no matters arising from the Minutes.
Matters Arising From the Special General Meeting
Bad Debt RecoveryMs. Joan Fortune asked why we were hiring debt collectors and still had an unrecoverable debt of $2,913,427.17. The President explained that the debt had to be cited as unrecoverable after some time, especially with the new accounting standard of IFRS9. The debt was still collectable and that attempts to recover had not ceased.
Credit Union LeagueMr. Bobby Charles asked why the Board had taken the decision not to re-join the Credit Union League. The Secretary clarified that at last Annual General Meeting a motion was moved to consider re-joining the league. The General Manager did make attempts at gaining the necessary information but to date, the League had not been fully communicative on the cost. As a result, the Special General Meeting took the decision not to re-join the league.
Mr. Bobby Charles stated that at this point in time the movement was fragmented, and the government of the day would seek to take advantage of that, and we should make every attempt to re-join the league. He expressed every confidence in the Board to make that happen.
Confirmation of minutes of the 51st Annual General Meeting
The President informed that the ball was in the Leagues court, so to speak, as we are awaiting word from them. The movement however was not fragmented, as the press portrays, since the League and ACUPTT were working together to host the Caribbean Confederation of Credit Unions (CCCU) in Trinidad for the first time in nearly twenty years. He stated that we were collaborating on working through IFRS9, we were working on ironing out the legislation that was initiated by Parliament and both organizations have been working towards training and development rather than contesting for members.
The President commented that constant dialogue was taking place between the two bodies and hopefully by next Annual General Meeting there would be something more positive to state.
Mrs. Margaret Weston asked that the meeting remember, it was not just a question of fees but also of the League’s unwillingness to review their by-laws to a different way of conducting the affairs of the Societies, under its charge.The President thanked Mrs. Weston for her institutional knowledge.
Report of the BoardReport of the Board of Directors was tabled for consideration.
ObituariesMr. Bobby Charles asked that we hold a minute of silence as a mark of respect for Mr. Dyer, a stalwart in the movement. The President complied with this request and all stood for a minute of silence.
Information TechnologyMs. Giselle Charles commended PSCU for their strides in this field, with specific reference to the email blast and having the brochure online. The streaming was also a step forward that she could relate to and hoped we would continue making strides utilizing technology
A motion for the acceptance of the Report of the Board of Directors was moved by Ms. Marylin Smith and seconded by Ms. Esther Mc Ewen. The motion was carried
Report of the Credit CommitteeThe report of the Credit Committee was presented by the Secretary, Ms. Versil Charles-Wright.
AttendanceMs. Esther Mc Ewen raised a question on attendance and whether the alternate would’ve been called to serve in the interim, in light of the number of excused etcetera.
Ms. Charles – Wright explained that the figures there were an accumulated figure which may represent a day or two for any particular month and not necessarily a consecutive stretch, so there was no need to call in the alternate.
Delinquency Mr. Anderson Gonzales asked what strategies were being put in place to reduce the delinquency rate. Ms. Charles-Wright asked the President to respond.
The President outlined the following which were being employed in reducing the delinquency rate:
• Shifting the loan portfolio to allow management to handle a greater number of loans with
over sight from the committee,
• Staff personally follows up on loans they have been a party to, creating and keeping that
dynamic link with the membership so that we can work with a member who may show signs
of delinquency before it starts,
• The Education Committee has been having financial counselling for members
• The delinquency department along with loans officers have increased training in handling
these loans, and as a last resort
• A V Knowles has been retained to collect outstanding debt.
He stated that a combination of these initiatives, was being utilized to try bringing the rate
down.
Mr. Gonzales stated that whilst he acknowledged the reasons, he needed to know, what was being done to strengthen the recoveries department. The President iterated that it was not the strength of the recoveries department that needed to be increased but the issue was the members’ willingness to pay that was lacking. He stated this is where AV Knowles was having an impact, because as soon as the Members, were contacted, they would come in and renegotiate the term of payment, for fear of their names ending up on the bad debtors list which would hamper them from receiving loans at other financial institutions. The President stated that so far this had been having an impact.
Ms. Giselle Charles commended this initiative.
LoansMs. Marylin Procope-Beckles enquired about the fact that there were no figures under the Tobago investment loan. The president responded that no one had applied for it.
Ms. Marylin Procope-Beckles also asked why there was no mention of bridging loans, especially since we were giving
property mortgages. The General Manager, Ms. Nurse responded that while it is part of the loan policy, we did not have
the competency or staff to adequately monitor that loan
Ms. Marylin Procope-Beckles expressed shock that we were engaging in property mortgages without doing a bridging loan,
especially for building. She stated that it is members’ money we are using, and we ought to have persons in place to check
and ensure the property was proceeding according to the plans. If we are a serious Credit Union, then this is something we
should be doing.
Mr. Anderson Gonzales asked whether we were pursuing partnering with other Credit Unions for the purpose of
mortgages. The President responded that we were in negotiations with the Central Finance Facility, an institution created
within the movement, to handle loan programs.
Complaint
Mr. Bobby Charles raised a complaint against the staff of the Arima Branch and their unwillingness to give him a loan to
invest in shares, that was advertised on the radio. He stated that the treatment was bad, and he resorted to asking a lawyer
to prepare a pre-action protocol letter. The matter was subsequently addressed but he wanted to have it recorded here at
the meeting and let everyone be aware of what was taking place.
The President told staff that if for any reason a Member could not be accommodated, that it was the duty of staff to
channel the Member to another branch, and under no circumstance should we be telling a Member that they must return
in a week to process a loan. He reminded that the Members are the owners of this organization and that type of behaviour
would not be accepted at other organizations. The President then offered an apology to the Member on behalf of the
Credit Union for the difficulty experienced.
Communication
Ms. Lolitta Wheeler, Secretary of Property Management Limited (P.M.L.) stated that contrary to the report, she had not
received any letters from the Supervisory Committee. She said had she received any letters that she would have at least
responded with an acknowledgement letter and offered that if the Committee had any issues, they could speak to the
Chairman instead of going to the Commissioner. As Secretary of PML, Ms. Wheeler offered an apology.
Mr. Bobby Charles stated that it was bad to hear the Supervisory Committee was experiencing difficulties in contacting a
Unit of this organization and that all attempts should be made to avoid such in the future. The President agreed and
promised to investigate it.
A motion for the acceptance of the Report of the Supervisory Committee was moved by Ms. Giselle Charles and seconded
by Mrs. Yvette Hall. The motion was carried.
Report of the Education Committee
Mrs. Yvette Hall commented that we are forgetting our social responsibility to the Members and stated that for the 50th
anniversary the commitment was made to keep the 5K in Tobago and implored the new committee to continue with events
such as these. She suggested hosting an annual affair that the Members could come together at, besides the AGM,
resources permitting. The Chair of the Education Committee, Ms. Margaret Parillon, assured that at presently an event of
such a nature was being planned in Tobago.
Ms. Giselle Charles suggested that the Education Committee consider giving awards or have some form of recognition for
tertiary level education as well.
Ms. Elitha Thompson asked why the awards were only for SEA and not for CXC. The Chairperson, Ms. Parillon, informed
that we have encompassed that into our World of Work program.
Ms. Jennylyn Bailey stated she was under the impression, after the youth crossed the stage last year, that there was a
thrust to have a youth arm within the organization. She asked whether there was a charter guiding the youth arm, if it was
active, what are the goals the youth have set and whether the expectations have been met. The Chairperson, Ms. Parillon,
stated that the youth arm is an idea that has not been ventilated properly but that it has not been forgotten and we
recognize that the youth is where we need to focus.
Ms. Gillian Viechweg also commented that a promise was made to the organization to continue with that drive to focus on
the young members and advancing our youth membership. She also commented that there was a recommendation to
extend the life of the Education committee, to coincide with the term of a Board Member, namely three (3) years and asked
if this was considered. The President stated that it was deferred but promised that it would be the first thing on the next
Board meeting agenda.
Ms. Gillian Viechweg asked whether the financial management services being offered was a success and whether we had
a projection or a way to measure its success to know if it needed to be modified in anyway. The Chair of the Education
Committee indicated that we were seeing an increase in the number of Members coming into the various Branches and
she hoped that this program would develop further and gave her commitment to keep pushing marketing and
management to ensure that this continues and grows.
Ms. Gillian Viechweg suggested that whilst we have a captive audience it would be beneficial to have the Education
Committees programs promoted to ensure Members participation in the upcoming events.
Mr. Bobby Charles questioned the committees’ attendance as reflected in the table of only six (6) meetings. The Chair,
Ms. Parillon offered that the committee was formed in June and as such the table reflects those six (6) meetings.
Mr. Chin commented that he offered his services to assist with the Health Fair the Credit Union has every year, in the aspect
of Members health and nutrition etc. and he was never contacted. The President, Mr. Creese, applauded the Members
volunteerism and asked that he confer with the General Manager going forward.
Ms. Dianna John congratulated the Board on the effort they are making in having youth programs because as an aging
society we needed to find ways to encourage the young people in the community and by extension the country. She
commented that we should look at having programs for entrepreneurs. The Chairperson, Ms. Parillon, agreed.
Mr Anderson Gonzales suggested that the Education Committee also commit to encouraging entrepreneurship among our
over fifty (50) Membership as they also have a lot to offer.
A motion for the acceptance of the Report of the Education Committee was moved by Ms. Jennylyn Bailey and seconded
by Mr. Anderson Gonzales. The motion was carried
External Auditor’s Report
Ms. Tiffany Mitchell, a representative from the Audit Firm PKF Chartered Accountants and Business Advisors presented the
Auditors Report. She stated that it was the firm’s opinion that the consolidated financial statements, present fairly, in all
material respects, the financial position of the organization as at 31st December 2017 and its cash flows for the year ended,
in accordance with International Financial Reporting Standards (IFRS)
A motion for the acceptance of the Auditors Report was moved by Mr. Bobby Charles and seconded by Ms. Sharon
Williams-Gooding. The motion carried.
Presentation of Financial Statements and Budget
The President asked for a motion to amend the Agenda to allow for the financial statements to be taken with the budget.
The motion was moved by Mr. Brian La Roche and seconded by Mr. Hugh Clarke. The motion was carried.
The Treasurer, Mr. Greaves, was invited to present the financial statements.
Mr. Brian More asked, what the Credit Union was doing to mitigate the potentially negative effects on our bottom line
and our ability to satisfy our Members’ wants and needs arising out of that, given the change in accounting standards.
Mr. Greaves informed that what we have done, is to provide for the entire amount for 2017, which is why our bottom line
was negatively impacted but that over time, that that would change as new provisioning may be less.
Mr. Brian Moore asked if the continuation of the portfolio presented a large problem for the Credit Union in terms of
provisioning. Mr. Greaves stated that we were doing everything humanly possible, and that delinquency was not
something that could be controlled. He stated what we could do is continue to keep in contact with our Members and
try restructuring and reorganizing their loans and working with them to completion.
Ms. Yvette Hall suggested that the prudential and efficiency ratios be included in the financials to give Members a guide
to assessing the stability and financial position of the Credit Union at this point in time.
Ms. Jennylyn Bailey suggested that the Credit Union conduct seminars to educate the wider general Membership as to
the basics of IFRS9 and the impact it will have on their dividends. The President agreed and drew to the Members
attention that the educational process had already started via the newsletter we produce which was given out today.
Ms. Marylin Procope-Beckles asked about the procedure surrounding the recovery of delinquent loans and whether we
had a policy that states if you were delinquent that you could not get another loan within a certain amount of time.
The President, Mr. Creese stated that we do not have such a policy in place and asked the Treasurer, Mr. Greaves
to outline the procedure with respect to delinquency. Mr. Greaves informed, that the first step was communication.
The Member is contacted and every attempt is made to help the Member. He stated that once the lines of
communication had broken down or failed the Member gets a final letter signed by the Treasurer and failing that, the loan
is sent to the Commissioner who has the responsibility to determine how the loan should be repaid.
Mr. Bobby Charles commented that the delinquency problem is resident with all Credit Unions and the Commissioner
who is responsible for 129 Credit Unions appears to be overworked and not able to handle the issue. He stated that the
League or the Ministry of Labour and Cooperatives should put in place a tribunal of some sort to deal with this matter.
The meeting agreed with the sentiment expressed.
A motion for the acceptance of the Financial Statements was moved by Ms. Jennylyn Bailey and seconded by Mrs. Yvette
Hall. The motion was carried.
Report of the Nominating Committee
The report of the Nominating Committee was presented by the Chairperson, Ms. Margaret Weston. She stated she wished
to commend everyone who responded to the call to serve as there were a significant number of applicants. She stated
however that very few of the applicants possessed the across the board competencies and the relevant attitude required.
There was also an absence of the youth Membership coming forward to serve and she encouraged young persons to come
forward.
Ms. Weston read into the record the recommendations of the committee. These were as follows:
• The Committee is strongly recommending that a Training Plan for all Board and Committee members be
instituted by the Education Committee to improve on the knowledge base of Committee members.
• The awareness session to be held for all potential applicants should be held prior to the closing date for
the applications, so that persons can receive in-depth information on the roles of the various committees
• Some of these candidates, if not successful, have demonstrated a willingness to serve on other
committees where their competencies can be utilized.
Ms. Weston concluded by thanking all Members of the Committee, Ms. Dianne Haynes, Dr. Stanley-Marcano and Ms.
Albert-Pierre for their service.
Mr. Bobby Charles complained that every year the Membership would get a printout with the profiles of each candidate
and that none was available this year. The President clarified that this year, in keeping with technological advancements,
we would be delivering the profiles electronically. At the appropriate time for voting the profiles would be displayed on the
screen.
Ms. Elitha Thompson asked whether there was an error with the report in the calculation of applicants as the Committee
stated they received 19 applications but only 18 names were presented. Ms. Weston clarified that one Member did not
move forward as their application was incomplete and attempts to contact the Member proved futile.
A motion for the acceptance of the Report of the Nominating Committee was moved by Mr. Bobby Charles and seconded
by Ms. Elitha Thompson. The motion was carried.
Election of Officers
The meeting was handed over by the President to the Elections Officer, Mrs. Ann-Marie Ayers-Solomon and her team of
officers for the conduct of the elections. Mrs. Ann-Marie Ayers-Solomon complimented the Credit Union for moving
forward with the technology of live streaming. The Credential Report at the time of election stated that there was a total
of five hundred and nineteen (519) members present. One hundred and eleven (111) in Tobago and four hundred and eight
(408) in Trinidad.be followed.
Board of DirectorsThe following members were accepted and recommended by the Nominating Committee for election to the Board of
Directors:
1. Alison Alleyne
2. Arlene Stephen
3. Brenda Elwin
4. Derek Greaves
5. Dexter Morgan
6. Hugh Clarke
7. Stephen Thomas
8. Ursuline Hood
9. Yvette Hall
The elections officer informed that this year the selection for Board of Directors, was four persons.
Supervisory CommitteeThe following members were accepted by the Nominating Committee for election to the Supervisory Committee:
1. Deborah Haynes-Collins
2. Lisa Villafana
3. Melissa Chevalier
4. Noel Johnson
5. Rebeca Noel
6. Mr Gentle London was nominated from the floor by Ms. Gillian Viechweg and seconded by Ms. Ava Garcia
At the close of the voting process, the Chair was handed back to the President, Mr. Stephen Creese.
Presentation of the BudgetThe President, Mr. Creese asked that the Members allow the Treasurer, Mr. Greaves, to present the Budget even though
he is outgoing as he would have been the Treasurer at the time. The Membership agreed.
Ms. Lolitta Wheeler asked the Treasurer to account for the significant variance between the budgeted figure of
$5,611,000.00 and the actual figure of $9,572,000.00 and what steps were being taken to reduce it. Mr. Greaves explained
that the difference was due to the impact of the IFRS9 provisioning that had to be implemented, as well as provisioning for
negotiations with staff.
A motion for the acceptance of the Budget was moved by Ms. Marilyn Smith and seconded by Dr. Janet Stanley-Marcano.
The motion was carried.
ResolutionsThe following resolutions were read by the Secretary, Ms. Alana Goodridge-George
DividendWhereas the Board of Directors is committed to provide the Members of the Society with a reasonable return on their
investment, and;
Whereas the Society is steadfastly working towards providing its Members with efficient Member Service in facilities
which are customer friendly, and;
Whereas the Board of Directors continue to keep pace with current statutory and topical issues within the financial
services sector, and;
Whereas the PSCU Credit Union Co-Operative Society Limited has realized a Net Surplus of $5,890,837.00 for the financial
year ended 31st December, 2017;
Be It Resolved That: • A dividend of 2.4%, to be paid in cash, be declared on average shareholdings for 2017
• An interest rebate of 2% be declared on interest paid on loans for 2017
The motion was moved by Ms. Margaret Weston and seconded by Mr. Bobby Charles. The motion was carried.
HonorariumWhereas the Board of Directors and other statutory committees have performed with efficiency and dedication, and;
Whereas the PSCU Credit Union Co-operative Society Limited achieved a Net surplus of $5,890,837.00;
Be It Resolved That: • An honorarium of $260,000.00 be declared to be divided among the Board and Committees
I so Move
The motion was seconded by Mrs. Melissa Chevalier. The motion was carried.
Be It Resolved That: • The firm of P.K.F. Charted Accountants and Business Advisors be appointed as auditors of the Society for
the financial year 2018
I so move.
The motion was seconded by Mr. Anderson Gonzales. The motion was carried.
General BusinessMr. Anderson Gonzales complained about the length of time it took to pay dividends and asked what contributed to the
delay. The Finance Manager, Mr. Michael Blache-Fraser stated that the usual time was within ten (10) days after the AGM.
The President, Mr. Creese stated that by industry standards ten (10) days was reasonable and that was our standing track
record.
Mr. Anderson Gonzales stated that while that was our track record, there was nothing stopping us from improving on it. He
stated that another credit union to which he belongs pays the Members a cheque as the resolution is passed as the figures
were calculated before. The Finance Manager clarified that the figures were calculated before. The President then asked
Mr. Gonzales if he wanted to make a recommendation challenging staff to have the payment done sooner, to which he
responded yes.
After conferring with the General Manager and the Finance Manager the decision was made to have the payments made
within five (5) days.
Drawing and Distribution of Door PrizesThe Operations Manager, Ms. Lecia Celestine coordinated the drawing of numbers for the distribution of door prizes. She
was assisted by Board and Committee members with the presentations
Election Results
The Returning Officer, Mrs. Ayers-Solomon, announced the results of the elections and are as follows:
Board of Directors
a) Ms. Yvette Hall 252
b) Mrs. Alleyne-Young 201
c) Ms. Brenda Elwin 197
d) Mr. Derek Greaves 178
e) Mr. Hugh Clarke 1st Alternate
f) Mr. Stephen Thomas 2nd Alternate
Credit Committee
a) Ms. Annmarie Sheppard-White 266
b) Ms. Versil Charles-Wright 250
c) Ms. Diana John 1st Alternate
Supervisory Committee
a) Mr. Noel Johnson 231
b) Ms. Lisa Villafana 175
c) Ms. Melissa Chevalier 153
d) Mr. Gentle London 1st Alternate
e) Ms. Debra Haynes-Collins 2nd Alternate
The President congratulated all successful Members and asked for a motion to be moved for the destruction of all election
materials, both physical and electronic. A motion was moved for the destruction of the election materials by Ms. Shelly
Slater and seconded by Mr. Anderson Gonzales. The motion was carried.
There being no further business, the meeting ended at 5:15 p.m.
Respectfully Submitted By
___________________________
Alana Goodridge-George
Secretary
BOARD OF DIRECTORS
Back Row: Front Row: Derek Greaves Brenda Elwin Hugh Clarke Yvette Hall Brian La Roche Alana Goodridge-George Stephen Creese
Dr. Janet Stanley-Marcano Margaret Parrilon Allison Alleyne
BOARD OF DIRECTORS
IntroductionThe Board of Directors is pleased to present the Annual Report for the period 2018.
PSCU Credit Union has had a demanding year. The financial sector was fraught with numerous challenges, which has had a significant impact on our Credit Union's function and status. However, the Board has been committed and ever vigilant in fulfilling our core objectives which are:
• To improve the economic and social condition of Members
• To encourage the spirit and practice of self-help and co-operation among Members and
to promote the development of co-operative ideas
• To do all such lawful things as are incidental or conducive to the attainment of the above
objects including the holding and disposing of property
• To protect, preserve and safeguard the assets of the Members
• Encourage and support Members in business enterprises.
The Board has made several advances for the past year, in this regard, the most noteworthy of which, is the imple-mentation of a new loan product; our unsecured loan of up to forty-five thousand dollars; proposed by Chaguanas Branch Supervisor, Mr. Curtis Williams, one of our young Members of staff, which has made and is continuing to make a great impact on the lives of our Members.
The Board recognized that, marrying the ideas from young professionals in our midst and the wider Membership; coupled with the knowledge and experience of the Board, is what would help navigate our way forward. Board of DirectorsThe PSCU Credit Union’s Board of Directors, January to April and post AGM from May to December, was entrusted with ensuring the overall management of the Society. The Board provided strategic direction where necessary ensuring that the management team performed effectively and efficiently.
The Composition of the Board after the Annual General Meeting for the period April to December 2018 is as follows:
REPORT OF THE BOARD OF DIRECTORS
Name PositionMr. Stephen Creese PresidentMs. Yvette Hall Vice PresidentMrs. Alana Goodridge-George SecretaryMr. Derek Greaves TreasurerMs. Brenda Elwin Assistant SecretaryMrs. Allison Alleyne-Young Director
DirectorDirectorDirectorMr. Brian La Roche
Dr. Janet Stanley MarcanoMs. Margaret ParillonMr. Hugh Clarke First Alternate
Directors Attendance The following table summarizes the attendance for Directors and the Executive Committee during the fiscal period 2018:
Committees of the BoardThe Board assigned specific responsibilities to the following ad-hoc committees to aid in effective management of the Society. • The Legislative and Governance committee • The Audit and Risk Committee • The Human Resource Committee • Nominating Committee • The ICT Committee • The Waiver CommitteeDue to ongoing Staff negotiations a Negotiating team was formed this year to liaise between the Board and the Union during negotiations. The chair of this team was Dr. Stanley-Marcano
Legislative and Governance CommitteeThis committee was formed to review and develop policies of the organization. The Board recognized that the organiza-tion must stand on strong legal ground with sound operating principles and procedures in order to function efficiently
and effectively. The organization utilizes over forty (40) policies on any given day, to ensure that the legal and opera-
tional requirements are met. This year, the committee was chaired by former President Ms. Margaret Weston.
The Audit and Risk Committee
The Audit and Risk Committee performs that necessary function of assisting the Board in its oversight of the integrity of
the society’s financial reporting supporting the Board in meeting its responsibilities
regarding financial statements, the financial reporting
systems and internal controls. They also monitored, on behalf of the Board, the effectiveness and
objectivity of the internal auditor; and provided input to the Board, in its assessment of enterprise risks and determination
of risk appetite as part of the overall setting of strategy for the organisation.
The Human Resource CommitteeThis committee, on behalf of the Board guided the internal staff functions and advised on all matters concerning staff
operations and functionality. The chair of the committee this year was Ms. Ursline Hood. Working together with the
Human Resource Manager the Board effected several changes to staff operations that improved overall functionality of the
organization.
The Nominating CommitteeIn addition to its regular duties as outlined by the by-laws, the Nominating Committee collaborated with the Education
Committee to conduct a seminar on the roles and functions of the Board and Statutory Committees, for all interested
persons, who had aspirations of serving the Credit Union as recommended at last AGM.
The ICT CommitteeThe ICT Committee was created by the Board to review and suggest IT strategic plans and oversee major initiatives. It is not
involved in day-to-day management of the IT operations. Rather, the committee establishes IT priorities for the society as
a whole. The Board considered the direction of the organisation and assessed the need to have proper guidance moving
forward. The Committee was chaired by Mr. Gentle London.
We continue to pursue Information Technology strategies to better serve our membership which is in keeping with our
mission of fostering economic growth of our members through Technological Advancement. One such initiative was
launched today. The mobile app.
Membership Membership in the organization increased by 692 when compared to last year’s increase of 787 We continue to work with
Members during their different challenges but unfortunately, we had a decrease in Membership of 287 This carries our
total Membership as at December 2018, to 24,052. Strategic initiatives towards Membership are ongoing.
Property Management Limited (PML)
The Board of PML consists of the following persons:
• Mr. Derek Greaves - Chairman
• Ms. Lolitta Wheeler - Secretary
• Mr. Jason Dhun - Director
PML continues to successfully maintain the property located at 57-59 Dundonald Street, Port-of-Spain. Extensive work was
done this year which has occupied the majority of the company’s resources. In accordance with the memorandum of
understanding between the Credit Union and PML the Credit Unions’ office buildings are now being serviced by the
company. The work has been outlined and is ongoing.
The financial climate continues to be uncertain within the current socio – economic framework. That said however, our
Credit Union met all set targets and followed the strategic plans put forward which resulted in positive measurable
growth.
Performance highlights for 2018:
• Net income earning of $6,519,233
, • Retained earnings of $19,066,172
• Loan portfolio increase from $249,749,826 to $253,259,513
• Deposit portfolio $73,203,281
• Capital Ratio 9.2%
• Group assets $325,659,686
8.1 ASSETS8.1.1 During the year 2018 total assets of the credit union increased by $8 million or 2.5%, moving from $326 million to
$334 million.
8.1.2 This increase resulted from:
a Member Loan Balances which increased by $3.5 million or 1%, from $250 million in 2017 to $253 million in
2018.
b Available-for-Sale Investments decreased by $84 thousand during the period, resulting from a $5 million
investment re-allocation to the NIF during 2018. The continued improvement in PSCU's short term investments
and cash positions reflects the attractive rates of return being offered on PSCU's share and deposit products, in
addition to the prudent financial management employed across the organization to ensure value for money in all
operations. PSCU's liquidity % is 14% in 2018 (before declared dividends), and the continued improvement in this
performance indicator allows opportunity for improved investment returns in 2019 and future years.
c Financial Investments (Available-for-Sale & Held-to-Maturity) increased by $5 million or 12% increasing
from $39 million at December 2017 to $43 million at December 2018. PSCU will continue to invest prudently to
ensure members receive reasonable returns without subjecting the organization to unnecessary risk or
speculation. Table 1 shows the movement of these investments over the five year period 2014 to 2018.
8.0) FINANCIAL REVIEW 2018 FOR PSCU CREDIT UNION
$0
$5,000$10,000$15,000$20,000$25,000$30,000$35,000$40,000$45,000
2014 2015 2016 2017 2018
$19,251
$23,286
$32,634
$38,826
$43,783 Financial Investments $000'
C Non-Current Assets of Property, Plant and Equipment (PP&E) decreased by $0.3 million or 2%,
movingfrom $20.4 million in 2017 to $20.1 million in 2018. The movement in this category is based on
additions worth $738 thousand dollars, of which $524 thousand was for building improvements. The other
major expendi ture during 2018 was $165 thousand on computer hardware and software to maintain and
improve operating efficiency. Depreciation expense was flat at $1.1 million during 2018.
8.1.3) Table 2 show the growth in assets during the years 2014-2018.
TABLE 2 - Asset Growth 2014 - 2018
2014
2015
2016
2017
2018
$000’
19,251
23,286
32,634
38,826
43,783
$000’
8,484
4,035
9,348
6,192
4,956
%
79%
21%
40%
19%
13%
Year Investment Increase/Decrease
Year Total PSCUAssest
Increase/Decrease
2014
2015
2016
2017
2018
($000’)
276,897
297,353
311,551
326,634
333,953
$000’
24,132
20,456
14,198
15,083
7,319
%
10%
7%
5%
5%
2% $-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
2014 2015 2016 2017 2018
$276,897$297,353 $311,551 $326,634 $333,953
Total PSCU Assets ($000')
8.2) LOANS TO MEMBERS 8.2.1)
The loan portfolio increased from $250 million in 2017 to $253 million in 2018, an increase of $3.5 million or 1%.PSCU's
loan portfolio growth has slowed significantly in the period 2014 - 2018, despite maintaining consistent loan targets during
the period of $70 - $80 million per year. The recessionary environment, layoffs and high economic uncertainty in 2018 has
led to increases in share & deposit transfers to minimize debt obligations, thereby reducing the loan portfolio. PSCU is
focused on positioning itself competitively in the market to ensure members work with us to pursue economic develop-
ment plans that benefit all concerned.
TABLE 1 - MOVEMENT OF INVESTMENTS IN FINANCIAL INSTRUMENTS 2014 - 2018
Year Loan Balance Increase
2014
2015
2016
2017
2018
$000’
225,034
239,234
241,756
250,724
253,260
$000’
18,917
14,200
2,522
8,968
2,535
%
9%
6%
1%
4%
1%$210,000$215,000$220,000$225,000$230,000$235,000$240,000$245,000$250,000$255,000
2014 2015 2016 2017 2018
$225,034
$239,234 $241,756
$250,724$253,260
Loan Balance $000'
8.2.2 Table 3 shows the growth in member loan balances.
TABLE 3 - GROWTH IN MEMBER LOAN BALANCES 2014 - 2018
8.3 MEMBER DEPOSITS
8.3.1 At the end of December 2018, member deposits increased by $3.5 million or 5%,
increasing from $69.7 million to $73.2 million as at December 2017.
8.3.2 PSCU's deposit products maintained consistent performance in 2018, due to competitive returns
relative to peers in the market, and flexible terms to accommodate member needs and circumstances.
8.3.3 Table 4 shows the growth in member deposits over the five year period 2014 to 2018.
TABLE 4 - GROWTH IN MEMBER DEPOSITS 2014 - 2018
2014
2015
2016
2017
2018
$000’
58,213
61,111
67,253
69,704
73,203
$000’
5,659
2,898
6,141
2,451
3,500
%
11%
5%
10%
4%
5%
Year Deposit Increase/Decrease
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
2014 2015 2016 2017 2018
$58,213$61,111 $67,253
$69,704 $73,203
Deposits $000'
8.5 MEMBER SHARES
8.5.1 In 2018 member shares increased by $6.5 million or 3% compared with 2017, moving from
$213.5 million to $220.0 million. PSCU is focused on growing its share base through its attractive dividend
returns to members, flexible terms, competitive loan products that encourage saving, and continued financial
planning services to members to facilitate their ongoing economic development.
The ongoing subdued economy in Trinidad & Tobago has impacted savings and borrowing across the industry.
PSCU's share & deposit products are competitive within the financial services sector - including banks,
credit unions, investment houses and insurance companies.
8.5.2 Table 5 shows the growth of shares over the period 2014 - 2018
TABLE 5 - GROWTH IN MEMBERS' SHARES 2014 - 2018
8.6 TOTAL INCOME
8.6.1 Total PSCU Credit Union income in 2018 was $32.4 million, up $86 thousand or 0.3% compared with
2017 when it was $32.3 million.
8.6.2 The following sources of income were responsible for this movement:
a) Loan interest income represents 91% of total PSCU Credit Union income, and decreased by $555 thousand
or 2% in 2018, from $30.2 million in 2017 to $29.7 million in 2018.
b) Other / Miscellaneous income increased in 2018 by $528 thousand or 35% to end at $2.0 million.
Improved collections on written-off loans was a significant contributor to this increase, as well as
improved performance in commission income.
c) Investment income at $0.6 million in 2018, up from $0.5 million in 2017.
Year Deposit Increase
2014
2015
2016
2017
2018
$000’
176,552
189,775
200,580
213,517
220,059
$000’
11,145
13,223
10,805
12,937
6,542
%
7%
7%
6%
6%
3%$0
$50,000
$100,000
$150,000
$200,000
$250,000
2014 2015 2016 2017 2018
$176,552 $189,775 $200,580 $213,517
$220,059
Shares $000'
Table 6 shows the growth of total income over the period 2014 - 2018
TABLE 6 - GROWTH OF TOTAL INCOME 2014 - 2018
8.7 EXPENDITURE
8.7.1 During 2018 total expenses were $25.9 million, a 2% decrease on the 2017 expense total of $26.5 million.
Total expenses represented 80% of total income in 2018, down from 82% in 2017.
Personnel expenses and expected credit loss combined acount for $15.7 million or 61% of total expense during
2018, compared to 65% in 2017. There was an additional accrual in 2018 for $775 thousand for back-pay to
staff salaries.PSCU deposit product interest rates reduced during the period, while CUNA premiums increased.
Legal & professional fees increased due to legal fees on the sale of a land during the period. PSCU's operational
expense management has continued its positive trajectory, and the organization continues to explore channels
to streamline work flows, to optimize relationships with our business partners, and to enhance ourvalue
creation for members through beneficial products & services.
TABLE 7 - GROWTH OF TOTAL EXPENSES 2014 - 2018
Year Income Increase
2014
2015
2016
2017
2018
$000’
28,468
31,256
32,483
32,347
32,433
$000’
3,834
2,788
1,277
(136)
86
%
16%
10%
4%
0%
0%$26,000
$27,000
$28,000
$29,000
$30,000
$31,000
$32,000
$33,000
2014 2015 2016 2017 2018
$28,468
$31,256
$32,483 $32,347 $32,433
Income $000'
2014
2015
2016
2017
2018
$000’
20,816
22,372
22,505
26,540
25,914
$000’
1,164
1,556
133
4,035
(626)
%
6%
7%
1%
18%
(2%)
Year Expenses Increase
$26,000
$27,000
$28,000
$29,000
$30,000
$31,000
$32,000
$33,000
2014 2015 2016 2017 2018
$28,468
$31,256
$32,483 $32,347 $32,433
Expenses $000'
8.7.2 The principal items of expenditure are shown in table 8 which accounts for 74% of the total expenditure in 2018
for PSCU Credit Union. It is noteworthy that interest on deposits below excludes eclared dividends, which is a
deduction from retained earnings, and is approved at the annual meeting by the membership. The proposed
dividend for 2018 financial year is worth approximately $5 million.
Expense items such as security, telephone, AGM, building & equipment maintenance, and allowances for Board
& committees also represent significant cost categories, but did not qualify for inclusion below.
TABLE 8 - PRINCIPAL ITEMS OF EXPENDITURE 2018
Items
$ % of Total
1. Salaries 8,964,055 35%
2. Expected credit loss* 3,731,342 14%
3. Severance expense* 1,222,903 5%
4. Depreciation* 1,065,104 4%
5. Interest on Deposits 893,246 3%
6. NIS - Employer's Contribution 678,176 3%
10. CUNA Insurance 667,675 3%
7. Rental of Buildings 655,650 3%
8. Legal & Professional Fees 678,816 3%
9. Advertising & Marketing 598,293 2%
11. Other Items 6,758,935 26%
TOTAL EXPENDITURE 25,914,195 100%
2018
1. Salaries 35%
2. Expected credit loss* 14%
3. Severance expense* 5%4. Depreciation* 4%
5. Interest on Deposits 3%
6. NIS - Employer's Contribution 3%
10. CUNA Insurance 3%
7. Rental of Buildings 2%
8. Legal & Professional Fees
3%
9. Advertising & Marketing 2%
11. Other Items 26%
Principle Items of Expenditure - 2018
TABLE 8b - PRINCIPAL ITEMS OF EXPENDITURE 2017
8.8.1 NON-PERFORMING LOANS As at December 31st 2018, there were 180 non-performing loans amounting to $13.3 million
whereas at the end of December 2017, there were 194 non-performing loans amounting to $10.7 million.
PSCU Credit Union's provision for loan losses for 2018 decreased to $5.4 million from $7.2 million in 2017.
Overall, the delinquency rate of 4.15% remains within recommended industry standards and PSCU will
continue to work to reduce the number of delinquent accounts, while maximizing the effectiveness of our
recovery efforts
Items
$ % of Total
1. Salaries 8,473,478 32%
2. Expected credit loss* 5,562,420 21%
3. Severance expense* 1,499,310 6%
4. Depreciation* 1,075,126 4%
5. Interest on Deposits 1,035,295 4%
6. NIS - Employer's Contribution 699,960 3%
7. Rental of Buildings 639,405 2%
8. Advertising & Marketing 625,058 2%
9. Security 575,587 2%
10. CUNA Insurance 537,871 2%
11. Other Items 5,816,897 22%
TOTAL EXPENDITURE 26,540,407 100%
2017
1. Salaries 32%
2. Expected credit loss* 21%
3. Severance expense* 6%
4. Depreciation* 4%
5. Interest on Deposits 4%
6. NIS - Employer's Contribution 3%
7. Rental of Buildings 2%
8. Advertising & Marketing 2%
9. Security 2%
10. CUNA Insurance 2% 11. Other Items 22%
Principle Items of Expenditure - 2017
TABLE 9: DELINQUENT LOAN PERFORMANCE 2014 - 2018
Obituaries This year the Credit Union lost a number of Members as highlighted below and we wish to offer our sincerest condolences
to their families. We however wish to pay special condolence to the family of a stalwart of the PSCU family,
Mr. Bobby Charles.
Cherisha Clarke Evis Budd Wayne Hayde
Merle Garcia-Alexander George Patrick Ivan Bourne
Caroline Phillips-Samuel Paul Balgobin Alisa Ali
Bennett Moses Shurla Lorde Wilma Bruce
Keith Brathwaite Francis Ricardo Sieucoomar Seepersad
Stacey Sylvester Rudolph James Migaya Mc Millan
Rita Greenidge Jason Clarke Steavenson Lewis
Arlene Walker Kathleen Job Bernadatte Wilkes
Roger Aberdeen Marie Maillard Norma Forde
Zelma Thomas-Joseph Bernice Henry-Nero Victor Minguell
Lucy Dasent-Cumberbatch Jennifer Cassar Dale Lockiby-Brathwaite
Wendy Small- Bartholomew Patrick Charles Natasha Rador-Nabbie
Winston Singh Gracie Joseph Steven Macial
Joycelyn Agard Denise John-Beharry Balroop Baboolal
Sandra Dalrymple-Maynard Frank Gray Rose Alexander
Cynthia Gardiner Patsy Carter Daniel Maynard
Fay Ramsaran-Rambhanie Lincoln Merritt Angelo Bissessarsingh
Maureen Phillip-Davis Arnold Harrison
YEAR# OF DELINQUENT LOANS
NET DELINQUENT LOANS $
SHARES/DEPOSITS $
LOAN LOSS PROVISION $
DELINQUENCY RATIO %
2014
2015
2016
2017
2018
432
563
310
194
180
9597730.87
11528106.73
11800771.36
10,675,676
13,281,121
773776.97
943582.3
943,582
1,823,756
2,288,990
8,823,954
10,584,524
10,857,189
8,851,920
10,992,132
6,535,367
4,981,823
7,358,509
6,190,361
3,731,342
$ OF DELINQUENT LOANS
4.14
4.82
4.49
3.46
4.15
Future OutlookThe challenge ahead requires that we adhere to the strategies set up within the strategic plan and the business plan.
Proper on-going staff performance appraisals and Board and Committee evaluation, will determine our effectiveness
and provide milestones for assessing achievements.
Closing RemarksOur motto ‘On us you can rely’ continues to stand the test of time. The sharing of a common bond, working together
towards a common goal and moving with one mind and one purpose, is what has and will continue to keep this
organization strong.
On behalf of the Board of Directors, I take this opportunity to thank all Members of Staff and Members of the various
Committees for their commitment, dedication and determination in making this organization what it is today.
Sincere appreciation is also extended to you, the valued members of the Credit Union for your continued loyalty and
support to the Society.
_______________________
Alana Goodridge-GeorgeSECRETARYBOARD OF DIRECTORS
From Left
Roselyn Walcott Charmaine Richardson Versil Charles-Wright Ann Marie Sheppard-White Kimberly Mc Carthy
REPORT OF THE CREDIT COMMITTEE
Introduction:For the financial year that ended December 31, 2018 the Credit Committee is pleased to report on its statutory role as outlined in Section 34 of the Co-operative Act and the Bye Laws of the PSCU Credit Union Co-operative Society Limited.
Committee Members: On Saturday 28th April, 2018 this Credit Union held its 52nd Annual General Meeting and the following members were elected to serve on the Credit Committee for a period of two (2) years consistent with the provisions of Section 23 (b) (ii) of the Bye Laws of the Society:
Mrs. Versil Charles-Wright Mrs. Annemarie Sheppard-White Ms. Diana John (1st Alternate)
At the first meeting of the newly elected committee, Mrs. Charmaine Richardson and Mrs. Versil Charles-Wright were nominated to serve as Chairperson and Secretary respectively.
The complement of the Credit Committee for 2018 to 2019 term, comprised: Mrs. Charmaine Richardson - Chairperson Mrs. Versil Charles-Wright - Secretary Mrs. Annemarie Sheppard-White - Member Mrs. Kimberly Mc Carthy - Member Mrs. Roselyn Walcott - Member
CREDIT COMMITTEE
MeetingsDuring the year 2018, the Committee held ninety-seven (97) statutory meetings. The Committee holds its statutory meetings twice weekly to review and approve loans and correspondence requests from the shareholders.
Additionally, Joint Committee meetings were held with the Board and members of the Supervisory Committee to discuss matters of mutual interest.
Attendance at Meetings:
Credit Administration: Loan AuditsThe Committee conducted this activity on their visit to the various branches of the credit union and Head Office. In addition to the files being monitored, discussions were held with the Branch Supervisors with respect to the loan portfolios. The Credit Committee is satisfied that credit approvals are effected in a timely manner and staff discharged their functions efficiently and in accordance with the credit union’s loan policies and procedures.
CorrespondenceThe Credit Committee received and attended to one hundred and eighty-seven (187) items of correspondence which were in direct relation to matters such as, utilizing shares to liquidate loans, re-negotiation and/or waiver of loan payments, most of which have the genesis of delayed pension benefits and job loss, to cite a few.Eighty-seven (87) of these transactions received immediate approval, eighty-three (83) transited to approved loan applications, while seventeen (17) were deferred for members to provide additional information and/or to be interviewed by the Credit Committee.
Loan Portfolio ReviewThe Credit Committee recognized that members borrowed primarily for home construction (repairs, purchase and mortgage), purchase of motor vehicles and debt consolidation. The acquisition of several loan applications came with much risk, however, the Credit Committee ensured that all necessary legal requirements were satisfied, more so protecting both the members and the credit union/organization. The committee conducted thirty-two (32) interviews during the year under review.
NAMES MEETINGS ACTUAL EXCUSED
Charmaine Richardson 97 91 6
Versil Charles-Wright 97 90 7Annemarie Sheppard-White 97 87 10
Kimberly McCarthy 97 85 12
Roselyn Walcott 97 77 20
Further, the number of loans approved were 2,914 totalling $69,558,934. When housing and property mortgage are combined, the sum of $29,218,054 represents 42% of the total loans approved. Motor vehicle loans which include ordinary loans and mortgages total $10,625,090 representing 15.27%. Next were debt consolidation $5,154,417, domestic $3,314,074 and household $3,094,813. The following is a table and chart showing the values and categories of the loans disbursed.
DelinquencyThe delinquency ratio stood at 4.15% at the end of 2018.
The Recoveries Unit of PSCU has been formulating strategies overtime, to assist members whose loans were not being serviced on a timely basis. This exercise is an ongoing one for several reasons, but most of all the ultimate purpose is to treat such members with greatest respect, giving alternatives and providing possible solutions to their challenges. Training and Development:During the period under review, members of the Credit Committee participated in several training programs and workshops as follows:
√ AML/CTF – Anti-Money Laundering/Combatting Terrorist Financing √ IFRS9 – International Financing Reporting Standards 9 √ Fundamentals of finance- credit union management and knowledge √ TTCUDIF 2018 Leadership Conference
The training and workshops have benefited the Credit Committee greatly especially in the area of loan riskassessment.
Conclusion:While the Credit Committee is mindful of its portfolio to oversee the business of the credit union, we wish to advise our members to be prudent in borrowing, be careful when considering their needs viz-a-viz their wants. In our blessed country, 2019 again seems to be another economically challenging year.
The Credit Committee however takes the opportunity to convey much thanks to you, our valued members for allowing us to serve. Sincere appreciation is extended to fellow Committees, General Manager and dedicated staff for their support during our term in office. This undoubtedly facilitated us in conducting our responsibilities in a worthy manner. We thank you.
_____________________CHARMAINE RICHARDSONCHAIRPERSON CREDIT COMMITTEE
SUPERVISORY COMMITTEE
From Left
Noel Johnson Lisa Villafana Mellisa Chevalier
REPORT OF THE SUPERVISORY COMMITTEE
Introduction: The Supervisory committee is pleased to present its report for the 53rd. Annual General Meeting (AGM) on the affairs of the Society for the financial year from January to December 2018. It is with sincere gratitude that the committee appointed to serve executed our duties. Collectively we embarked on securing and sustaining the financial wellbeing of the PSCU Society with diligence, integrity, transparency and confidentiality.
The composition of the Supervisory Committee: Mr. Noel Johnson Chairperson Mrs. Melissa Chevalier Secretary Ms. Lisa Villafana Member Mellisa Chevalier
Names Statutory Heads of Departments Training Branch Visits ExcusedMr. Noel Johnson 49 11 7 8 0
Mrs. Melissa Chevalier 46 11 7 8 3
Ms. Lisa Villafana 48 11 7 8 1
Names
1. Attendance: Below shows a table of the attendance records for the members of the Supervisory Committee:
2. Training: The Supervisory Committee wishes to thank the Board of Directors and Management for the training provided to the members of the Committee.
3. Operations of the Supervisory Committee:
(i) Supervisory Committee Charter: Subsequent to the approval of the Bye- Laws’ amendments, the Committee reviewed and upgraded the draft Supervisory Committee Charter. The Charter was submit ted and approved by the Board of Directors. We are pleased to report that the present and future elected members of the Supervisory Committee are now better equipped to manage the functions associated with making meaningful contributions towards the sustaining and further development of the PSCU Society.
(ii) New Customer Complaint Policy: The new customer complaint policy was reviewed by the Supervisory Committee. Discussions were held with Management, to determine the Supervisory Committee’s role and functions following the implementation of the policy. The following methodology was agreed to:
The management team will process all complaints.
The Supervisory Committee will review all complaints and make recommendations when necessary.
When a member disagrees with how a complaint was processed the Supervisory Committee will conduct a full investigation and submit a report to the Board and the Management Team.
FinancialKnowledge Builidng Process Mapping
Supervisory Committee Training (Co –operative)
Business Writing and Grammar Essentials
Mr. Noel Johnson
Mrs. Melissa Chevalier
Ms. Lisa Villafana
2 days 1 day 2 days 2 days
2 days 1 day 2 days 2 days
2 days 1 day 2 days 2 days
4. Reports on Branch Visits Head Office, Arima, Chaguanas, San Fernando & Tobago: All the branches were visited during the period May 2018 to December 2018. The Committee conducted the following:
Vault Operations and Treasury Book review Cash Count of Teller/Relief Teller and Vault count Loan Books reviewed (Random files were perused; procedures were found to be adhered to by staff) Source of Funds Files were reviewed for compliance to policy
The Supervisory Committee wishes to thank the Branch Supervisor/s and teams for their co-operation.
5. Reports on Committees (Credit Committee, Education Committee, Tobago Advisory Committee (TAC) and Legislative Committee) The Supervisory Committee evaluated the above-mentioned committee’s compliance to policies, teamwork, enthusiasm, reporting systems, understanding of roles & functions and productivity. The performances of the Committees were satisfactory.
6. Report on Property Management Limited (PML): The Supervisory Committee had recommended to the Board of Directors, a meeting between themselves and the Directors of PML to review the Memorandum of Understanding (MOU) and to discuss the scope of “Facilities Management”.
7. Recommendations:
(i) Website Upgrade to the existing website to include documents such as PSCU’s Policies, Procedures, Bye-Laws and other relevant documents for increased accessibility to members.
8. Condolences: The Supervisory Committee would like to express condolences to the families, friends and loved ones of the following credit union members of the PSCU Credit Union Co-operative Society Mr. Daniel Maynard and Ms. Diane Haynes.
9. Closing Remarks The Supervisory Committee takes this opportunity to thank the Members the Board and Committees and all members of the Management and staff for their commitment and dedication. The Supervisory Committee sincerely appreciates you the members, for your continued loyalty and support to the Credit Union.
_______________________
NOEL JOHNSON CHAIRPERSONSUPERVISORY COMMITTEE
EDUCATION COMMITTEE
From Left: Gentle London Yvette Hall Arlene Stephen Giselle Charles Dr. Janet Stanley-Marcano
REPORT OF THE EDUCATION COMMITTEE
INTRODUCTIONThe members of the Education Committee are pleased to present the Annual Report of the Committee for the financial year January 1 – December 31, 2018.
Members of the Committee are aware that at the heart of the operating principles of Credit Unions is the concept of human development and the brotherhood of men expressed through people working together to achieve a better life for themselves and their community.
COMPOSITION OF THE EDUCATION COMMITTEEJanuary – April, 2018. Ms. Margaret Parillon Chair Dr. Janet Stanley-Marcano Member Ms. Rebecca Noel Secretary Ms. Avion Legerton Member
May – December, 2018. Ms. Yvette Hall Chair Dr. Janet Stanley-Marcano Member Ms. Arlene Stephen Member Ms. Giselle Charles Member Mr. Gentle London MemberCo-opted members included Ms. Margaret Parillon, Mrs. Alana Goodridge-George and Mr. Rodney Harris.
MANDATE OF THE COMMITTEEThe key responsibilities of the Education Committee are to: Prepare elected officers for effective performance in the conduct of their duties Educate members, officers and the public in general on the economic, social, democratic and mutual self-help principles of credit unions Provide membership education to emphasize the cooperative principles and philosophy: savings for retirement, money management, debt reduction strategies and estate planning Promote and publicize the products and services of the credit union.
PROGRAMME OF ACTIVITIES/EVENTSThe Committee took deliberate action to align its programme of activities with the credit union’s key strategic priorities which are: Membership satisfaction and service experience Financial Literacy Membership Growth The following are the list of activities/events executed by the Committee during the period under review:
2018 SEA AWARDS - PATHWAYS TO SUCCESS.The PSCU 2018 SEA Awards function was held on the 4th August, 2018. A total of 90 students from primary schools in Trinidad and Tobago were selected to receive an award on the basis of their scholastic performance at the SEA examination. Among the list of awardees were 3 visually impaired students. Mr. Marli Creese a Cambridge University Graduate in Finance and a 1995 PSCU SEA Awardee delivered the feature address. He offered words of encourage-ment to the awardees and shared his personal experiences at both secondary school and university which positively impacted his journey towards the achievement of his successful career.
Each year we are inspired by the recipients of these awards and are very proud to be playing a role in ensuring the success and development of our nation’s youth.
FINANCIAL LITERACY SEMINARS – Retiring with Confidence.Retirement planning seminars were conducted at the credit union branch offices as follows: Arima - 11th August, 2018. Scarborough, Tobago - 16th October, 2018. San Fernando - 27th October, 2018. .The Seminar’s topics included – calculating the actual cost of retirement; the importance of savings; managing investments while maintaining growth, potential risks; entrepreneurship; retirement checklist – avoiding the pitfalls faced by today’s retirees.
WILL PREPARATION AND ESTATE PLANNING SEMINARS.Will preparation and estate planning seminars were held at the credit union branch offices in Arima and San Fernando on the 3rd October, 2018 and the 13th October, 2018 respectively. Members were guided on the intricacies of putting an estate plan in place with a valid will. This action ensures that upon a member’s death, financial matters are easily and quickly resolved and in keeping with his/her wishes.
BUSINESS WRITING AND GRAMMAR ESSENTIALS WORKSHOP.This workshop was held on Saturday November 10, 2018 and Saturday November 17, 2018 at the Arima branch office and training was provided to assist members in becoming skilful at: Communication with the ability to structure effective action- oriented writing; Apply correct grammar and punctuation; write clearly, concisely and persuasively.
PROFESSIONAL DEVELOPMENT – BOARD AND COMMITTEE MEMBERS.A Financial Management workshop was held on the 14th and 21st July, 2018 as part of the ongoing and continuous training of elected officers for effective performance in the conduct of duties. Officers also attended and participated in the following conferences;
Trinidad and Tobago Credit Union Deposit Insurance Fund Co-operative Society Ltd. 2018 GOVERNANCE AND LEADERSHIP CONFERENCE- Theme: TURBULENT TIMES: HOW TO NEGOTIATE FORWARD.
The Caribbean Confederation of Credit Unions 61st Convention and 47th Annual General Meeting June 15th – 20th, 2018.
PERSONAL FINANCIAL MANAGEMENT SEMINARSPSCU Credit Union is committed to increasing the financial literacy of its members by ensuring that they possess the knowledge, skills and confidence to make prudent financial decisions which will redound to their wellbeing. To this end financial management seminars and personal financial counselling sessions were held regularly throughout the year.
2018 CELEBRATION OF WORLD CREDIT UNION MONTHEach year in the month of October Credit Unions worldwide celebrate their co-operative history and achievements. This year the official International credit union day was observed under the theme “Find your Platinum Lining in Credit Unions”. PSCU held an open house at all its branches on that day. Members were provided with health screen-ing facilities provided by the Cancer Society, Diabetes Association and Optometrist Today.
ANNUAL CHILDREN CHRISTMAS PARTYThe Annual Children’s Christmas party was held at the St. John’s Ambulance Hall, Wrightson Road, Port of Spain on Saturday December 8, 2018 under the Theme “The Incredibles”. As is customary the children had an enjoyable time and fully participated in the fun-filled activities of Bouncy castles, face painting, video games, interactive games, toddlers’ zone, Christmas Photo Booth, eats & drinks, giveaway of party bags, toys. 350 children attended the party.
The Christmas party in Tobago was held on the 25th November, 2018 at the Signal Hill Comprehensive School. Approximately 200 children attended the event.
PLANNED FUTURE ACTIVITIESMembers can look forward to the following programmes in 2019:
Public Speaking and Effective Presentations workshops 2019 SEA Maths Bootcamp Youth Leadership Development Programme Financial Literacy and gaming camp for Juniors Members Small Business market fair Orientation Seminar- prospective candidates for election to the Board and Committees.
CONCLUSION: The work of the Committee was aimed at empowering our members through educational programmes and financial stability workshops to achieve a bright financial future.We wish to take this opportunity to express our sincere appreciation to the Board, Management and Staff for the support given during the period under review. Special mention is made of the sterling efforts made by members of the Marketing Department to ensure the successful delivery of these programmes.
_____________________CHAIRPERSONEDUCATION COMMITTEE
REPORT OF THE TOBAGO ADVISORY COMMITTEEThe Tobago Advisory Committee (TAC) was created to assist the Credit Union to effectively liaise with the Tobago Membership. With this mandate at the top of our agenda for 2018, the TAC Executive focused on ‘Member Engagement’ in the hope of reinvigorating the Credit Union pride/spirit of the PSCU Tobago Membership and more so, to further promote products and services offered by the Credit Union. The result of our mission proved worthwhile based on the positive feedback and high volume of requests from members, for similar initiatives, in the upcoming year. The composition of the Tobago Advisory Committee for 2018 is:
● Avion Legerton – Chairperson ● Chantell Byng-Drysdale – Vice Chairperson ● Keisha Burke – Secretary (leave- May – June 2018, resigned- July 2018 ) ● Dixie-Ann Nelson – Secretary (w.e.f. May 2018) ● Andre Clement – Member ● Sue-Anne Wilkinson – Member (w.e.f. September 2018)
Attendance: The Tobago Advisory Committee held a total of fourteen (14) meetings for the year 2018. The following table displays the attendance of its members and Ex Officio member.
NAME MEETINGS (14) ABSENT
2. ACTIVITIES The Tobago Advisory Committee in collaboration with the PSCU Tobago Branch Supervisor and members of staff, worked assiduously to ensure that the scheduled Calendar of Events for 2018 took place as planned. These events were as follow:
Meet & Greet The first event by the TAC in collaboration with the staff of the PSCU Tobago Branch Office, took place on Wednesday 18 April 2018, at the Works Conference Room. The event kicked off at 5:15 p.m. with 52 persons in attendance. Presentations by the staff of the Credit Union, focused on topics such as: Loans, Family Indemnity Plan (FIP), Onyx Debit Card, Background of the Credit Union and Membership. To ascertain how much was grasped by the attendees, a Question and Answer segment was done and prizes were awarded to the winners.
Avion Legerton
Chantell Byng-Drysdale
Keisha Burke
Dixie-Ann Nelson
Andre Clement
Sue-Anne Wilkinson
(* Ex Officio Member)
Shirley McMillan-Branch Supervisor
13 1
14 -
3 -
14 -
13 1
4 -
13 -
This event proved to be a successful means of interaction amongst the membership in Tobago, and the ideal forum for update of products and services offered by the Credit Union. As such, the TAC intends to make the Meet & Greet an annual event and hopes to increase the attendance next year.
Fun Day- Tobago EditionRegarded as the most enjoyable and major event of 2018, the Fun Day took place on Sunday 29 July 2018 at the Canoe Bay Beach Resort grounds. Though there were quite a number of events taking place in Tobago on that same day, the Fun Day was still able to attract Members. Crowd participation was very high especially in the many games and activities available. The unwavering support from the Tobago Branch Supervisor and staff, combined with the assiduous work of the TAC and other key players, must be highlighted and commended, for the success of this event.
S.E.A AwardsThe S.E.A Awards function took place on Wednesday 12 September 2018, at the PSCU Tobago Branch Office. Approximately thirty (30) persons were in attendance, inclusive of students, their parents, the TAC and the Tobago Branch Supervisor. Twelve Students were awarded with tokens, provided by the Education Committee. Refreshments were sponsored by the TAC Executive and the Tobago Branch Supervisor.
In the delivery of her speech, the Feature Speaker Ms. Maria Virgil, urged the awardees to always strive for excellence and to make themselves and their parents proud. In the closing remarks given by the Chairperson, students were reminded that there is a time and place for everything (a time for work and a time for play/recreational activities) and that they are not too young to start engaging in entrepreneurial activities.
Preparation for Retirement Seminar The Preparation for Retirement Seminar took place on Tuesday 16 October 2018, at the Scarborough Library. The main purpose of this event was to educate persons about planning for retirement and all the necessary areas of focus (such as properly filling out National Insurance claim forms, ensuring up-to-date Pension and Leave forms, coping with lesser monthly income, maintaining financial stability etc.) for a stress-free retirement. Approximately forty-five (45) persons were in attendance, to receive the valuable information presented.
Feedback from attendees justified the need for such a seminar and especially for members age 45 years and closer to retirement. As such, the TAC has agreed to offer another Retirement Seminar in 2019. Children’s Christmas Party The Annual Children’s Party presented by the PSCU Tobago Branch with the kind assistance of the TAC took place on Sunday 25 November 2018 at the Signal Hill Comprehensive School grounds. Approximately two hundred (200) children attended and were treated with toys, lots of eats and participated in a number of games.
Recommendations and Future PlansAs an Advisory body to the Board, it is imperative that the TAC provides such information, for further efficiency and continued Customer Satisfaction. For the upcoming year, one of the plans of the TAC is to conduct customer surveys, utilise suggestion boxes in the office (especially to deal with complaints and concerns by members), make recommendations and have rapport with the Branch Supervisor on a more frequent basis. Moreover, to ensure that the mission for 2019 (Membership Development) is achieved, we intend to work closely with Liaison Officers, for the greater good of the Credit Union.
3. CONCLUSIONIt is said that “to succeed in one’s mission, one must have single-minded devotion to one’s goal”. Without a doubt the success of the TAC’s mission for 2018 would not have been successful without the dedication and devotion of its members. The support from staff of the Tobago Branch Office, the Tobago Membership, Board of Directors and all Committees with special mention of the Education Committee should be recognized and commended.
As I conclude, on behalf of the Tobago Advisory Committee, we express our gratitude to you the Tobago Membership for allowing us to be of service for the year 2018.
We look forward to the many plans for 2019 with great anticipation.
Respectfully submitted
Avion LegertonTAC CHAIRPERSON
NOMINATING COMMITTEE
1.0 INTRODUCTION
1.1 The 2019 Nominating Committee of the PSCU Credit Union Cooperative Society Limited (PSCU) was appointed in April 2018, to fulfil its mandate of “the selection of qualified members who are willing to be considered for election to the Board and other Committees by the General Meeting.” 1.2 This report highlights the process used and the outcomes of the deliberations held in furtherance of the Committee’s mandate.
1.3 It is important to remind all that with the passage of the new Bye Laws 2017, the following ByeLaw is in effect with respect to nominations. ByeLaw #17 iv now states “The Report having been presented to the General Meeting, there shall be no nominations from the floor. Where, however, it is deemed necessary for the proper constitution of the Board and/or Committees, the Chairman shall invite nominations for election to vacant positions”.
2.0 THE COMPOSITION OF THE COMMITTEE
2.1 The Committee appointed by the Board of Directors comprised the following persons, elected to the following positions; • Mrs. Margaret Weston – Chairperson • Mrs. Alison Alleyne-Young - Secretary • Mrs. Ann Albert-Pierre – Member • Mr. Hugh Clarke – Member
2.2 Special mention is made of Ms Diane Haynes, a long standing member of this Committee who passed away during 2018. May her soul rest in peace.
3.0 THE PROCESS
3.1 The following activities were carried out during the year to ensure the readiness and availability of candidates for the selection process. • Development of a Plan beginning with the communication to all stakeholders of the call for suitable candidates via advertisements in the local newspapers, telephone, email, culminating in the interview and selection of candidates. • The training of candidates in their roles and responsibilities prior to their completion of Nomination Forms. • Review of the completeness of the duly signed Nomination Forms by the Committee • Arrangements for Interviews. These were held at the PSCU Head Office during the month of March, 2019. • Preparation and presentation of a final report on the selection of the candidates at the Annual General Meeting.
4.0 OUTCOMES OF THE PROCESS
4.1 Advertisement 4.1.1 This was facilitated by the Marketing Department and ensured that all members were informed through the newspapers and electronic means, with special emphasis on the deadlines for submission and availability of Nomination Forms at all PSCU branches.
4.2 Training
4.2.1 All interested members were invited to a Training Session in January 2019, arranged by the Education Committee to ensure that the candidates were fully informed of their duties and responsibilities prior to the closing date for Nominations. The Training Session was facilitated by Mr Jerome Chambers, CEO - Going Global Limited.
4.2.2 Training/Discussion was also arranged for the Nomination Committee members on the Interview Process, to ensure that all members were in sync with the format and content of the process. This was facilitated by Mrs Lyris Hodge Christian.
4.3 Receipt of Applications
4.3.1 At the end of the closing date, a total of 15 Applications were received in sealed envelopes for the attention of the Secretary, Nominating Committee.
4.3.2 The breakdown of the applications were as follows; Board of Directors - 8 Supervisory Committee - 5 Credit Committee – 2
One applicant subsequently withdrew, leaving a total of fourteen (14).
4.3.3 All applications were acknowledged, and information communicated as to the arrangements for the inter views
4.4 Verification of financial standing.4.4.1 Prior to the interviews being held, the names and account numbers were passed to the Internal Auditor for verification, and a report was received from the office indicating that all applicants were found to be in good standing.
4.5 Interviews
4.5.1 All members of the Committee comprised the Interview Panel
4.5.1 The interviews were held on the 13, 14 & 19 March 2019 in order to accommodate all the applicants.
4.5.2 14 of the applicants attended and participated in the interviews. 2 of the applicants had their interviews deferred to a later date due to illness and a death in a family. One applicant withdrew during the interview process.
4.5.3 Two (2) members were interviewed via Skype with the support of the Tobago Branch and personnel from the IT Department.
4.5.4 A competency Assessment Form, which was completed by each Candidate assisted the Committee to assess the levels of competency in each area,
4.5.5 Scores were assigned by interview in the areas of; Experience, Competence, Knowledge of the Credit Union and CU Issues, and Leadership Capabilities (Good fit).
4.5.4 A competency Assessment Form, which was completed by each Candidate assisted the Committee to assess the levels of competency in each area,
4.5.6 These scores were then tallied and a determination made as to the successful candidates.
4.5.7 Ten (10) out of the fourteen (14) candidates interviewed were determined to be suitable for selection to Annual General Meeting for participation in the electoral process.
4.5.8 Four candidates were deferred due to their inability to convince the panel of their readiness for office. They were all encouraged to acquire further skills, knowledge and competencies and to reapply since the Committee was encouraged by their desire to serve.
4.6 Final List4.6.1 The Nominating Committee has selected the following ten (10) persons to be presented to the membership to participate in the elections under the following groupings;
BOARD OF DIRECTORS - 3 vacancies exist ( and 2 additional as alternates) Stephen Creese Brian La Roche Angela Siew Kirk Pantin Noel Johnson
SUPERVISORY COMMITTEE – 5 vacancies exist (and 2 additional as alternates) Lisa Villafana Melissa Chevalier Ronel Lewis
CREDIT COMMITTEE - 3 vacancies exist (and 2 additional as alternates) Carleen Green Charmaine Richardson
NOTE: It is to be noted that based on the existing approved Bye Laws the following now obtains;
• The Supervisory Committee now consists of five (5) persons. In addition, Two (2) alternates are required.
• Three (3) vacancies exist on the Credit Committee, and two (2) alternates due to the rotating arrangements Nominations will need to be opened to the floor, on this occasion, to fulfil the requirements for the number of persons required by the Supervisory and Credit Committees.
5.0 FEEDBACK ON THE OUTCOMES OF THE INTERVIEWS
5.1 The following is a summary of the collective findings on the quality of the responses and the applicants emanating from the interviews; • All selected candidates demonstrated by their working experience to have some knowledge in some selected area of expertise required by the Committees during their deliberations, namely; Human Resources, Marketing and Communications, People Skills, and a fair representation of a command of the language to support their work on the Committees. Some of the areas found wanting were Risk Management, Overall knowledge of Financial Statements, and their knowledge of Current Credit Union Matters strengthened.
6.0 RECOMMENDATIONS
6.1 The Nominating Committee recommends the following actions in order to improve on the competencies of future applicants, for a more effective pool of candidates; • The establishment of a year long training programme with suitable modules to afford potential candidates with information necessary to improve their knowledge and skills in the relevant subject areas.
• The extension of Board, Committee and Individual Evaluations on a quarterly basis can intercept any deficiencies which may arise, where some measures may be introduced to cause timely correction. The Current Programme in Cooperative Studies should be encouraged or deemed compulsory for any new prospective candidate.
7.0 CONCLUSION
7.1 The Nominating Committee and the Interview panel wish to thank the Board of Directors for the confidence demonstrated in them by allowing them the opportunity to serve the Credit Union at this level.
7.2 Special thanks are extended to the IT Department, The Secretariat, The Training Facilitators, The Marketing Department and the Education Committee for their support during the tenure of the Committee.
7.3 We wish the candidates all the best during the election process, and in the future.
Respectfully Submitted
MARGARET WESTONCHAIRPERSON NOMINATING COMMITTEE
ANGELA SIEW Position Retired Public Servant , Permanent Secretary Membership in PSCU 24 April 1992 (27 years) Credit Union Experience Past Member of the Board of Directors , Education Committee &Supervisory Committee of PSCU Training and Skills Post Graduate Tourism Management & Development , Bsc Sociology
BRAIN LA ROCHE
Position Consultant Membership in PSCU 9 August 1991 ( 28 years) Credit Union Experience Secretary to PSCU Board of Directors, Credit Committee & Supervisory Committee. Training and Skills BA Labour Relations , Certificate Human Resources ,ADR Coach
KIRK PANTIN Position Best Village Officer 11 Membership in PSCU 07 June 2001 Credit Union Experience PSCU Credit Committee Member/Secretary ,SFCCU Credit Committee Member, Education Secretary Committee Training and Skills Intro to Co-operative Studies Certificate, Currently Pursuing Bachelor of Arts Degree in Labour Studies
NOEL JOHNSON
Position Logistic Officer Membership in PSCU 06 August 2013 (6 years ) Credit Union Experience Chairman and Secretary PSCU Supervisory Committee Training and Skills Occupational Safety , HR Management, Quality Assurance , Network Administration , Telephone Technology
NOMINATION FOR THE BOARD OF DIRECTORS
STEPHEN CREESE Position Retired Public Servant /Senator Membership in PSCU 11 November 1991 (28 years) Credit Union Experience President PSCU Board, Former Treasurer , Former Secretary Supervisory Committee, Education Committee Training and Skills Bsc Public Admin , Executive Diploma Public Sector, Certificate in Alternative Dispute
LISA VILLAFANA
Position Immigration Officer 111 Membership in PSCU 13 September 2012 ( 7 years) Credit Union Experience Member of the Supervisory Committee Training and Skills Diploma -Certified Forensic Counterfeit
MELISSA CHEVALIER
Position Quality Assurance Officer Membership in PSCU 07July 2010 ( 9 years) Credit Union Experience Chairperson /Secretary of PSCU's Supervisory Committee Training and Skills Internal Audit, Diploma In Food Tech. Certificate Corporate Governance, FATCA Training, AML Certification
RONEL LEWIS Position Director Marketing & Business Dev Membership in PSCU 06 June 2017 ( 2years) Credit Union Experience NIL Training and Skills MSc. Industrial Innovation , Ent & Management, B.Sc. Management Studies & Economics, 4 A ‘Levels, 8 O’Levels
NOMINATION FOR THE SUPERVISORY COMMITTEE
CARLEEN GREEN
Position Best Village Officer 11 Membership in PSCU 27 February2013 ( 6 years) Credit Union Experience Liaison Officer Training and Skills B.Sc. Psychology , Diploma Project Management
CHARMAINE RICHARDSON Position Retired Membership in PSCU 18 November 1988 (31 years) Credit Union Experience Credit Committee Chairperson Training and Skills B.Sc. Management Studies, Diploma in Business Management ,Diploma Mortgage lending ,5 Olevels
NOMINATION FOR THE CREDIT COMMITTEE
