Transforming To Exceed Members Expectations - …...2017/05/31 · Your theme “Transforming to...

Annual General Meeting & Report - Transforming To Exceed Members’ Expectations 1

Annual General Meeting & Report - Transforming To Exceed Members’ Expectations2

OUR VISIONTo be the premier financial institution committed

to offering economic empowerment to our members by providing world class products and

services.

MISSION STATMENTTo be the leading member owned financial

services institution, as we aim to be their primary source and support, offering friendly, quality, cutting edge services dedicated to helping

members achieve economic empowerment.

CORE VALUESCommitment to Service

Demonstrate Care and Concern for All

Create Inroads to Financial Freedom

Improve the Quality Of Life for the shareholder

Be Ever Changing and Dynamic


TABLE OF CONTENTS

Vision & Core Values Inside Front Cover

Tables of Content 3

Standing Orders 4

Meeting Agenda 5

Prayer of St. Francis of Assisi 6

Message from The President of The League 7

Photos of Board of Directors 8

Photos of Supervisory & Credit Committees 9

Photos of Education Committee 10

Photos of Staff 11

Directors’ & Committees’ Terms of Service 12

Minutes of the 30th AGM May 27, 2016 13 – 23

Directors’ Report 24 – 28

Treasurer’s Report 29 – 30

Auditor’s Report & Financials 2016 31 – 73

2018 Budget 74 – 76

Supervisory Committee’s Report 77 – 79

Credit Committee’s Report 80 – 81

Education Committee’s Report 82

Resolutions 83 – 85

Highlights of The 2016 Year In Pictures 86 – 87

NOTES 88 – 91

Featured Products Back Cover


• A member is to stand when addressing the Chair

• Speeches are to be clear and relevant to the subject before the meeting.

• A member shall only address the meeting when called upon by the Chairman to do so, after which he shall immediately take his seat.

• No member shall address the meeting except through the Chairman.

• When called upon by the Chairman, a member must first state his name before continuing with his comment and/or question.

• A member may not speak twice on the same subject except:

a) The Mover of a Motion- who has the right to reply b) He rises to object or to explain (with permission of the Chair).

• The Mover of a Procedural Motion- (adjournment laid on the table. Motion to postpone having the right of reply).

• No speech is to be made after the “Question” has been put and carried negative.

• A member rising on a point of order is to state the point clearly and concisely. (A “point of order” must have relevance to the “Standing Order”).

• A member should not “call” another member “to order” but may draw the attention of the Chair to a ‘breach of order’.

• A question should not be put to vote if a member desires to speak on it or move an amendment to it- except, that a Procedural Motion “The Previous Question” “proceed to the next Business” or the “Closure”: “That the Question be NOW PUT”, may be moved at any time.

• Only one motion should be before the meeting at one and the same time.

• When a motion is withdrawn, it fails.

• The Chairman has the right to a “casting vote.

• If there is equality of voting on an amendment, and the Chairman does not exercise his casting vote, the amendment is lost.

• Provision is to be made for protection by the Chairman from vilification (Personal Abuse)

• No member shall impute improper motives against another member.

STANDING ORDERS


4 Call to order 4 Prayer of St. Francis of Assisi 4 Welcome 4 Greetings • The Bahamas Co-operative League Limited (BCLL)

4 Minutes from the 30th Annual General Meeting 4 Matters Arising 4 Reports • Board of Directors’ Report • Treasurer’s Report • Auditor’s Report • 2018 Budget • Supervisory Committee’s Report • Credit Committee’s Report • Education Committee’s Report

4 New Business 4 Resolutions 4 Elections • Board • Supervisory Committee • Credit Committee

4 Motion for adjournment

MEETING AGENDA 2017


OUR PRAYERPrayer of St. Francis of Assisi

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

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

St Francis of Assisi


On behalf of the Board of Directors, management and staff of the Bahamas Co-operative League Limited, I wish to extend our sincere congratulations to the members, Board and staff of Bahama Islands Co-operative Credit Union on this your 31st Annual General Meeting.

Your theme “Transforming to Exceed Members’ Expectations” is definitely an essential mandate for everyone responsible for developing the Movement. While great success has been achieved by the Bahama Islands Co-operative Credit Union and the wider Co-operative Credit Union Movement, there is much more that we need to do. The needs of our Members will continue to increase and change as we operate in an increasingly competitive environment. We must continuously transform our individual credit unions and the Movement to remain relevant.

We must also be conscious of variables that are sometimes difficult to control. The Bahamian economy continues to exhibit a number of challenges like rising unemployment and increased taxation. The Co-operative Credit Union Movement also now incurs higher regulatory costs. The Good News is, we are all up to the challenges and must persevere to serve the best interests of our Members.

The Bahama Islands Co-operative Credit Union has continuously achieved financial and membership growth over the years and this is truly a testament to the dedication of all stakeholders.

BICCU is a pacesetter in the Movement and we encourage you to continue to respond to the needs of your members with innovative products and exceptional service.

We trust that you will have a successful Annual General Meeting and continue to grow from strength to strength.

Message From

SONIA HAMILTONPresident

The Bahamas Co-operative League Limited (BCLL)

31st Annual General Meeting25th May 2017


Vice Chairman Treasurer

Chairman

Secretary Asst. SecretaryDirector

Asst Treasurer

Barry Rolle Angela Culmer-Hinsey

Bruce Delancey

Hilton Bowleg

Janet Guerriea

Rosemary Campbell

Estella Walkes-Pratt

BOARD OF DIRECTORS


Fidentia DorsettJasmine Jones Marlon Bethel Tyrone Morris

SUPERVISORY COMMITTEE

CREDIT COMMITTEE

Sherman Bethel

Eunice Johnson

David Barry

Dave Beckford Maxine Pratt

Benjamin Gay

Chairman Secretary

Chairman SECRETARY


Claudette Farrington Gladys Sweeting-Basden Sonia GilbertLolita Forde

EDUCATION COMMITTEE


Indera Harding Anglique McQueen Accountant Internal Auditor

Catherine Knowles Joni Stubbs

Waydrissa Seymour Patrice Colebrook

Mark BastianCEO

Chandalear Forbes Marketing & Membership Services Mgr.

Bryan Butler Loans Manager

Renel BrownMembership Services Rep. IAccounts Clerk Membership Services Rep. II

Gillian CurryFiling Clerk

Demethera PoitierMembership Services Rep. I

Carolyn MossCompliance Administrator

Nichola CartwrightMembership Services Rep. I

STAFF

Michelle KingMembership Services Rep. I

Loan Officer I Loans Officer II

Jayson LewisCollections Officer

Lolita Marshall Accounts Officer


TERMS OF SERVICE

DIRECTOR ELECTED/APPOINTED 2017 2018 2019

Estella Walkes-Pratt 2014 √Hilton Bowleg 2015 √Barry Rolle 2013 √Rosemary Campbell 2015 √Janet Guerriea 2013 √Angela Culmer-Hinsey 2014 √Bruce Delancey 2015 √

MEMBER ELECTED/APPOINTED 2017 2018 2019Benjamin Gay 2015 √Eunice Johnson 2015 √David Barry 2015 √Maxine Pratt 2016 √David Beckford 2016 √

MEMBER ELECTED/APPOINTED 2017 2018 2019Marlon Bethel √Tyrone Morris 2014 √Sherman Bethel 2015 √Fidentia Dorsett √Jasmine Jones 2014 √

BOARD OF DIRECTORS

SUPERVISORY COMMITTEE

CREDIT COMMITTEE


Bahama Islands Co-operative Credit Union Limited

MINUTES OF THE 30TH ANNUAL

GENERAL MEETINGTheme: “30 Years Of Blazing The Trail Ever In Pursuit Of A Higher Standard”

1. CALL TO ORDER

The 30th Annual General Meeting (AGM) of the Bahama Islands Co-operative Credit Union Limited (BICCU) was called to order at 6:03pm on May 27th, 2016 in the Prince of Wales Ballroom of the Atlantis Paradise Island Resort Hotel, by Chairman of the Board of Directors, Hilton Bowleg.

2. PRAYER OF ST. FRANCIS OF ASSISI

The Prayer of St. Francis of Assisi led by Secretary of the Board of Directors, Estella Walkes, was recited by all.

3. Quorum

Chairman Hilton Bowleg read into the minutes, Section 22(2) Quorum, of the Bahamas Cooperative Act 2015 – “Where a quorum is not present one hour after the time fixed for the commencement of the meeting of members, the meeting shall proceed and the members present shall constitute a quorum.”

4. OPENING REMARKS

In recognition of the 30th anniversary of BICCU, Chairman Bowleg thanked all who played a part in starting the credit union 30-years ago to where it is today, a striving credit union.

The Chairman requested a moment of silence for members who passed away since the last AGM; a moment of silence was observed.

5. WELCOME

On behalf of the Board of Directors, Committees, Management and Staff of BICCU Chairman Bowleg welcomed everyone to the 30th AGM and extended a special welcome on behalf of the membership to Ms. Sonia Hamilton, President of the Bahamas Co-operative League Limited and Mrs. Stephanie Missick-Jones, General Manager of the Bahamas Co-operative League Limited. He thanked all for their presence at the AGM adding that he was looking forward to a meaningful meeting.

Chairman Bowleg invited Ms. Sonia Hamilton to the podium to bring greetings on behalf of the Bahamas Co-operative League Limited.

6. ACCEPTANCE OF THE AGENDA

Motion for the acceptance of the Meeting Agenda was moved by Mr. Oliver Hutchinson, seconded by Mr. Calnan Weech and was carried unanimously by all.

7. GREETINGS

7.1. The Bahamas Co-operative League

Ms. Sonia Hamilton, President of the Bahamas Co-operative League Limited bid all a good evening and stated that she was happy to be there and pleased to bring greetings on behalf of the Affiliates, Board, Committee and Staff of the Bahamas Co-operative League Limited.

Ms. Hamilton extended special congratulations on their 30th Anniversary noting that the credit union has come a long way. She reminisced about the beginnings of the credit union and the roles played by the founding members


such as Ms. Linda Symonette, Mr. Eugene Cooper and others. She voiced that she is proud of BICCU and the progress it has made to become a multi-million dollar institution serving almost six thousand persons.

The theme of the AGM, Ms. Hamilton stated is appropriate as the credit union has been a pace setter in the movement evident by the product offering and its growth every year since its inception. She encouraged the credit union to remember to let members and potential members know of the amazing benefits the credit union has to offer such as:

· Better rates on savings;

· Excellent service;

· A variety of services;

· Concern for the community

Ms. Hamilton encouraged the credit union to capitalize on the fact that other financial institutions, i.e., Banks have increased their fees. She encouraged BICCU to continue to find better ways to service its members.

She noted that the people of 2016 have different needs from those of 1996. The millenniums of today, Ms. Hamilton advised, must be looked at to continue as the ones to lead the legacy of all credit unions going forward.

She noted the seamless manner in which credit unions transitioned into coming under the regulations of the Central Bank, which is due to the prudent and professional operations of the credit unions. Ms. Hamilton encouraged all to continue the pursuit of higher standards.

Ms. Hamilton thanked BICCU for all of its support on initiatives put forth by the Bahamas Cooperative League Limited adding that cooperation among cooperatives is a core principal of the movement. She advised that the League is there to serve them and all credit unions and extended best wishes for a successful AGM and for the remainder of 2016.

8. STANDING ORDER

Secretary Walkes invited all to take a moment to review the Standing Orders on page four of the AGM Booklet.

9. MINUTES OF THE 29TH AGM.

A motion to dispense with the reading of the 29th AGM Minutes was moved by Mr. David Barry, seconded by Mrs. Barbara Williamson and was carried unanimously.

Corrections:

9.1. Page 16 Item 7.1.1.1: Mr. Oliver Hutchinson noted that the wind-fall noted occurred later than 1981 and that there was more than one. Mr. Oliver Hutchinson’s comment was noted.

A motion for the acceptance of the minutes of the 29th AGM was moved by Mrs. Barbara Williamson, seconded by Mr. Oliver Hutchinson and was carried unanimously.

10. MATTERS ARISING


10.1. Mr. Oliver Hutchinson questioned item 7.3.4.10 on page 18 stating that it cannot be correct that the debit card could be used as an ID similar to a driver’s license.

10.1.1. Chairman Bowleg advised that the ID has the credit union’s logo on it and it would have been used to identify members of the credit union at various business establishments who BICCU was working with to offer discounts to the membership.

10.2. Mr. Oliver Hutchinson questioned item 8.3.4 on page 21 stating they did not get an answer on why $1million was deposited at the League.

10.2.1. Treasurer Barry Rolle advised that the funds were removed from a non-interest earning account at a Commercial Bank and placed in the League where it earns 5.75% on a fixed account. Treasurer Rolle further advised that to-date, the account has earned the credit union $57,000.00.

11. MINUTES OF THE SPECIAL CALL GENERAL MEETING

A motion to dispense with the reading of the minutes of the Special Call General Meeting held on August 29th, 2015, was moved by Mr. David Barry, seconded by Mr. Larry Smith and was carried unanimously.

Corrections: Nil

A motion to accept the minutes of the Special Call General Meeting dated August 29th, 2015 was moved by Mr. Calnan Weech; seconded by Mrs. Barbara Williamson and was carried unanimously.

12. MATTERS ARISING

12.1. Mr. Oliver Hutchinson questioned points made in item #6 on page 30.

12.1.1. Mr. Calnan Weech asked and was granted leave by the Chairman to give an explanation. Mr. Weech explained that point was raised because of the difference in wording regarding the monthly payment and was subsequently corrected during the meeting.

13. REPORTS

13.1. ANNUAL GENERAL MEETING BOARD OF DIRECTORS’ REPORT

Mr. Calnan Weech made a motion that due to the importance of the directors’ report that it not be set aside but read into the record. The motion was seconded by Mr. Oliver Hutchinson and was carried by the majority.

Director Rosemary Campbell read into the minutes, the Board of Directors Report, May 2015 – April 2016 (paged 31 through 36 in the AGM booklet).

A motion for the acceptance of the Annual General Meeting Board of Directors’ Report was moved by Mr. Calnan Weech, seconded by Mr. Larry Smith and was carried unanimously.

13.1.1. Mr. Calnan Weech voiced his thanks to those persons who started the credit union such as Mr. Eugene Cooper, Ms. Linda Symonette, the late Mr. Anthony Balfour, the late Mr. Trevor Grant, Mr. Tyrone Morris, Mr. Bruce Delancey and Ms. Wendy Quant. Mr. Weech asked through the Chairman for the audience to give a round of applause.

13.1.2. Mr. Calnan Weech complimented the Board on a very good year. He questioned who were the developers mentioned (page 33 – Peak Development Company) and questioned whether


anyone in the credit union had any special relationship with this developer and if so, what was the nature of the relationship. He indicated that he did not want the credit union to be faced with any liabilities due to the relationship.

13.1.3. Chairman Bowleg advised that the developer was vetted. An investigation on the developer was conducted by the Central Bank as well as in-house which showed there was nothing untoward and that there was no collusion between persons in the credit union and the developer.

13.1.4. Mr. Oliver Hutchinson questioned the salary deductions mentioned on page 32 of the report and how good were they as he was informed that a person whose pension was coming to the credit union had changed the amount coming to the credit union.

13.1.4.1. Chairman Bowleg advised that it may have happened before the credit union put in place Irrevocable Salary Deductions, so that a member cannot change/stop the deductions.

13.2. Treasurer’s Report

A motion to dispense with the reading of the Treasurers Report 2015 was moved by Mrs. Barbara Williamson, seconded by Mrs. Eunice Johnson and was carried unanimously.

Treasurer Rolle opened the floor for any questions and none was offered.

A motion for the acceptance of the Treasurer’s Report 2015 was moved by Mr. Calnan Weech, seconded by Mrs. Barbara Williamson and was unanimously carried.

13.3. Auditors Report

Mr. James Gomez, Partner, Baker Tilly Gomez requested permission to forgo the reading of the Independent Audit Report save for the last three paragraphs (in report) on page 39.

A motion to forego the reading of the Independent Audit Report save for the last three paragraphs, was moved by Ms. Simone Wilkinson, seconded by Mr. Francisco Garcia and was unanimously carried.

13.3.1. Mr. James Gomez explained that the international reporting standards have changed every year and the audit report gives the Auditors as well as the Board the leeway to contemplate how the audited report is worded and its format.

13.3.2. Mr. Gomez advised that come December (2016) of this year a new reporting standard will come into effect where the Auditors will have to disclose all material matters and procedures performed to mitigate risks and report whether he detected any unusual transactions such as the directors/management key compensation disclosure. Further the partner who is responsible will have to sign their name to the report along with the company as a form of greater responsibility for the Board and the Auditors.

13.3.3. Mr. Gomez gave an explanation on the qualified opinion and referred to members shares found on page 48 (3) that gave further details. He noted that the members’ regular shares are shown as a liability due to the fact that a member can at will, withdraw their shares at any time from the credit union.

13.3.3.1. Mr. Gomez noted that the qualifying shares presented on page 40 in the statement of financial position should be reclassified according to the standard, as a liability and not as equity.

13.3.4. Mr. Calnan Weech stated that the credit union was instructed previously to change it to the way it


is now and it now appears that it has to be changed all over again.

13.3.5. Mr. Calnan Weech stated that compared to 2014 the credit union made a net income four times over in 2015 that was due to an increase in fees and a decrease in personnel costs and requested that Mr. Gomez expand on this.

13.3.5.1. Mr. Gomez stated that yes there was a significant increase and agreed with Mr. Weech on what it was due to.

13.3.5.2. Mr. Gomez stated that there was an increase in interest on loans of 12% due to the increase in the loan portfolio. This contributed to an increase in interest income of a little over $296,000 over the prior year. Interest on members’ deposits increased only marginally over 2014.

13.3.5.3. Loan Provision (impairment for loans), there was an increase (as noted in note 7 of page 55) which impacts the loan receivable (net) number.

13.3.5.3.1. Loan receivables increased by just over $2 million totaling $20,320,687. This was comprised of an increase in additional loans disbursed, higher accrued interest, less greater repayments and transfers and a higher provision for loan impairment (page 55 of booklet and further details on page 56).

13.3.5.4. Loans written off, Mr. Gomez explained was due to loans that went bad and because of the length of time they were outstanding, they are taken off the books even though they are still pursued by the credit union. Further these loans stop accruing interest. Loans written off totaled $209,880.00.

A motion to accept the Audit Report was moved by Mr. Larry Smith; seconded by Mr. Dave Beckford and was passed unanimously.

13.4. 2017 Budget Report

The 2017 Budget Report was presented by Treasurer Barry Rolle and highlighted as follows (found on page 80-82 of the booklet):

13.4.1. Total Income budgeted for 2017 total $3,930,824 a positive variance of $308,124.

13.4.2. Total Expenses budgeted for 2017 total $3,459,535 a positive variance of $267,981.

13.4.3. Net Income budgeted for 2017 total $471,289 a positive variance of $25,143.

Treasurer Rolle invited questions from the floor.

13.4.4. Mr. Calnan Weech stated that League dues were posted as an income but technically it should be recorded as a liability. Mr. Weech further noted that the dues should not be a part of the budget and should be taken out.

13.4.5. Mr. Calnan Weech noted that the budget should be in line with the financial statement in the way it is presented. Treasurer Rolle noted Mr. Weech’s comments.

A motion to accept the 2017 Budget was moved by Mrs. Barbara Williamson; seconded by Ms. Simone Wilkinson and was carried unanimously.


14. SUPERVISORY, CREDIT & EDUCATION COMMITTEES REPORTS

14.1. Supervisory Committee Report

A motion to dispense with the reading of the Supervisory Committees’ Report was moved by Mr. David Barry, seconded by Ms. Agnes Price and was carried unanimously.

14.1.1. No questions on the Supervisory Committee Report were offered from the floor.

Motion for the acceptance of the Supervisory Committee Report was unanimously carried.

14.2. Credit Committee Report

A motion to dispense with the reading of the Credit Committee Report was moved by Mrs. Barbara Williamson, seconded by Mr. Francisco Garcia and was carried unanimously.

14.2.1. No questions on the Credit Committee Report were offered from the floor

Motion for the acceptance of the Credit Committee Report was carried unanimously.

14.3. Education Committee Report

A motion to dispense with the reading of the Education Committee Report was moved by Mr. Francisco Garcia, second by Ms. Fidentia Dorsett and was carried unanimously.

14.3.1. Mr. Calnan Weech requested that the credit union push to have more educational sessions for members even if many of them do not come-out. Chairman Bowleg noted Mr. Weech’s comment.

15. NEW BUSINESS

Secretary Walkes read into the minutes the highlighted section of attachment to BICCU’s new Bye-Laws that were amended from the Central Bank of the Bahamas Uniform Bye-Laws (see hand-out for full details).

15.1. Section 5: change/amendment “Bahamas Islands Co-operative Credit Union Limited”

15.2. Section 6: change/amendment “Eugene Cooper Building, #11 Village Road, P.O. Box GT-2944, Nassau, Bahamas

15.3. Section 7: change/amendment “the Commonwealth of the Bahamas”

15.4. Section 10: change/amendment “two hundred dollars ($200.00)”

15.5. Section 26: change/amendment “one dollar”

15.6. Section 80: change/amendment “(1)(a) Annual remuneration, or stipend not to exceed $6,000.00 per person”; “(1)(b)(i) in the case of a flat monthly allowance $500.00 per person” and “(2) Annual training and conference budget of board members and committee members shall not be more than two (2) times that of the credit union’s total staff training budget”.

15.7. Section 82: change/amendment


Line of credit - $1,000.00

Consumer loan - $50,000.00

Mortgage - no more than 1% of the net asset value

Aggregate to one member - no more than 1% of the net asset value

A motion to adopt the uniform bye-laws of the Central Bank, with amendments to the new BICCU Bye-Laws was moved by Mr. Dave Beckford, seconded by Ms. Claudette Farrington and was carried unanimously.

15.8. Mr. Calnan Weech on a point of information advised that there is a process to changing the bye-laws where if people are standing you have to count who were for the motion and who were against.

15.8.1. Chairman Bowleg pointed out that the persons standing to the back of the room were staff members or workers of the hotel and were not standing in opposition of the motion.

16. RESOLUTIONS

Reading of the resolutions was done by Secretary Estella Walkes as follows:

Resolution #1

RESOLUTION FOR THE PAYMENT OF DIVIDENDS

WHEREAS the audited financial statements of the Bahama Islands Co-operative Credit Union Limited (BICCU) for the year ending December 31, 2015 were presented and accepted by this Annual General Meeting;

BE IT RESOLVED that this Annual General Meeting approved the payment of an eight percent (8%) dividend to shareholders on their Qualifying Shares held for the year 2015;

BE IT FURTHER RESOLVED that calculation and distribution of these dividends be credited to the individual member accounts not later than June 30, 2016

Resolution #1 was seconded by Mr. Carlton Russell – all were in favor. Resolution passed unanimously.

Resolution #2

RESOLUTION FOR THE APPOINTMENT OF AUDITORS

BE IT RESOLVED that the Board of Directors of the Bahama Islands Co-operative Credit Union Limited (BICCU) be allowed to choose an auditing firm to conduct the audit for the fiscal year 2016.

Resolution #2 was seconded by Mrs. Barbara Williamson – all were in favor. Resolution passed unanimously.

Resolution #3

RESOLUTION FOR REMUNERATION TO MEMBERS OF THE BOARD OF DIRECTORS

WHEREAS The Bahamas Co-operative Union Act of 2015 requires formal approval of all remuneration paid to Directors of the Bahama Islands Co-operative Credit Union Limited in accordance with –


Section 58 (1)

No director and or no member of a committee is entitled to be paid any remuneration in connection with his duties as a director or a committee member of a co-operative credit union or for his attendance at meetings unless the remuneration –

a) Is fixed in the bye-laws; and

b) Is ratified annually by the members, by resolution at the annual general meeting.

BE IT RESOLVED THAT Directors of the Bahama Islands Co-operative Credit Union Limited shall receive a stipend of Five Hundred Bahamian Dollars (B$500.00) per month.

Resolution #3 was seconded by Mrs. Barbara Williamson – all were in favor. Resolution passed unanimously.

Resolution #4

REMUNERATION TO SUPERVISORY COMMITTEE MEMBERS OF THE BAHAMA ISLANDS COOPERATIVE CREDIT UNION LIMITED

WHEREAS The Bahamas Co-operative Union Act of 2015 requires formal approval of all remuneration paid to Members of the Supervisory Committee of the Bahama Islands Co-operative Credit Union Limited in accordance with –

Section 58 (1)




BE IT RESOLVED THAT the members of the Supervisory Committee of the Bahama Islands Co-operative Credit Union Limited shall be paid a stipend of Two Hundred Bahamian Dollars (B$200.00) per month.

Resolution #4 was seconded by Ms. Rose Pratt – all were in favor. Resolution passed unanimously.

Resolution #5

REMUNERATION TO CREDIT COMMITTEE MEMBERS OF THE BAHAMA ISLANDS COOPERATIVE CREDIT UNION LIMITED


WHEREAS The Bahamas Co-operative Union Act of 2015 requires formal approval of all remuneration paid to Members of the Credit Committee of the Bahama Islands Co-operative Credit Union Limited in accordance with –

Section 58 (1)




BE IT RESOLVED THAT the members of the Credit Committee of the Bahama Islands Co-operative Credit Union Limited shall be paid a stipend of One Hundred & Fifty Bahamian Dollars (B$150.00) per month.

Resolution #5 was seconded by Ms. Rose Pratt – all were in favor. Resolution passed unanimously.

Resolution #6

REMUNERATION TO EDUCATION COMMITTEE MEMBERS OF THE BAHAMA ISLANDS COOPERATIVE CREDIT UNION LIMITED

WHEREAS The Bahamas Co-operative Union Act of 2015 requires formal approval of all remuneration paid to Members of the Education Committee of the Bahama Islands Co-operative Credit Union Limited in accordance with –

Section 58 (1)




BE IT RESOLVED THAT the members of the Education Committee of the Bahama Islands Co-operative Credit Union Limited shall be paid a stipend of One Hundred Bahamian Dollars (B$100.00) per month.

Resolution #6 was seconded by Ms. Elsa Culmer – all were in favor. Resolution passed unanimously.


17. ELECTIONS

Meeting was turned over to Mrs. Angela Culmer-Hinsey, Chairman of the Nomination Committee. Mrs. Culmer-Hinsey recognized the members of the Nominations Committee as follows: Mr. Carlton Russell, Ms. Tameka Forbes, Ms. Antonette Rutherford and Ms. Rose Campbell.

Mrs. Culmer-Hinsey noted that the Nomination Committee had a very difficult task this year reviewing the nominees. She indicated that potential nominees had to submit resumes along with their applications and also had to sign declarations that they were of sound mind, were not bankrupt and had no criminal issues.

Ms. Janet Guerriea and Mr. Barry Rolle demitted their seats.

17.1. Board of Directors:

Mrs. Culmer-Hinsey advised there were two (2) vacancies for the Board of Directors with four (4) nominees as follows:

1. Larry Smith2. Janet Guerriea3. Barbara Williamson4. Barry Rolle

She further advised members that only two (2) names could be chosen and only one (1) ballot per member is allowed to be dropped in the ballot box. No member would be allowed to place another member’s ballot in the box.

Votes:

Nominees Votes Received Elected

Larry Smith 37

Janet Guerriea 55

Barbara Williamson 28

Barry Rolle 78

Congratulations were extended to the returning Board of Directors

17.2. Supervisory Committee

Members were advised there were three (3) vacancies for the Supervisory Committee with four (4) nominees as follows:

1. Marlon Bethel2. Sherman Bethel3. Leslie Crawley4. Fidentia Dorsett


Votes:

Nominees Votes Received Elected

Marlon Bethel 81

Sherman Bethel 54

Leslie Crawley 51

Fidentia Dorsett 66

Congratulations were extended to the new members of the Supervisory Committee.

Mrs. Culmer-Hinsey advised the new members of the Supervisory Committee that the terms will be as follows:

1. Mr. Marlon Bethel and Ms. Fidentia Dorsett will serve a term of three (3) years

2. Mr. Sherman Bethel will serve a term of two (2) years as he re-places Mr. Horatio McKenzie who resigned his post in December 2015.

17.3. Credit Committee

Members were advised there were two (2) vacancies for the Credit Committee with only two (2) nominees: Mr. Dave Beckford and Mrs. Maxine Pratt. Therefore, by acclamation, Mr. Dave Beckford and Mrs. Maxine Pratt are automatically elected to the Credit Committee.

Motion for the ballots to be destroyed was moved by Mr. Marlon Bethel and second by Ms. Lolita Forde.

18. MOTION FOR ADJOURNMENT

Motion for the adjournment of the 30th Annual General Meeting of BICCU was moved by Ms. Rose Pratt, second by Mr. Sherman Bethel 8:20pm.

We hereby certify that the foregoing is a true copy of the minutes and deliberations of the Board of Directors of the Bahama Islands Co-operative Credit Union Limited, held Friday May 27th, 2016.


ANNUAL GENERAL MEETINGBOARD OF DIRECTORS REPORT

May 2016 - April 2017

The Bahamian EconomyAs per Article IV of their Articles of Agreement, The International Monetary Fund (IMF) usually hold bilateral discussions with members on an annual basis. The Bahamas is a member country and those discussions determined that economic conditions in The Bahamas remain subdued. Estimates for 2015 suggested a contraction of 1.7 percent of GDP and a growth in 2016 by around 0.5 percent of GDP. The 2016 modest growth was driven by the tourism sector and foreign investments related to the construction sector. In 2017, the Bahamas’ economy is projected to strengthen further to an annual rate of 1 percent in real terms. It is also expected that should the Baha Mar resort become fully operational the unemployment rate should gradually decline from a level of about 15%. That project should employ more than 5,000 employees.

The IMF mission had a follow up visit to the Bahamas in December 2016 to further update the economic and financial outlook following Hurricane Matthew. They concluded that despite significant damage by the storm, the Bahamas’ economy is still expected to grow. They however expressed concerns relating to the high unemployment and the high volume of non-performing loans.

As we deliver our report to you, we believe that we have had a successful year. We however note that as it is the case with most local lending institutions, our level of delinquent accounts was impacted by the high unemployment in the Bahamas.

Strategic Planning MeetingIn February 2017, the Board of Directors, various Committee members, management and officers of BICCU met for a one day session to chart the direction of the credit union for the next five years. During that session, the participants created new vision and mission statements. Those statements are presented earlier in this booklet. The facilitator for the event, Mrs. Kim Welcome, also took the participants through a SWOT analysis, identifying BICCU’s strengths, weaknesses, opportunities and threats. A copy of the document produced as a result of the Strategic Planning Session will be made available upon request.

Central Bank SupervisionIn March 2016, the Central Bank of The Bahamas conducted a follow-up examination to the December 2014 inspection conducted by the Department of Cooperative Development. The findings of that examination were mostly in the low to medium risk range and predominately addressed the need for BICCU to update its policies and procedures. To date, 80 to 90 percent of those findings have been addressed.

The Central Bank’s team also stressed the importance of hiring a Compliance Officer and an Internal Auditor. In September 2016, Ms. Carolyn Moss was hired as the Compliance Officer and in February 2017, Mrs. Angelique McQueen as the Internal Auditor.

30th Year CelebrationThe year 2016 marked thirty (30) years of continued existence for the Credit Union. The Board of Directors made a decision to celebrate BICCU’s success over that period. The celebration started in June 2016, where several members of the Board, Committee members and staff visited the Church of God of Prophecy on East Street to worship together and to give thanks to God for the success that the credit union has been afforded.

On September 16th, 2016, BICCU held a Membership Appreciation Day. All members passing through on that day was presented with a light meal, a chance to chose their next loan interest rate, free health screening, an opportunity to sign up for various BICCU products and other prizes and giveaways. Also on hand that day, were representatives from BAF and


the Bahamas Co-operative League Insurance Company. BICCU facilitates a group health insurance for its members through BAF, so persons took advantage of this day to enroll in the plan. The League Insurance Company was there to offer affordable automobile and home insurance to the members.

The final event to celebrate the 30th year of existence was scheduled to be held on October 8th, 2016. Hurricane Matthew passed through the Bahamas days before the intended anniversary banquet and forced the postponement of the event until January 28th, 2017. On that night, the credit union honoured 35 members who had established accounts with the credit union from inception (or close to it) and were currently in good standing. These members were considered as the persons on whose shoulders the credit union was built. They embodied the true spirit of co-operators and allowed the credit union to work for them. The event was well attended and everyone appeared to enjoy the experience.

Membership During the year 2016, BICCU gained five hundred and ninety four (594) new members, net. This was a 10% increase in our membership for the year and a slight decrease relative to 2015 growth percentage of 12% and 646 new members. At the end of December 2016, the membership grew to six thousand three hundred and forty eight (6,348).

Investment Committee/New PremisesThe growth in membership has caused operational challenges to the credit union. The major challenge has been the lack of physical space to properly service the members and to accommodate the requisite staff. In that regard, the Board formed an investment committee comprised of the following persons:

· Gene Albury - Chairman

· Jasmine Almitra Jones – Secretary

· Leslie Crawley

· Hilton Bowleg

· Barry Rolle

· Mark Bastian


The purpose of the committee was to come up with a solution to fix the space issue. The committee reviewed the possibility of expanding the existing building and explored the purchase of the property at the rear of the BICCU office. After realizing the extent of the possible disruption to the operations, the committee turned its attention to the feasibility of purchasing a building.

The building, formerly housing FINCO Rosetta Street branch was available for purchase and the committee viewed and decided that it was worth pursuing. They made their recommendations to the Board of Directors, who decided that the building was too much of an opportunity to pass up as it would be essentially a turnkey operation for the credit union.

The Board settled on a financing arrangement with Teachers & Salaried Workers Co-operative Credit Union Limited after discussing terms with other financial institutions and made the purchase in February 2017. BICCU’s move is expected to take place during the middle of the summer 2017.

It is anticipated that the new operation will enhance the way that we serve our members. We will offer a 24hr cash disbursement ATM, as well as cash withdrawal services (with prescribed limits) at our tellers.

LoansFor the year ended December 31, 2016, the Credit Union granted two thousand five hundred and forty (2,540) loans totaling twelve million one hundred and thirty two thousand two hundred and fifty three dollars ($12,132,253). The loans payoff/payments for the year totaled ten million three hundred and seventy seven thousand three hundred and eight dollars ($10,377,308). For the year ending December 31, 2016, the loan portfolio had a net increase of one million eight hundred and ninety thousand two hundred and forty one dollars ($1,890,241). Our total loans portfolio as at December 31, 2015, totaled $20,375,545 compared to December 31, 2016 total of $22,265,786, which is an increase 9.38%.


The Board recognizes that we have experienced a higher than usual amount in delinquent accounts. Our provisioning for loan impairment rose from $190,154 at December 2015 to $411,958 at the end of December 2016. This increase is mostly due to the closure of the Baha Mar Resort, Sandals Resort and One & Only Ocean Club. We have however taken steps to address this issue and we expect that we should see some improvement by the end of 2017.

Hurricane ReliefHurricane Matthew’s passage in October, 2016 impacted the islands of the Bahamas. Our members felt this impact and the Board decided that something must be done to help them. A hurricane relief program was established that gave our members five (5) different options of assistance. They are as follows:

· Stand-alone loan with reduced interest rate, higher debt service ratio and higher exposure

· Add-on loan with lower interest rate, higher debt service ratio and higher exposure

· Two (2) loan payment waivers, regardless to whether waivers had previously be given

· Exceptional withdrawal, with savings balance going no less than 50% of loan balance

· Top up/Fresh Start loan with existing rate, regular debt service ratio and higher exposure

It was critical for each member to provide proof of need for assistance and to also qualify based on the relaxed terms.

TrainingBoard of Directors

May 2016 National Credit Union Conference for Directors and Senior Management (New Orleans)

July 2016 World Credit Union Conference (Belfast)

Sep. 2016 Credit Risk Based Supervision Training (Nassau)

Sep. 2016 Credit Union Services and Products Conference (Las Vegas)

Supervisory & Credit Committee

July 2016 Caribbean Confederation of Credit Unions Conference (Orlando)

July 2016 Strategic Lending Conference (Ontario)


Education Committee

July 2016 Caribbean Confederation of Credit Unions Conference (Orlando)


Staff

June 2016 Symitar CRUISE Educational Conference (Orlando)

July 2016 Strategic Lending Conference (Ontario)


Nov. 2016 CRUISENet Core Connection Training (New Orleans)

The training offered to Board, Committee members and staff is vital as it offer the participants the opportunity to learn of emerging trends, to get information that enhances the operation and to network with other participants.

Thank YouThe Board takes this opportunity to thank the membership for the opportunity to serve and for their continued confidence and support.


BAHAMA ISLANDS CO-OPERATIVE CREDIT UNION LIMITEDTREASURER’S REPORT

2016

The Treasurer of the Bahama Islands Co-operative Credit Union (BICCU) is proud to report that 2016 has been another year where our credit union has experienced significant growth in its assets. Our total assets at the end of December 2016 reached $35,641,515, an 11% growth over the $32,130,760 total assets recorded at December 2015.

Our members’ deposits grew to $29,198,473 at the end of December 2016, reflecting an increase of 11% in comparison to $26,230,037 recorded at December 2015. Our interest rates on savings and other member deposit accounts are still amongst the highest paid in the country. Our members have taken advantage of this and their loyalty and trust in us has contributed greatly to our continuous growth.


Our net loans portfolio increased by 8% in 2016 to $22,014,106. This increase was tempered by the challenges faced by our increased delinquent accounts, as a result of closures within the hospitality industry.

OVERVIEWBICCU is performing extremely well considering the current economic environment. We continue to move strongly and progressively towards our goals of financial excellence and to ensure financial freedom for all of our members

On a monthly basis the management team reviews our performance using the World Council of Credit Union’s suggested credit union monitoring tool “The PEARLS Standard of Excellence”. The goal is ongoing - to meet and even exceed these standards.

At the end of the 2016 audit all of BICCU’s reserves were brought in line. Liquidity reserves are now 10% of deposits and statutory reserves are now 10% of assets.

THE WAY FORWARD…We continue to monitor ourselves by ensuring that we improve in ways that align us with most of the PEARLS ratios. We continue to concentrate our efforts on increasing our membership and by extension, our loans’ portfolio. The relocation of our premises will better facilitate this expected growth and should aid in improving our services, therefore enhancing our members’ overall experience at BICCU.

We have made great strides to achieve our goals thus far and will continue to push towards exceeding them. Constantly advertising and promoting our products and services, have contributed immensely to our current achievements and we will continue in this regard.

Our loans and marketing departments are poised to increase our loans portfolio by appealing to the various needs of our current and potential members. Once the membership and loan base are increased, we will be more in line with the PEARLS ratios.

BICCU is always “Transforming to Exceed Members’ Expectations”.


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THE SUPERVISORY COMMITTEEANNUAL GENERAL MEETING 25th MAY, 2017

MEMBERS OF THE COMMITTEECHAIRPERSON: J. Almitra JonesSECRETARY: Fidentia DorsettOTHER MEMBERS: Marlon Bethel Tyrone “Rock” Morris Sherman Bethel

INTRODUCTIONThe Supervisory Committee (“the Committee”) is pleased to present its report to our valued members for the 2017 Annual General Meeting. This period saw important changes which, the Committee is of the view, will strengthen our organization. The Committee, together with Management made valiant efforts to seek out the best candidate to perform the internal audit functions and our Internal Auditor, Angelique McQueen, was hired by BICCU on 13th February, 2017. Further, we wish to assure the members that the Committee remained committed to our core functions as provided by the Bahamas Co-operative Credit Unions Act, 2015 (“the Act”) which are as follows:

ØExamine the books of the co-operative credit union;ØConfirm the cash instruments, property and securities of the co-operative credit union;ØConfirm the deposits of the members and ØPerform such other duties under the Act and in the bye-laws.

OBJECTIVESIn order to achieve our core duties as mandated by the Act, the Bye-laws and the Central Bank Regulations, the Committee carried out various audits/reviews to ensure that Management and staff were acting in compliance with the Credit Union’s standard operating policies and procedures; acting in the best interest of the organization and by extension its members and in compliance with the Act.

Our audit/reviews included but were not limited to:1. Discussions with management and the Board;2. Review and testing of documents necessary to perform the audits/reviews3. Petty cash reviews4. Review of Delinquency Reports 5. Review of bank deposits and reconciliations.6. Review of Statement of Assets7. Review of personnel files.8. Review of Board Minutes.9. Review of Financial Statements.10. Review of Loan Files monthly to ensure compliance with loan policies and procedures.11. Review of Dormant Account Reports 12. Analysis of the Central Bank’s Inspection Report

MANAGEMENTThe Committee met with Management occasionally in order to address policy and legal concerns arising from our monthly reviews. These exchanges were extremely beneficial to both the Committee and Management as it provided for clarity and resolve on the issues raised. Further, the Committee forwarded monthly Minutes to Management and the Secretary of the Board of Directors.

The Committee met bi-weekly commencing January, 2017 with focus on the Central Bank’s Report (2016) and the recommendations highlighted in that Report. Our Minutes were kept by the Compliance Officer, Ms. Carolyn Moss, who ensured that signed Minutes were disseminated to the Chief Executive Officer (“CEO”) and the Board of Directors. Finally, the Committee had several joint Meetings with the Board of Directors in order to highlight our observations.


DELINQUENCY REPORTSThroughout the period, the Committee reviewed the Delinquency Reports. Some concerns were highlighted in several of our Reviews and these matters were brought to the attention of the Board and the CEO. In particular, the Committee is of the view that several loans that have now become delinquent is as a result of procedural errors and lack of due diligence on the part of staff of the Credit Union. The breaches were as follows:

1. Loans not approved by the appropriate authority2. No signature of the Applicant3. Security not obtained as per the loan requirement.

Recommendations were made by the Committee as per our mandate to address and deter all breaches of policy that were identified and we are grateful to the Board who addressed all concerns satisfactorily.

With the soft opening of Baha Mar, we are hopeful that BICCU should see a decrease in its delinquency portfolio. Finally, we must ensure that our policies are strictly adhered to in order to avoid the possibility of further bad debt.

PETTY CASHPetty cash reviews were conducted throughout the period on a monthly basis by the Committee and during the last quarter, petty cash reviews were conducted more frequently by our Internal Auditor. All Audits were found to be satisfactory.

DAILY BANK CASH DEPOSITThe daily bank cash deposits were audited on a monthly basis and bank deposits were found to be satisfactory. Where there were discrepancies, (which were minor) these were noted in our Minutes and brought to the attention of the CEO.

BANK RECONCILIATIONSBank Reconciliations were examined in their entirety throughout the period. Generally, they were found to be in order and where there were errors (minor) these were brought to the attention of the CEO for corrections.

LOANSThe Committee consistently reviewed a random sample of loan files together with our Internal Auditor. The procedure employed by the Committee was to select loan files from a general list and request specific files that we wished to review. Where we found discrepancies, we brought these to the attention of Management and the Board to be addressed.

TRAININGMember Tyrone Morris is scheduled to attend the CCCU Conference in the summer of 2017. On the 18th February, 2017, the Committee attended the Strategic Planning Session at Comfort Suites for BICCU in which goals for the organization were set. By extension, this constituted as a training session for the Committee to understand and have a clear vision on the goals of the Movement. We look forward and we are of the view that our members will be pleased with the implementation of the strategic goals that were proposed to keep the Movement economically empowered.

Throughout the last quarter, our Internal Auditor, with responsibility for examining the adequacy of the internal controls of BICCU, conducted mini training sessions on our responsibilities. Finally, with respect to training, the Anti-Money Laundering Training was postponed due to unfortunate circumstances. However, this will occur within the next few weeks.

NEW BUILDINGAll of the members of the Committee viewed our newly acquired future headquarters and we are pleased with our new property acquisition. We are of the view that this building will not only bring value to our business but more customers due to the strategic location of the building. We congratulate the Board for their insight and financial prudence into this investment.


CENTRAL BANK REPORTThe Central Bank’s Report and the recommendations noted therein was a special focus for the Committee during the period December, 2016 and April, 2017.

In this regard, we reviewed the following draft policies proposed by the Compliance Officer (prior to submission to the Board) as recommended by the Central Bank:

1. Employee Policy Handbook2. Accounting Policy3. Inactive/ Dormant Account4. Stale dated Account Policy5. Policy on Property, Plant & Equipment Asset Capitalization6. Petty Cash Policy

Recommendations were made and where applicable, the Committee asked for more particularization of the specific Policy.

The Committee will impress it upon Management to ensure that once the new policies are promulgated to the staff, that training must be facilitated.

Your Supervisory Committee remains committed to performing to the best of our ability and we are always ready, willing and able to serve the Movement.


REPORT OF THE CREDIT COMMITTEE TO THE 31ST ANNUAL GENERAL MEETING

The Credit Committee of BICCU currently consists of five members, four (4) of whom were elected by the Members at the Annual General Meeting and one (1) member who was appointed by the Board of Directors to fill a vacancy.

MEMBERS OF THE COMMITTEE INCLUDE:CHAIRPERSON: David Barry

SECRETARY: Benjamin Gay

OTHER MEMBERS: Maxine Pratt

Dave Beckford

Eunice Johnson

DUTIESWhile the Central Bank of The Bahamas’ draft uniform bye-laws provide for the Credit Committee to approve member’s loans. BICCU, in an effort to facilitate loans in a more timely manner subscribed to Section 77 (1) of the Bahamas Co-operative Credit Union Act, 2015, (the “Act”), which allows for the Board of Directors, upon such terms and conditions as it specifies, authorize the manager or other employee of the co-operative credit union to approve loans to members within an approved limit as prescribed in the bye-laws.

The Board by resolution, has delegated the approval of all loans within approved and documented parameters to the CEO, Loans Manager and the Loan Officer. Loans outside the parameters require Board Approval. The Credit Committee remains responsible for ensuring that all loans conform to the Act and BICCU’s policies, namely the Loan and Collections Policy. This being the case the Credit Committee reviews all loans.

TRAININGIn an effort to ensure that the Committee had the required competency for the position, the members received extensive training relating to their duties and responsibilities from the CEO and the Compliance Officer. Additionally, several members were awarded the opportunity to participate in international training, namely, the Strategic Lending Conference which was held in Niagara Falls, Canada, and the Caribbean Confederation of Credit Unions Conference, held in Orlando, Florida. Chairman Barry is scheduled to attend the CCCU Conference in the summer of 2017.

Members of the Committee also afforded the opportunity to participate in a Credit Risk Management Workshop which was held locally. The Chairman and Secretary also participated in BICCU Strategic Planning Session which was held in February at the Comfort Suites Hotel. The goal of the Strategic Planning Session was to develop a roadmap for the continued development and growth of BICCU.

MANDATEThe Committee confirms that it has fulfilled its mandate as outlined in Section 78 of the Act. (1) Meetings were held at least once per month, (2) Minutes of the monthly meeting were recorded and (3) the minutes contained the report outlining the loan activity for the month.

REVIEW OF FILESDuring the year, the Committee reviewed more than 2,500 loan files. Loans were granted mainly for vacation, educational, vehicle, medical, home improvement/repair, bills, new business. The committee noted that the greatest percentage of loans granted was for vacation travel. While homes, automobiles and cash were held against loans, the security held in most cases was member’s savings.


The Committee noted that there was a slight decrease in loans during the first quarter of 2017 while delinquency increased due to the recent economic climate which was plagued with high unemployment, the displacement of members due to the BahaMar situation as well as the downsizing by other companies such as Ocean Club, Sandals Exuma, and Albany due to hurricane Matthew. However, the Committee is not overly concerned as BICCU’s strategic plan outlines an aggressive approach geared towards making BICCU The Bahamas’ leading member owned financial services institution while helping you, our members to achieve economic empowerment.

The Credit Committee takes this opportunity to thank the Board of Directors and the CEO for their guidance throughout the year. The Committee also extends a sincere thank you to you the members for allowing us the opportunity to serve you. We solicit your continued support.

We pray that God continues to bless you all.


REPORT OF THE EDUCATION COMMITTEE TO THE 31ST ANNUAL GENERAL MEETING

The Mission of the Education Committee:

1. To educate, inform and advise all members about BICCU and what it offers.2. To promote the products and opportunities for members to achieve financial freedom.3. To seek innovative ways to increase and maintain the BICCU’s members.4. To support BICCU, its Board of Directors and Committees

The four-member Education Committee (the “Committee”) is comprised of Sonia Gilbert (Secretary), Claudette Farrington, Lolita Forde, and Gladys Veronica Basden (Chairman).

KIDDS CLUB EVENTSThe Kidds Club membership has increased and is up to about 400 members. The Credit Union hosts two (2) events annually for the members of the Kidds Club: Back to School Giveaway (August) & Christmas party (December). The Education Committee coordinates the Back-To-School giveaway of age appropriate school bags and books for the Kidds. The annual Christmas party is always very successful for both parents and kids. This event gives the children the opportunity to mix and mingle with the other members of the Kidds Club.

MEMBER EDUCATION & MEMBERSHIP DRIVESBICCU’s membership increased from 6,063 members at the end of March 2016 to 6,466 as at March 2017. The Committee conducted several successful membership drives. The focus of the membership drives were to increase, retain, educate and empower members.

The current economic situation added to the challenge of increasing and maintaining members. The Committee is therefore constantly seeking new and innovative ways to attract and motivate members. The roll out of BICCU’s debit card program, the opening of BICCU’s bond for members and relocation of the office is just some of the ways incorporated to retain members and attract new ones.

One of the main focuses of the Committee is to promote BICCU as the members’ primary source their financial needs. We would like the Education Committee for the upcoming year to continue to educate persons on the various products being offered by BICCU, new location, ATM, increased tellers, better rates, new services…BICCU the Credit Union Family that cares and we are an institution that encourages financial freedom and a smooth transition to retirement.


Resolution #1

RESOLUTION FOR THE PAYMENT OF DIVIDENDS

WHEREAS the audited financial statements of the Bahama Islands Co-operative Credit Union Limited (BICCU) for the year ending December 31, 2016 were presented and accepted by this Annual General Meeting;

BE IT RESOLVED that this Annual General Meeting approved the payment of an Eight percent (8 %) dividend to shareholders on their Qualifying Shares held for the year 2016;

BE IT FURTHER RESOLVED that calculation and distribution of these dividends be credited to the individual member accounts not later than June 30, 2017

Resolution #2

RESOLUTION FOR THE APPOINTMENT OF AUDITORS

BE IT RESOLVED that the Board of Directors of the Bahama Islands Co-operative Credit Union Limited (BICCU) be allowed to choose an auditing firm to conduct the audit for the fiscal year 2017.

Resolution #3

QUALIFYING SHARES SPLIT

BE IT RESOLVED that effective immediately, the Qualifying Shares currently held by members will be split into Qualifying and Equity Shares, as follows:

· Qualifying shares – one (1) at Par Value $50.00

· Equity Shares – three (3) at Par Value $50.00

Resolution #4

RESOLUTION FOR REMUNERATION TO MEMBERS OF THE BOARD OF DIRECTORS

WHEREAS The Bahamas Co-operative Union Act of 2015 requires formal approval of all remuneration paid to Directors of the Bahama Islands Co-operative Credit Union Limited in accordance with –

Section 58 (1)


RESOLUTIONS


a) Is fixed in the bye-laws; andb) Is ratified annually by the members, by resolution at the annual general meeting.

BE IT RESOLVED THAT Directors of the Bahama Islands Co-operative Credit Union Limited shall receive a stipend of Five Hundred Bahamian Dollars (B$500.00) per month.

Resolution #5

REMUNERATION TO SUPERVISORY COMMITTEE MEMBERS OF THE BAHAMA ISLANDS COOPERATIVE CREDIT UNION LIMITED

WHEREAS The Bahamas Co-operative Union Act of 2015 requires formal approval of all remuneration paid to Members of the Supervisory Committee of the Bahama Islands Co-operative Credit Union Limited in accordance with –

Section 58 (1)



BE IT RESOLVED THAT the members of the Supervisory Committee of the Bahama Islands Co-operative Credit Union Limited shall be paid a stipend of Two Hundred Bahamian Dollars (B$200.00) per month.

Resolution #6

REMUNERATION TO CREDIT COMMITTEE MEMBERS OF THE BAHAMA ISLANDS COOPERATIVE CREDIT UNION LIMITED

WHEREAS The Bahamas Co-operative Union Act of 2015 requires formal approval of all remuneration paid to Members of the Credit Committee of the Bahama Islands Co-operative Credit Union Limited in accordance with –

Section 58 (1)



BE IT RESOLVED THAT the members of the Credit Committee of the Bahama Islands Co-operative Credit Union Limited shall be paid a stipend of One Hundred & Fifty Bahamian Dollars (B$150.00) per month.


Resolution #7

REMUNERATION TO EDUCATION COMMITTEE MEMBERS OF THE BAHAMA ISLANDS COOPERATIVE CREDIT UNION LIMITED

WHEREAS The Bahamas Co-operative Union Act of 2015 requires formal approval of all remuneration paid to Members of the Education Committee of the Bahama Islands Co-operative Credit Union Limited in accordance with –

Section 58 (1)



BE IT RESOLVED THAT the members of the Education Committee of the Bahama Islands Co-operative Credit Union Limited shall be paid a stipend of One Hundred Bahamian Dollars (B$100.00) per month.


NOTES


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