Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 13 BOARD OF DIRECTORS REPORT OVERVIEW The Barbados Public Workers’ Co-operative Credit Union Limited has always been characterized by its tenacity, progressive and ambitious outlook, and its ready response to opportunities which will redound to the benefit of its members. The members of the Board of Directors, management and staff of the Barbados Public Workers’ Co-operative Credit Union Limited, are justly proud of the progress made by the Credit Union and its group of associated entities during the financial year April 01, 2017 – March 31, 2018, notwithstanding the volatile economic environment. BRANCH NETWORK & ATM EXPANSION We are pleased to report that our new satellite branch at Mile & A-Quarter registered a creditable performance in spite of the prevailing economic challenges. This branch, which commenced operations on August 23, 2017, was initially given deposit and loan targets of $6.5M each. Actual loan and deposit growth recorded at the end of the financial year were $12.5M and $4.0M respectively. The expansion of the branch in the north of the island, provides membership in the surrounding areas the opportunity to benefit from a full suite of services offered across our branch network. With this new location, pressure on the Carlton Branch is substantially reduced and the level of service to our members has been tremendously enhanced, both in terms of accessibility and shorter commute. All expectations are that this branch will continue to exceed its targets. In addition to increased physical locations our ATM network has also been expanded. In total, there are thirteen ATM locations inclusive of the Mobile Business Centre and a total of twenty- one ATMs across these locations. MOBILE BUSINESS CENTRE The Board is extremely pleased to report continued expansion of our service delivery channels, through the addition of the Mobile Business Centre. This facility has resonated quite positively with the membership. The response to the Mobile Business Centre showed a huge vote of confidence in terms of member service satisfaction, convenience and accessibility. Operational results for the financial period December 31, 2017 to March 2018 have been positive. Performance highlights are as indicated below. Savings $328,831.81 Loans Disbursed $5,091,793.61 The Mobile Business Centre is playing a critical role and has become the ears of the Credit Union out in the field, providing us with the opportunity to hear firsthand of matters which significantly impact its operation. It also aptly complements much needed marketing strategies, not to mention visibility. During its period of operation, the Mobile Business Centre visited a total of twenty-one locations, ten of which were for regular business activities and eleven for promotional events and brand awareness. These included the BTI Car Park, Speightstown, for a week on each occasion, Sheraton Centre, Grantley Adams International Airport, Barbados Water Authority, Crop Over Events - Bridgetown Market/Grand Kadooment, Road Tennis Competition, Hennessey Artistry Shows, AgroFest, BMEX, All Saints Church, Harvest Expo and Girlfriends Expo. Bold innovative moves like this foster easier accessibility and convenience, especially for those who are challenged, through the pressures of work or personal commitments, to find time to transact business through traditional branch avenues. CORPORATE GOVERNANCE Corporate governance is defined as the system designed to control and distribute power within an organization. It is a set of relationships between an organization’s management, its Board, its members and other stakeholders. It provides the structure through which the objectives of the organization are set and the means by which those targets are attained and the monitoring of performance is determined. During this fiscal the Corporate Governance Committee’s primary focus was the development of a group-centric framework as well as updating the Code of Ethics and Professional Conduct Policy. CORPORATE REDESIGN The Credit Union commenced a corporate redesign initiative, as part of its strategic intent to reposition the Barbados Public Workers’ Co-operative Credit Union Limited, its subsidiaries and affiliated companies to be market leaders in the financial services industry within the region. In addition, we expect to be more dynamic and flexible, whilst affording opportunities for staff which will enable them to be creative and innovative. To date, preliminary reports are being reviewed and it is anticipated that any changes that may be considered will not disadvantage or dilute the quality of service of our commitment to our loyal and dedicated employees, members or customers. CORPORATE SOCIAL RESPONSIBILITY / COMMUNITY INVOLVEMENT Our Credit Union is committed to and prides itself on being an exemplary and responsible corporate citizen. We continue to provide support through donations and sponsorship to various groups for several worthwhile events, including, but not limited to, health, sports, education and culture. In the meanwhile, assistance to our members through our Social Outreach and Education Grant facilities continues to be a staple initiative. President Bro. Raphael Holder