Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 15 congestion being experienced at that branch. Employees and members alike will enjoy similar comfortable surroundings, now associated with most of our branches. Rental options for the remaining floor space are being explored. Indications are that prospects are highly favourable. CONDOLENCES In closing, we extend sincerest condolences to all members of the Credit Union family who lost loved ones during the year under review. May light perpetual shine on them. LOOKING AHEAD 2019 As the Credit Union approaches its 50th Anniversary in 2020, we are humbled by the fact that from our modest beginnings in 1970, we have, by dint of hard work and committed patronage from you our members, been able to realize many significant achievements. From our first location at the NUPW Headquarters at Dalkeith, St Michael, the Credit Union now boasts five physical locations, a Mobile Business Centre and twenty–one ATMs islandwide. We are also pleased to report that during the current fiscal period, plans for the long awaited history of the Credit Union will be finalized to commemorate and conclude in time for our golden jubilee. We thank God, with whom all things are possible, for his steadfast guiding hand in every goal which has been realized, thus making this Credit Union an organization that has and will continue to be the source of encouragement and support for so many persons in this fair land of ours. We remain eternally grateful to our founding fathers and our stalwarts for their persistence and commitment in the face of adversity in the early days. TheCredit Union, its subsidiaries andaffiliated companies are at a significant cross-road. Our response to prevailing developments such as the new regulatory world order, competing forces on the financial services landscape, as well as the emerging technologies, will serve to redefine the credit union world as we now know it. We must therefore respond by: • Fortifying our service quality framework. • Enhancing membership engagement across generational boundaries, thereby ensuring that our products and services are beneficial and relevant to our members’ needs. • Diversifying our service channels through the leveraging of technology, such that doing business with the Credit Union anywhere, anytime, becomes second nature. • Development of additional revenue streams with advisory services, brand copyrights; offering credit card; foreign exchange, switch network provisioning, wealth and management. We intend to continue to be a financial institution of relevance which not only satisfies the needs of ourmembers and customers financially, but to be recognized as a leader supporting and benefiting our communities through philanthropy. We take our role as guardians of the livelihoodandfinances of our members and customers quite seriously. Ongoing engagement with our key stakeholders, including the departmental representatives who continue to serve us well, must become a staple so as to preserve current accomplishments. We also appreciate that as this financial grouping expands in size and complexity, appropriate changes in regulation and oversight will occur and we therefore look forward to continually deepening our relationships with our regulators. The Board places on record deepest gratitude for the immense contribution of retiring directors Bro. Raphael Holder, Bro. Anthony Christie and Bro. Matthew Thornhill who generously shared their experiences and expertise, thereby supporting the progress of the Credit Union. ACKNOWLEDGEMENT This year’s successes could not have been achieved without the commitment, dedication and steadfast support of fellow directors, members of the elected committees, our dedicated staff, sub-committees and of course, our members without whose continued and loyal patronage the Credit Union’s stellar progress over the years could not be sustained. To each and every one we express our profound and sincerest gratitude. BOARD OF DIRECTORS REPORT