Separate Annual Report 2021

18 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 Board of Directors’ Report (Continued) relevance of CAPITA in transformation of the movement locally and for some of our regional colleagues. Regulatory Discussions As has become standard practice given our growth in size and complexity, we continue to proactively engage with the regulator at the level of both the board and management. Discussions have focused on matters of governance and best practices and we have been made aware of impending changes to legislation that will result in a more risk-based approach to supervision of the movement. This will have implications for the way business is done across our group of companies as we can expect stricter performance monitoring, enhanced financial requirements, increased prudential reporting and greater application of risk analysis as our Credit Union is assessed. Recognising the impact of our actions and activities on the entire movement we will continue to play our part as required. Member & Community Engagement – Corporate Social Responsibility Scholarships & Grants The funds allocated to the Educational Scholarships & Grants Fund are used to assist members by way of gratuitous payments in accordance with the approved board policy. Applications from members are reviewed by a Scholarships and Grants Committee appointed by the Board of Directors who determine awards to applicants across a broad range of areas including traditional academic awards Barbados Secondary Schools’ Entrance Examinations (11+), Caribbean Secondary Education Certificate Examinations (CSEC), Caribbean Advanced Proficiency Examinations (CAPE), specific scholarships at some of our secondary and tertiary learning institutions and general educational grants to some finding it difficult to finance their learning dreams. We encourage you to access these opportunities, details of which can be found on our website at www.publicworkers.bb . The Educational Scholarships & Grants Committee met four times during the reporting period and approved $227.4 thousand for disbursement under the above mentioned categories. Social Outreach The funds allocated to the Social Outreach Assistance Fund are used to assist members by way of gratuitous payments, in accordance with the approved board policy. Assistance is considered under a variety of hardship categories and applications from members, are reviewed by a Social Outreach Assistance Committee appointed by the Board of Directors. The Social Outreach Assistance Committee met thirteen times during the period and approved a total of $201.8 thousand in much needed assistance those in need. The Committee also invested in twenty tablets and devices to meet the needs of members experiencing challenges accessing devices for use in their children’s or wards online school requirements. To date, six have been distributed. The Committee continues to receive the occasional request from members for help with finding employment. Legacy Foundation Legacy Foundation, the philanthropic arm of the BPWCCUL Group has been on a mission to improve the lives of individuals across Barbados since its founding in 2013. In more recent years, and in keeping with the Credit Union principles, Legacy has worked to meet the needs of the most vulnerable through the Foundation’s Wellness, Empowerment & Learning pillars and the various initiatives and projects funded. During the course of the 2020-21 period, Legacy Foundation revisited and temporarily adjusted its funding strategy in acknowledgement of the impact of the pandemic on our communities. Focus was placed on providing assistance where it was most needed without entering into the credit union’s space and contributions were made as shown below. BPWCCUL President, Bro. Glendon Belle (right) and Ms. Tyra Holder, Business Development Officer of Career Development Institute (CDI) sign a Memorandum of Understanding to provide preferred rates on training to BPWCCUL members.