Separate Annual Report 2021

20 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 Lower Broad Street Upgrade One of the major casualties of the changed environment was the construction work being carried out on our Lower Broad Street property as the shut-down of the construction sector, and the ensuing extensive protocols when it was partially reopened brought the project to a halt. We are yet to restart that project as we have decided to await the outcome of the Mile & A Quarter review to incorporate any recommendations that may arise. We remain focused on restarting and completing this project guided by sound principles and a robust framework following review and incorporation of those recommendations. New Debit Card The repurposing and exit of CarIFS from the local financial services landscape which was reported last year when we met, is closer to realization. To ensure we are ready and our members have continued access to card services, we have implemented the necessary infrastructure by way of a redesigned card and e-services department and re-engineered internal systems and processes. We have also registered as a MasterCard affiliate member and implemented the necessary technologies to take us forward into our new debit card experience using CAPITA as a central link in the process. You will continue to hear more about this new product and what is required of you through ongoing communications in both our traditional and social media channels. Strategic Plan Review In response to the COVID-19 environment and the related changes it has brought upon us, we took the opportunity to revisit and review our strategic plan in order to determine what is required to realise our vision of providing an unrivaled member experience and becoming a group of companies consistently improving the livelihood of people and their communities. The revised plan incorporates strategies to prioritise four specific areas - development of our people, culture and communications; brilliant execution in our operations; enhanced member and customer focus; working towards a sustainable and relevant future. It is our belief that continued focus on these areas will result in our long- term viability and sustainability resulting in a responsive and dynamic credit union that returns value to our members. 1 Strategy Summary This means that we continue to grow by providing our members and customers with products, services and experiences that they value, delivered through the appropriate channel and entity. CUSTOMER FOCUS SUSTAINABLE FUTURE BRILLIANT EXECUTION This means that we leverage our strengths and scale, build on our brand value and explore opportunities for profitable growth to ensure our business sustainability and future readiness. WINNING ORGANISATION This means that we continuously improve our business processes, policies and practices in line with the changing needs of the market and our financial commitments. Be positioned as the leading indigenous financial services provider in the region making a material difference to the social, environmental and economic wellbeing of our members, customers and the communities in which we serve, underpinned by our sustainable profitable growth. This means that our culture enables our strategy, our organisation and capabilities are aligned to the strategy so we are future ready , our high performing teams are collaborative, accountable and customer focused, communication is engaging and effective, we lead by example and live our values as one team. 1 Technology Enhancements The year 2020 saw us being able to pivot and introduce technological changes that allowed employees who were not required to be physically in office to work remotely. This responsiveness to your needs required a careful balance against the dangers of enhanced online cyber threats and fraud methodologies. To ensure our members and staff were protected as they went about their business we reinforced security through various system upgrades, internal user training and use of pro-active penetration testing and ethical hacking tests to determine our degree of exposure. This coupled with greater integration of risk and compliance services into our day to day business assessments bolstered our ability to mitigate the majority of risks we came across while putting controls in place to deal with the residual risks. Deposit Insurance Deposit insurance continues to be a matter we follow with the Barbados Co- operative and Credit Union League Ltd. on behalf of you, our members. There was cause for excitement as some early progress was made during the first part of the year when an external consultant was engaged to focus on this initiative. Despite the best of intentions, this was however quickly derailed, as with the closing of borders and the inability of the consultant to be on the island, accessibility became an issue, and the appropriate level of engagement with key stakeholders to move the project forward could not be sustained. We will continue to monitor this initiative and report to you as progress is made. Allied Co-operators Inc. The newest member of the Group officially came of age during the reporting period. Allied Co-operators Inc., (ACI) a fully owned subsidiary of the Credit Union was reincorporated and operationalized with its own board of directors and staff. Created as a service bureau to fulfill the needs of the smaller credit unions in the movement who would rather engage contract work than take on the expense of full-time staff, ACI is well positioned to continue to add value and provide leadership to the sector in the same manner the other entities in the group have become known for. We expect to be able to advise of progress at our next AGM. Corporate Governance Last year we acknowledged the weighty responsibility we shouldered as the largest Credit Union in Barbados and the Eastern Caribbean, and advised of Board of Directors’ Report (Continued)