Separate Annual Report 2021

21 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 our engagement of PwC to conduct an assessment to provide guidance on enhancement of our governance framework. Work on this project was anticipated to be completed during the reporting period but regretfully it has been delayed due to a combination of factors. We are however pleased to advise all onboarding requirements to move this initiative forward have been concluded and we anticipate this process being well underway or concluded at our next reporting. The Board in fulfillment of its role as the third line of defence, continued its work of policy oversight and review to allow for the effective governance of the Credit Union. The following policies were developed and/or approved during the reporting period. a) Annual Academic & Scholarships Policy b) Business Continuity Policy c) Capital Asset Management Policy d) Charge Off, Cessation of Interest Policy e) Credit Risk Management Policy f) Group Enterprise Risk Management Policy g) Group Operational Risk Management Policy h) Group Records & Retention Policy i) Investment Policy j) Liquidity Management Policy k) Related Parties Policy l) Remote Work Policy Corporate Redesign Work on completion of the corporate redesign was again disappointingly delayed during the past year. We have however regained momentum and are confident that our new structures, the platform off of which we will launch future improvements to you, will be significantly advanced when next we meet. We acknowledge the changes associated with this exercise will result in some levels of unease for staff and members alike, however, we know that these changes are particularly important as we seek to reconfigure ourselves to face an uncertain future that demands lean and nimble structures. By making these changes today we can refocus on the effective delivery of service to you. We take this opportunity to again reiterate our stated commitment from last year which is, that the intent and underlying purpose of this exercise is not to dislocate any of our valued employees but rather to ensure our various structures are properly built out to support our continued growth, and to provide efficient and effective delivery of services to you our members, now and in the future. Looking Ahead 2021 As we move into the 2021-22 financial period there is good reason to be optimistic about what the future holds, as all indications are that the global economy remains on track for recovery which augurs well for Barbados. There however is also good reason for continued caution and concern as uncertainty about where the new norm will land continues to dominate social discussions and economic forums. We believe that the while the outlook is cautiously optimistic, there is no doubt that the prospects of a fully recovered economy and the related benefits it brings, such as increased disposable incomes, greater appetite for credit and decreased levels of delinquency and non-performing loans still remain a distant hope at this time. Uncertainty continues to be a recurring theme since the onset of the pandemic that continues to maintain a firm grip of on all nations of the world, but we find comfort in the fact that it is under such circumstances that the power and uniqueness of the Credit Union movement comes to the fore. Born out of similar circumstances and sentiments, credit unions are uniquely positioned more so than any other financial institution to help its members rise above recessionary times and uncertainty. It is a model that works. We are well positioned to help you, our members, as you seek to regain your footing, rebuild your lives and regain the financial stability you deserve, and we are working to do so in a manner that is most convenient to you. We will continue to focus on introducing and improving our digital banking capabilities through our mobile and internet banking solutions. Efforts are currently underway to transition to an improved bill payment system which will facilitate straight through processing for all major billers. We will also be introducing an online loan application and tracking solution to provide you with the ability to apply online and track your application through the various stages of the process. Be assured that as has always been the case in the past, we will continue to work through these difficult times with you. We will continue to be there for you, our members and our communities, and we thank you for continuing to be there for us – this is where you belong! Acknowledgement The Board of Directors wishes to extend gratitude to members of the elected committees, our committed staff, sub-committees and of course, you, our members for the commitment, perseverance and resolute support of the achievement of the Credit Union during the year under review. We could not have achieved these milestones without your unswerving support. In addition, the Board of Directors also wishes to place on record appreciation for the immense contribution, devotion and commitment of retiring directors Bro. Cedric Murrell, Bro. Glendon Belle and Bro. Troy White. Condolences We take this opportunity to extend special condolences to the families of our long-standing and esteemed stalwarts who passed on this year. Specific mention is made to our long serving Chairman of Elections, – Bro. Errol Gay. Our brother contributed in great part to the organization we are today and paved the way for us to be able to continue to be a beacon in the movement. We also remember as well all of those members of the wider Credit Union family, who lost loved ones during the past year. Their stories will always be embedded in our history.