26 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED interviews, analysis and the recommendations coming out of the project. Similarly, the resulting output and recommendations were also presented aligned to those themes and were assigned three levels of priority i.e. high, medium and low as reflected below. The next stage of the process will be the review and implementation of the accepted recommendations in conjunction with the Supervisory and Credit Committees and management in order that we may build out a best practice framework for the betterment of the Group. We anticipate being able to report on significant implementation progress at the 2024 AGM. We thank PwC for working with us and the quality of work they have produced in the final report and also thank the many persons who would have participated in the process. Appointment of A Board Advisor The Financial Services Commission appointed an independent advisor to the board, with the specific mandate as outlined below, following discussions between the Board and the Commission: Notwithstanding that BPW’s Board is taking or initiating various steps and actions to improve its handling of risks to the credit union, the Commission has concluded that the appointment of an adviser is necessary to ensure that BPW has the requisite expertise in place to guide it in remedying the issues identified from the 2022 examination of BPWCCUL. The Board, in acknowledgement of the Commission’s authority to select an advisor in accordance with its own guidelines and requirements, has fully co-operated with and embraced the advisory role. The advisor, who reports to the regulator on a monthly basis, participates as a non-voting member at the board meetings and has been a significant contributor at all meetings attended during the reporting period. As at the time of reporting, there has been acknowledgement of progress as it relates to the board’s efforts to improve governance and focus on strategic matters. The advisor’s appointment is scheduled to conclude as at the end of June 2023. The Board remains committed to the pursuit of ongoing improvements across all areas of governance and continues to work with key internal and external stakeholders and subject matter experts such as the assurance services, the regulatory appointed advisor and PwC in this regard. Issuance of Credit Cards to Directors In line with the mandate received from the membership at the 2022 Annual General Meeting, the issuance to, and use of credit cards by directors has been discontinued. All sitting elected officers complied with the members’ request immediately after the closure of the meeting and relinquished the cards previously issued to them. The physical cards were destroyed, accounts closed and no new cards have been issued to any director or elected officer since the meeting date. Corporate Redesign The Board of Directors and management placed enhanced focus on the execution of the corporate redesign project during the reporting period to position the group for future growth and enhanced efficiency and performance. As the project milestones were attained, significant progress was achieved in the following areas: • Increased focus on strengthening of the assurance functions (Risk, Compliance, and Internal Audit) and Legal Department to execute enhanced monitoring, and ensure that the Group continues to fulfil its legal and regulatory requirements. • The addition of senior posts within the retail team to enhance internal controls and provide risk mitigation in line with audit findings. • Addition of the posts of Operations Manager and Financial Accountant at CAPITA Financial Services Inc. (CAPITA) and the post of Financial Accountant at CAPITA Insurance Brokers Inc. (CIB) to strengthen the operational capacity and framework including the improvement in financial reporting capacity and ability to meet all regulatory requirements. • Addition of the posts of Business Development Officer at CAPITA and CIB to generate new business, strengthen and expand customer relationships and increase growth and profitability. • Modification of loan processing systems to bring about an improvement in loan turnaround times and quality of service through the creation of a centralised loans processing unit. • Creation of Relationship Officers in the branch teams to concentrate on building positive relationships with our members through more personalised service. • Addition of in-branch customer service teams to enhance service delivery to members. • Revision of the Loans Recoveries function to incorporate Board of Directors’ Report (Continued)
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