24 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED It is to this end, that we anticipate as we transform digitally, members would be able to have easier, faster, more reliable access to the credit union and its products and services, while at the same time remaining assured that their data is protected and secured at all points of interaction. Our focus will continue to be on the execution of initiatives associated with enhancing our member-centricity, progressing our digital footprint through the transformation project, sustaining and enhancing our regulatory compliance, and forging new collaborative partnerships that benefit you by bringing added value while positively impacting our communities. We also remain very committed to enhancing our level of responsiveness and engagement as we seek to return our quality of service and customer experience level to the traditionally high levels you have come to expect and deserve. The growth and expansion of the Credit Union and the maturity of the market has caused the Board and management to commence looking at the diversification of revenue streams as this is critical for the long-term success of the Credit Union and Group. The initiatives being explored including new technologies, products and services and the forging and leveraging of strategic partnerships will create an environment that allows us to achieve this objective. Supporting this will be the assurance of the efficient use of capital and reserves across the Group, a major undertaking and the framework for which will be developed in conjunction with subject matter expertise from KPMG. The specific deliverable for this service will be the creation of an integrated Group capital management framework and plan, along with supporting operational processes that will ensure: • A capital structure that is relevant and competitive for the Group ensuring the maintenance of appropriate capital levels across all entities. • Internal rules that clearly specify the arrangements concerning capital management and allocations. • Detailed processes and procedures, with the required roles and responsibilities defined, to support a capital management framework. • A check-and-balance system of controls that can be followed in accordance with capital management rules. • Recovery plans in the event of capital management issues. These initiatives will be discussed at the appropriate stage as we chart and build out the future expansion for the Group. Heading into the new financial period we remain cognisant of the timeliness and applicability of the adage that the only constant is change. Operating in an environment where there are still many challenges and uncertainties ahead, we remain true to our cooperative principles and focused on the goal of providing you with the necessary financial support in the manner you need it most. We also remain focused on maintaining strong and consistent financial performance, enhancing our infrastructure and delivery channels and Board of Directors’ Report (Continued) managing risk effectively while proactively adapting and evolving in response to our changing circumstances. Our Credit Union is of significant importance, not only to our members locally and internationally, but also to the local and regional financial services sectors as evidenced by our classification as a systemically important financial institution (SIFI). We fully understand the expectations and responsibility that comes with that badge of honor, and despite what the future may bring we will stay true to our core values and our guiding credit union philosophies to ensure that the Barbados Public Workers’ Co-operative Credit Union Ltd. continues to make a positive social and economic impact so that you can proudly state 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. The Board of Directors also wishes to place on record appreciation for the immense contribution, devotion and commitment of retiring directors Sis. Lydia Lewis, Sis. Jameela Hollingsworth and Bro. Courtney Gibson and to also place on record our appreciation to interim Directors Sis. Nicola Callender and Bro. Cameron Haynes, who joined the board during the reporting period as a result of the impact of the amended Bylaw 38 on the terms of former Directors Bro. Terrol Inniss and Bro. Glendon Belle who both served in excess of the recently introduced twelve (12) year maximum term limit for elected officers. The selfless service provided by both the interim and retiring Directors is sincerely appreciated. Condolences We take this opportunity to extend special condolences to the families of our long-standing and esteemed stalwarts who passed on and to extend our deepest sympathy to all our members, staff and the wider credit union family who lost loved ones during the reporting period.
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