36 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Board of Directors’ Report (Continued) Page Section Supervisory Committee Report Extract Response 11 3 5 2 Credentials Committee Officer Verification • Checklists of all required documentation should be included within the nominations package Real and apparent conflicts of interest as defined within the Employee and Elected Official Codes of Conduct, which would disqualify individuals from being eligible to serve on the BOD, SC or CC, should be presented within the listed requirements In place 12 3 6 1 Completion of the Organisational Redesign In progress - update provided in Board of Directors Report 12 3 6 2 Implementation of a Loans Processing Centre • The SC however implores the Board and Management to expedite their plans to recruit sufficient staff to facilitate faster loan turnaround times Staff recruited but currently in learning curve 13 3 7 Lower Broad Street Property • The SC again recommends that the BOD complete all necessary reviews/activities to facilitate swift completion of renovations to the complex so that there is optimal usage of this multi-million-dollar asset In progress – update provided in Board of Directors Report Organisation Strategy Refresh As part of our commitment to continuous improvement and ensuring that the Credit Union adapts to the evolving needs of our members and the dynamic landscape of the financial services industry, we have embarked on a comprehensive review and refresh of our current strategic plan which had an ending horizon of 2023. This review and refresh initiative is designed to guide our organisation through the next five years, has a primary goal of evaluating the relevance of the previous strategies and developing a forward-looking plan that is robust, comprehensive, and adaptable. To ensure a thorough and insightful approach to our strategic planning process, we have partnered with the Sagicor Cave Hill School of Business & Management at the University of the West Indies (UWI). This collaboration brings together the deep local and regional expertise of UWI with the practical and strategic experience of BPWCCUL’s elected officers, leadership and staff. The refreshed strategic plan will provide a roadmap that not only addresses immediate operational needs, but also sets a long-term vision for growth and member service enhancement. It is a critical step towards ensuring the Credit Union remains a resilient, member-focused, and innovative organization, and we are confident that with the insights and expertise of Sagicor Cave Hill School of Business – UWI, along with the dedicated efforts of our team, this strategic plan will enhance our performance. Looking Ahead 2024-2025 At the national level, the Barbados economy has shown remarkable resilience, with robust macroeconomic growth underpinned by a projected real GDP growth, supported by public and private sector investments, of around 4 percent in 2024. The anticipated recovery of the tourism sector to pre-pandemic levels by the end of 2024 is expected to create positive spill-over effects in various industries, presenting opportunities for us to support our members and contribute to corporate and overall national economic growth. As fiscal discipline and strategic reforms continue to be mentioned as the ongoing drivers of the government’s financial stability, we remain confident in the soundness of the overall financial system based on historical experiences to date. The Board of Directors is optimistic about what the coming period holds for the Barbados Public Workers’ Co-operative Credit Union Ltd. as we prepare to navigate the promising economic landscape outlined by the Central Bank of Barbados, while simultaneously implementing the previously mentioned strategic initiatives to enhance our performance and better serve you our members. This refreshed 5-year strategic plan aims to position us for success in the evolving economic landscape. By focusing on improved financial performance, enhanced member satisfaction, stronger governance, and increased community impact, we will navigate the opportunities and challenges presented to us in the years to come.
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