CREDUT UNION REPORT 2013.pdf April 2013 | Page 21

GPSCCU Annual Report 2013 Further details on the financial performance is provided in the Treasurer’s Report 2.2 Corporate Governance It is a generally accepted fact that a primary factor that influences a member/customer to do business with an institution is that of TRUST. They trust that, through the relationships that exist among the decision makers and the mechanisms in place to ensure accountability, the organization will be managed for the greater good of all. Trust in organizations is built and reinforced through good corporate governance. Our Credit Union operates within a sound governance structure wherein there is on-going monitoring and supervision of our operations by the national regulatory authority, GARFIN, in addition to self regulation through our internal structures as approved by our Byelaws in keeping with the Co-Operative Societies’ Act and Regulations. We, as Board of Directors, take the responsibility of earning and maintaining member’s trust as sacrosanct. We emphasize the on-going strengthening of our governance practices as key to ensuring that Credit Union continues to be relevant to you, its members, by providing the services that it was established to deliver. During the year under the review efforts continued to strengthen governance practices through;: • • • • training to increases awareness of role and responsibilities among the leaders building cohesiveness of the Team through sound communications practices supervision and continuous monitoring through the work of the internal Auditor and the Audit Committee facilitating the work of the Supervisory and Compliance Committee and the GARFIN inspection Team 2.2.1 Training Training in Corporate Governance practices were provided to four members of the Board through the Directors Education and Accreditation program of the Eastern Caribbean Securities Exchange and to the General Manager and the President under a regional Caribbean Microfinance Capacity Building project. It is intended that all members of the Board would be exposed to this program. Training was also provided to members of the Board of Directors, Credit, Supervisory and Compliance Committees and Management through the OECS Summit held in St. Kitts in August and the Caribbean Confederation of Credit Unions’ convention. 20 2.2.2 Strategic Meetings and Discussions Efforts aimed at strengthening the bond among the governing bodies continued. The momentum that was set in 2012 was sustained during 2013 with meetings between the Board and the Supervisory and compliance Committee and with joint meetings of all the committees. The year culminated with a Strategic Review and Planning session involving all the committees and management to review the performance of the Credit Union and to chart the way forward in the coming years. This exercise was faci litated by an external consultant, which was instrumental in encouraging the participants to openly share their ideas in preparation of the strategic plan 2014 to 2018. 2.2.3 Internal and external inspections During the month of October the Grenada Authority for the Regulation of Financial Institutions (GARFIN) conducted their annual assessment of the Credit Union’s operations. They also had onsite meetings with the Supervisory and Compliance Committee, Credit Committee and Management. The Internal Auditor facilitated the work of the Audit Committee through supporting management in the completion of policies and procedures and implementing the internal audit plan.