GPSCCU Annual Report 2013
Review of Board Minutes
During the year the committee carried out checks in this area in accordance with sec 66(d) of corporate society’s act and section
45 by laws. The requirements were to determine whether decisions taken by the Board were in keeping with the Laws governing
the Credit Union and also to ensure that these decisions were acted upon. The Committee was satisfied that the criteria were
observed by the board.
Review of the accounts of Staff, Board and Committee members
The responsibility of the committee under this heading is to verify or confirm whether the persons charged with responsibility
for manning the affairs of the credit union are themselves subject to the rules- the By-Laws and the Corporate Society Act and
members are honoring their commitments. The Supervisory and Compliance Committee was satisfied that this was being done.
Review of complaints from members
This objective was to ensure that all members are treated with fairness, equity and in accordance with the By-Laws and Corporate
Society Act. The Committee received one complaint in this regard.
Member confirmations
The supervisory and compliance committee conducted checks on membership of the credit union, to satisfy the requirement
of Section 66 (c) of the corporate societies act. This requires that once per year a check be done to confirm balances on the CU
accounting System with that of either the passbooks or the statement of account. Historically, the method of choice was to
use letters of confirmation, however siting weaknesses in the process an agreement between the Supervisory and compliance
committee and Management was reached to amend the process and rather than send out letters, members will be engaged
when they come in to do their transactions to participate in the confirmation process. The review is ongoing.
Training of Committee members
The Supervisory and Compliance Committee recognizes the thrust of the Board to facilitate training of Committee members,
and membership on a whole through various workshops and seminars. Two members of the Committee, Mrs. Merina Jessamy
and Merryl Phillip Sylvester participated in two seminars organized by the Credit Union League and facilitated by the Financial
Intelligence Unit (FIU) on Anti-money laundering issues. All members are encouraged to take advantage of these opportunities
when they are available.
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In conclusion, we thank the Board of Directors for organising a strategic review meeting and affording us the opportunity, as a
committee, to contribute to the long term planning of the credit union. Thanks also goes out to the Management, members of
staff and the Internal Auditor for their cooperation, to you the general membership for the opportunity to serve and last but not
least to the members of my committee for their support and patience during the past year.
Alan Francis
Chairman, Supervisory And Compliance Committee