ha ha ha I just knew that it would only be a matter of time before a credit union or the industry itself will come front and center, in a not so positive light.

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COB board in hot seat

The City of Bridgetown Credit Union. (FP)

Published on: 3/6/2009.

by ADONIJAH

MORE THAN 50 MEMBERS have signed a letter asking questions of The City of Bridgetown Co-operative Credit Union (COB) board of directors.

And if the questions are not answered to their satisfaction, they say they will call on the board to resign.

The letter, delivered on February 25, expressed concern about:

* spending by the board and the chief executive officer (CEO) on the recently concluded 25th anniversary celebrations, to the tune of $443 000, when the initial budget was $150 000;

* payment of directors’ fees over $50 000 to members of COB Financial Services Inc. (COBFSI), in violation of the general body’s instructions at the last general meeting not to pay such fees to any member of that entity until it became profitable;

* the planned trip to Spain by the CEO and members of the board to attend the meeting of the World Council of Credit Unions, which is seen by concerned members as not bringing any tangible benefits; and

* the perceived manner in which certain senior positions in the organisation are filled.

One COB member who signed the letter, and requested anonymity in this article, charged that founder of the credit union Peter Earle had been “delayed” for several months in his quest to review the relevant minutes in relation to the recruitment and selection of the current marketing manager. Earle received this permission yesterday morning.

The member also queried the purchase of a new vehicle for the marketing manager when COB already owned two which were not yet three years old and were sitting in a City car park.

He further charged that in respect of COBFSI, those who signed the letter were calling on directors to pay back “every cent” of the directors’ fees and to resign, along with the CEO and the COB board.

The members are also demanding an itemised list of the expenses, inclusive of invoices from suppliers, relating to the 25th anniversary.

“I received a copy of a letter signed by several names, requesting explanation of some matters and asking for a specially convened general meeting,” COB president Lynette Holder said yesterday.

“Unfortunately, the letter did not meet the requirements per the Credit Union Act.

“On careful analysis, some persons did not meet the share requirements to be members. We’ve done our investigation and have written back to the persons who signed the letter.

“I signed off the letter this morning and asked for it to be hand-delivered. The board is satisfied it can give a response to the issues, although I think the persons were somewhat misguided.”

Holder said: “The board has nothing to hide.”

She added: “The letter [we received] did not directly ask for anyone to resign. It asked for resignations if the board cannot give satisfactory responses and they have a right to say that.

“In the interest of good governance and as a matter of courtesy, I have issued an invitation to the members who signed to sit with us and I gave a date this month to do so.”

Holder termed the whole matter “unfortunate”, saying last year COB had its highest surplus ever and was celebrating 25 years this year.

COB has some 46 000 members, and assets of $289 million.

Is this the “Ms. Holder” of Pudding & Souse fame today? That David Thompson stunned Mia with in the Constituency Council debate? Said “Ms. Holder?”

Amazing! Has Mia disclosed what she knows about COB? And Carol Roberts? And Carol’s new car? And, of course, her interest in Ms. Holder’s success?