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Barbados Public Workers’ Co-Operative Credit Union Limited In Expansionist Mode

Recent discussion on BU suggested some fireworks would have occurred at the  Barbados Public Workers’ Co-Operative Credit Union Limited  (BPWCCUL) Annual General Meeting (AGM). Here are a few notes on what transpired at the 18 June 2011 AGM: Thirty five credit unions voted this week to move ahead to establish a Cooperative Bank. Capita, a…

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Recent discussion on BU suggested some fireworks would have occurred at the  Barbados Public Workers’ Co-Operative Credit Union Limited  (BPWCCUL) Annual General Meeting (AGM).

Here are a few notes on what transpired at the 18 June 2011 AGM:

  1. Thirty five credit unions voted this week to move ahead to establish a Cooperative Bank. Capita, a 100% owned  BPWCCUL company, is expected to form the ‘backbone’ of the project. Additionally it was revealed that the BPWCCUL will lead an initiative to build out a shared network to serve the smaller credit unions.
  2. The usual suspects were elected to serve on the Board and other committees, Cedric Murrell, Glendon Belle, Randy Graham, Suzette Clarke and Paula Byer.
  3. Net Surplus in the amount of $2, 219, 378.00 was voted with $1.1 million of the amount to be rebated to members at a rate of 2% .
  4. Members voted to increase the loan limit to BDS90 million.
  5. The biggest bone of contention at the meeting occurred when members questioned the format of the financials. The financials reflect a consolidation position i.e. BPWCCUL and Capita. A motion was carried to breakout the credit union financials for future meetings to allow members to better scrutinize the credit union’s performance.

The meeting was otherwise uneventful with a minority voicing concern from the floor and in corridor whispers about the direction the credit union seems to be headed given its obvious expansionist strategy. Those fears would have been heightened by Treasurer Paul Maxwell during his presentation of the Treasurer’s Report.

121 responses to “Barbados Public Workers’ Co-Operative Credit Union Limited In Expansionist Mode”

  1. David Avatar
    David

    @Private

    It depends on how you measure progress.

    The kind of discussion which is being engaged here you will not find elsewhere.

    The other point is as Alien suggested yesterday, it will take time to persuade BPW members that the credit union belongs to them.

    The statement is oxymoronic we know.

  2. Doctor Avatar
    Doctor

    Call Two Sons

  3. Member Avatar
    Member

    Good Job Private. You have certainly responded in the vein that I appreciate – How do we begin to solve the problem. Now i suspect that at such a meeting one will get the distinct impression that the Board of Director will not be in a position to articulate the position and direction of CAPITA without the input of outsiders such as KPMG and Paul Maxwell. This will clearly show that the Board of Directors as presently constituted is out of their depth and that the credit Union have no business in the corporate world.
    I suggest that a meeting be held first, for concern persons to present their concerns freely without any obligations, and then the way forward should be charted by a selected committee. This is what cooperative is about members organizing. This will give that matter legitimacy and move members away from anonymity to organize action.
    I am for it as long as it remains decent and does not impugn the reputations of no members.

  4. Member Avatar
    Member

    Let’s have an open air meeting for members of the BPWCCUL in Queens Park on July 23rd, 2011 @ 6.00pm at Queens Park, provided there is no adverse weather. I am available at this time, but if you so desire I would not object to an earlier meeting . I would have to be briefed of the proceedings as I am not on the island.

    The purpose of the meeting is to discuss the calling of a Special General Meeting as suggested by Private

  5. Member Avatar
    Member

    Hope someone can develop that advertisement of the meeting and post it so members can print it and circulate it at their work places.

  6. David Avatar
    David

    @Member

    BU will create a flyer later which can be used to circulate. We wish you guys well!

  7. David Avatar
    David

    Here is a link to the announcement, please provide feedback to finalize.

  8. David A. Wall Avatar
    David A. Wall

    I am happy for the comments listed here. I could not attend the meeting due to our son’s Graduation which was early in the day.

  9. just only asking Avatar
    just only asking

    @Caswell

    Wlll join COB, already bought the bonds from my savings. I stopped my savings and will only continue to contribute to my pension plan. Did not get to draw off the money to pay for the bonds, but will get there before the end of this week to replenish my savings.

    I thought that a lot of questions would have been asked at the AGM, but was disappointed.

  10. just only asking Avatar
    just only asking

    I am sure that we are entitled to use the conference room of the credit uion if we cant get the park.. can someone check on that?

    David the flyer is okay but the date might prevent me from being there as i might have to leave the island either 22 or 23 rd. Hope it can be brought up a week earlier. What about NUPW members requesting the use of NUPW Headquarters. If that is okay will check about the avialbility tomorrow.

  11. Christopher Halsall Avatar
    Christopher Halsall

    @just only asking: “…but the date might prevent me from being there as i might have to leave the island either 22 or 23 rd. Hope it can be brought up a week earlier.”

    Do the rules allow a proxy vote?

  12. Caswell Franklyn Avatar
    Caswell Franklyn

    Christopher
    There is no proxy voting in a Co-operative.

  13. Christopher Halsall Avatar
    Christopher Halsall

    @Franklyn: “There is no proxy voting in a Co-operative.

    Why not?

    At any meeting, some members may not be available at that particular date and time and place.

    True Democracy would seem to wish to still hear and consider their votes.

  14. Caswell Franklyn Avatar
    Caswell Franklyn

    Christopher
    Members of co-operatives are supposed to attend and actively participate in the decision making of the organization. You can’t actively participate if you are not present.
    Co-operatives were originally organised on seven co-operative principles: the second principle states:
    2nd Principle: Democratic Member Control
    Co-operatives are democratic organisations controlled by their members, who actively participate in setting their policies and making decisions. Men and women serving as elected representatives are accountable to the membership. In primary co-operatives members have equal voting rights (one member, one vote) and co-operatives at other levels are also organised in a democratic manner.

    Attending and participating in meetings is so fundamental to co-operatives that Barbados has gone as far as legislating co-operative principles. Section 4 (1) of the Co-operative Societies Act states in part:
    For the purposes of this Act, a society conforms to co-operative principles if
    (b) no member or delegate is entitled to vote by proxy.

    A credit union could be struck of the register if it does not conform to co-operative principles.

  15. Member Avatar
    Member

    Excellent announcement

  16. smooth chocolate Avatar
    smooth chocolate

    i’m on board, i will attend any meeting

  17. David Avatar
    David

    To those members who are interested in mobilizing you are free to email or print the link for distribution.

    BU will release it on Facebook and Twitter and others can do the same.

    BU will also create a separate blog on the meeting this week and find time to create a button to place on the sidebar.

    The ball is now in the court of those concerned credit union members to do some work to ensure the message is disseminated.

  18. jujst only asking Avatar
    jujst only asking

    @Daivid

    am i missing something, you said bu will create separte bolg for the meeting this week? Where and what meeting is schelduled for this week.

  19. Christopher Halsall Avatar
    Christopher Halsall

    @Caswell: to your response to me at June 21, 2011 at 11:30 PM…

    Thank you, as always, for your precise and accurate answer.

    I have to wonder, though, the logic in forbidding proxy voting.

    I appreciate that the “co-operative movement” is based on participation, but at the end of the day some, some members may simply not be able to be at a meeting where an important vote is held.

    From my experience, almost all companies’ by-laws allow proxy voting by their shareholders. And, by definition, members of a co-operative are shareholders.

    But setting this aside, if proxy voting is not allowed, is a member allowed to vote in absentia by way of a signed document or some other instrument?

  20. smooth chocolate Avatar
    smooth chocolate

    @just only asking | June 21, 2011 at 10:13 PM | U SAID:
    I am sure that we are entitled to use the conference room of the credit uion if we cant get the park.. can someone check on that?

    just only asking | June 22, 2011 at 8:23 AM | U SAID:
    @Daivid
    am i missing something, you said bu will create separte bolg for the meeting this week? Where and what meeting is schelduled for this week

    AM I MISSING SOMETHING HERE?

  21. Why Barbados Public Workers in the News Again?Barbados Underground

    […] Barbados Public Workers’ Co-Operative Credit Union Limited In Expansionist Mode […]

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