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

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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.

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

  1. Progressive Avatar
    Progressive

    All this is very disturbing,members looking to withdraw their funds and membership.It appears that the directors now see themselves as gods and the members simply followers.I must confess that I too feel the urge to with draw membership.Too many things appear not to be in sinc with the very concept of a credit union.Lots more details on this proposed company Capita needed.Return to the total membership for approval since it is our money being played with.

  2. David Avatar
    David

    @Brutus

    To your earlier point note that the deposit position in 2010 was Deposits 556 million : Loans 545 million, in 2011 the number is reported as deposits 673 : Loans 712 million.

    Were any questions asked of the Board/CEO on this negative trend?

  3. Therefore Avatar
    Therefore

    In the absence of individual growth, the CU can seek to have current members increase their savings through effective marketing strategies that will give returns on double and long term savings. This can sustain for a season. For Long-term sustainability the CU will then have to target 16 to 25 age group (school leavers, university graduates) whose revenue is mostly based on parents income.

  4. Therefore Avatar
    Therefore

    However, this will never be able to sustain because to borrow is a greater risk to the CU. And, we can never predict the measure of a recession.

  5. Alien Avatar
    Alien

    David | June 19, 2011 at 9:52 AM |
    Remember that Capita is a private company, ultimately 100% owned by BPWCCUL. However, while I need to look at the act, I am confident that the majority of members, at a meeting, as with shareholders, can demand what information they want, subject to the law.

    If you are a member and reading this, how many members can you get to sign a request for a meeting to consider only all matters relating to Capita?

  6. David Avatar
    David

    @Alien

    You are correct CAPITA is a private company and therefore not obligated n to publish publicly, it seems the BPW Board was also reluctant to share CAPITA’s financials with the owners at yesterday’s meeting hence the consol.

  7. Brutus Avatar
    Brutus

    Capita is a private company but it is also a regulated financial institution. I know that financial information is published in the newspaper and the official gazette. I don’t know if they give you full copies of the audited financial statements but my reading of the Financial Institutions Act says they should.

  8. Brutus Avatar
    Brutus

    Does anyone remember seeing audited Capita’s financial statements in the newspaper?

  9. Brutus Avatar
    Brutus

    @Bush Tea – I just saw your last post. I have been saying “financial institution” not “bank”, but as you well know there is also such a thing as a cooperative bank.

    Credit unions are financial institutions because they take deposits and use the funds to make loans – simple. They therefore have to be regulated like financial institutions in order to protect depositors (ie. the members). This is why you have the PEARLS ratio as best practice – these ratios are not applicable to all cooperatives.

    I agree with you that there should not be a profit motive, but as a financial institution the credit union needs adequate surplus and capital to reduce the possibility of failure – again, this is captured in the PEARLS ratios.

    I also agree with you that the credit union should be member-driven and member-focused. It seems however that most members prefer to leave this responsibility to the directors and are not uncomfortable with the leadership and direction. We are hearing on this blog a few voices out of over 50,000 and only 700 or 800 go to the AGM.

  10. David Avatar
    David

    @Brutus

    Based on our checks 458 members attended the AGM in 2010 and a lesser amount (estimated) on the weekend.

    It is the passivity of Bajans and a lethargy which has crept into how we do things.

  11. Member Avatar
    Member

    So much for blogs and bloggers

    The Annual General Meeting yielded a mixed bag for the members. The elected committee where chastened for their poor reports, the supervisory report the most dismal of them all. But that bad report resulted in the Chairman of that committee being elevated to the status of a director, through none other that the vehicle of the highly questionable election process.

    The credit committee report was hard to read as the presentation of the graphs and charts told no story at all to members and therefore the chairman of that committee spent his time explaining things that should have been obvious to members had it been presented better in the report, no invasive questions of substance were therefore asked and accordingly he too was elevated to the post of director.

    Congratulations Chairperson!

    Now let’s turn our attention to the Board report. The President, never delivered the report!

    After that mouthful, it can be particularly said that all the reports, including the financial which told us nothing about the entity that concerns us, were accepted by members. Even after raising concerns with how each was presented. One would think that at least the Financials, if not all the reports, should have been rejected.

    At the meeting we learnt the Mr. Paul Maxwell was Director of the Barbados Public Workers Cooperative Credit union Ltd. (at least up to yesterday), at the same time he is on the Board of the holding company, and he is on the Board and CEO of CAPITA.

    We subsequently learnt that Ms. Clorinda Alleyne is CEO of Barbados Public Workers Cooperative Credit union Ltd. and at the same time she is on the Board of the holding company, and she is on the Board of CAPITA.

    More interestingly, Mr. Hurley is on the Board of the holding company, and he is on the Board of CAPITA.

    No questions were postulate after this disclosure by Mr. Maxwell himself.

    More and more mounting questions were further brought that dealt with issues of Governance and accountability, especially those well articulated by a nice looking young lady wearing a blue top (don’t know her name *smile*). But to my surprise two motions were moved from the floor of the meeting and carried by members, this speaks to some dim flicker of hope for the institution which has become entrenched with constant rotation of Directors in recent years.

    There was also talk about a Consumer’s Cooperative which was slapped down over the years by those who felt that it had nothing to do with our core business, Mr. St Hill and company. In those years efforts were expended by the Board in setting up Carifs. Today in a climate were members are struggling to make ends meet and to build their saving deposits and Carifs have taken its toll on members deposits. Now the treasurer at the meeting dusted off the old Consumer Cooperative and presented it as something now to engage the attention of the Board.

    The chairmanship of the meeting was lauded by a member, to much applause; I wonder what is in it for him. Seeing that he was also very engaging on the issues of governance along with other noted figures such a Bellamy, Boyce, Holder and some others whose names I do not recall.

    In summary, members are not consistent in the issues and concerns being discussed and in their willingness to adopt shoddy reports or to vote for dismally performing elected official. The meeting still allows for elections to run concurrent to other items on the agenda, and yes I saw a lady place two white votes in the ballot boxes in the presence of the guards. This is certainly not a guarantee of one vote per member.

    So much for blogs and bloggers not a person said peep about the issues raised on this blog.

  12. Brutus Avatar
    Brutus

    @Member – thanks for that report.

    The Supervisory Committee needs to be totally independent from the Board in order to be effective. Maybe members of that committee should not be permitted to serve on the board until a few years have passed, and board members should not be permitted to move straight onto the supervisory committee. I was also surprised that the committee has so few members. Should the committee include individuals who are not credit union members? Should the internal auditor report directly to that committee as well and not to the Board? Should the internal auditor have to report to members in the annual report and at the AGM. Is more internal audit staff needed?

    I am trying to think of ways that the Board can be effectively challenged, in a constructive way.

    Does the BPWCUL (or the movement) need an ombudsman? 50,000 members is a very large number so some novel approached are needed.

  13. Alien Avatar
    Alien

    I do not recall seeing, but honestly was not looking out for the statements. A request to the CEO of BPWCCUL may be sufficient.

    50,000 members, but how many with a small or net loan balance? These members are not at risk and probably cannot be bothered. $28 million of possible bad loans is significant. The appropriate committee should also report on whether any impaired loans resulted from loans to staff, directors or related parties – all for transparency. The By-laws do allow members to inspect the books of BPWCCUL.

  14. Alien Avatar
    Alien

    Member | June 19, 2011 at 11:22 AM |
    I agree with you that the issues were not raised. I too was fearful, due to a lack of knowledge of the relevant legislation – if you plan to eventually challenge the Directors, you need to maintain your credibility. It a change is going to be made, those seeking to make the change must find a cause, in the interest of the members, which they can win – the secrecy around Capita may be that opportunity. Members seeking to make a change must also be willing to make the sacrifice to serve, if they succeed. There is no value in dismantling those that currently serve, only to neglect the Union.

  15. old man river, Avatar
    old man river,

    whom are de new members of de board of directors. BPWCCUL.

  16. old man river, Avatar
    old man river,

    HAPPY FATHER DAY,,,to all de father out there,well last week i was get in de zr, goin down by de river, to chat with me old friend. from black rock, u no he tell ma that there are still nuff people in barbados that ent goin and deal with them immigration status, in barbados and some of them was livin in barbados over 30 year ah go,i feel that de immigration dept should put out ah notice tell de ppl to come in, and get the immigration status organize.by de way i glad that we zr van goin to son carry 26 seater, cause when i get de van and de rain fall i does have to get out in de rain.

  17. Alien Avatar
    Alien

    old man river, | June 19, 2011 at 12:10 PM |
    I did not note it, but I think Cedric Murrell, Glendon Belle and Anthony Griffin – some one will correct this if I am incorrect.

  18. David Avatar
    David

    @Member

    Thanks for the report but you need to turn your wrath at the 400+ who sat ignorantly at the AGM and allowed the Board to spin its yarn unchallenged.

    Interestingly among the audience were William Layne, the outspoken and retired Permanent Secretary and head of the CLICO oversight committee, perhaps he was battling conflict of interest issues,, Ralph Boyce, head of Mesa, Hally Haynes, head of the credit union league, Manager responsible for credit unions at the FSS and the list continues.

    Yes blame BU, here is what we think, some members were in the audience who wanted to say something but were scared and intimidated at the surroundings,

    BU suspects the staff at BPW and the board all read the blog and were prepared but there was no need, Bajans again showed how passive they are in situations which warrant advocacy.

  19. Alien Avatar
    Alien

    old man river, | June 19, 2011 at 12:10 PM |
    Cedric Murrell, Glendon Belle and Paula Byer

  20. Alien Avatar
    Alien

    David, we were part of the 400+ members in attendance. We came here and highlighted the apparent issues, but no one took the time to really prepare and was therefore not confident to challenge the Board. This is all part of the process – when the burning desire is really there, someone will make that move.

  21. David Avatar
    David

    Here is a link to a credit union called Navy Federal which is reputed to be the largest credit union in the world. See how the financials are presented.
    here is a link to their About Page.

  22. Member Avatar
    Member

    Good Points

  23. Member Avatar
    Member

    @ Alien & David

    Yes indeed

  24. Carson C.Cadogan Avatar
    Carson C.Cadogan

    HAPPY FATHER’S DAY

  25. Hants Avatar
    Hants

    David wrote “Bajans again showed how passive they are in situations which warrant advocacy.”

    We have created a nation of passive individuals.

    All those old mantras, “respect your elders, be quiet and listen, do as I say not as I do,
    don’t raise your voice.

    Hants did not learn those lessons very well, when my money is involved.

    Bajans are conditioned to believe that the highly educated big ups will look after their interest.Just ask the Lawyers.lol

  26. Brutus Avatar
    Brutus

    Thanks for the links David.

    The Supervisory Committee report confirms the logic in at least two of the suggestions I made above. It says that
    (1) the supervisory committee (and not the Board) engages the auditors and meets regularly with them during the year to evaluate audit results and plan future work, and
    (2) “Acting as your ombudsman, the Supervisory Committee assures that all Navy Federal members are heard by maintaining open communication with them”.

  27. smooth chocolate Avatar
    smooth chocolate

    @David | June 19, 2011 at 12:59 PM |

    yes i agree members were intimidated but that does not necessitate that they will be bullied into doing nothing. i too wanted clarity about CAPITA. inspite of what Terrol inniss and his cohorts tried to put across, at the end of the day mature people, if not satisfied some will withdraw their membership. there’s more than one way to kill a cat. also i believed too that if the annual reports were available at least a week before the meeting, the members would have been able to thoroughly peruse it and then would have been more comfortable and better prepared in asking questions at the meeting. The Credit Union had the upper because they knew that it would have been impossible to thoroughly examine the annual reports in that short space of time. this might be far-fetched but sitting there yesterday and hearing the trivial way they dealt with the acquisition of capita purchased with members, funds lead me to think that this was another Trade Confirmers or CLICO in embryonic stage.

    I really would like to know and i will write to them on this issue, will the credit union members be given dividends/interest periodically as in now done with the Public workers? or will they have to purchase shares in order to share in its surplus? Also if the co. makes a surplus who willl get the benefits

  28. David Avatar
    David

    Here is a Fact Sheet of the Navy Credit Union which BPW would do well to read.

    @smooth chocolate

    You raised a good point, some members will keep quiet and bail which is unfortunate.

  29. Bush Tea Avatar
    Bush Tea

    @ Brutus
    The Supervisory Committee report confirms the logic in at least two of the suggestions I made above
    *******************************
    LOL We will make a top credit unionist out of you yet. …rotfl

    David jumped directly to the world’s largest, but there are numerous other VERY large credit unions which OPERATE VERY SUCCESSFULLY as credit unions,,,,, (have you noted that despite their BILLIONS in assets they were NOT involved in the initially lucrative sub-prime lending debacle? …they were focused on their true mission and purpose.)

    You mentioned a co-operative bank.
    This is another very viable cooperative opportunity. In this model, either individual members, or individual cooperatives can come together to pool resources to provide needed banking SERVICES FOR MEMBERS.
    It is NOT to create a bank as a profit centered institution.
    There can also be co-op farms, industry, schools, electricity,…. ANYTHING that represents a common good or service that people need for their lives.

    With modern technology, it is now possible to have even better member involvement than was possible in the old days with few members.

    More education is needed – and more people like Caswell who understand the principles AND IS WILLING TO STAND UP LIKE A MAN AND DEFEND THEM. The others will get exactly what they deserve.

  30. just only asking Avatar
    just only asking

    There is nothing that will prevent me from stopping my contribution the the union, except that which goes to the pension fund. The savings i will draw off and buy govt bonds, and in september after inteterst is paid on the premiere plan i will break it.

    In the mean time i will get a copy of the company act and read it in relation to the appoinment of directors, i though with a private comapny you can chose directors, is capita a private company and should the members not be lecting diretors. Its it a fact that the Central Bank said it was okay to select diectors amd are members seeing what is happening or they dont have the ability to digest what is happening before their eyes.

    Some intereted questions were asked, but paul maxwell believes that he has tricked everyone, but not this one. How can you spend so much money on marketing, I will peruse the accounts and formally write the board.

    it was clear that the superviosry committe did not get full cooperation from the barod, that was stated by Mr. Murrell.

  31. David Avatar
    David

    If BPW is the 100% shareholder in CAPITA can someone explained why the members of the credit union would have been blocked from ratifying the directors to the board of CAPITA?

    Don’t shareholders elect/appoint Directors?

  32. Alien Avatar
    Alien

    Bush Tea | June 19, 2011 at 8:37 PM |
    You mentioned a co-operative bank.
    It is NOT to create a bank as a profit centered institution.

    Capita is currently profit centered, owned by BPWCCUL members and providing services to non-members. Upon conversion to Capita Bank, are the non-members weaned-off or does Capita serve a mixed clientele, with non-members paying a higher price than members for services. But why pay a premium for access to future profits and you will not pursue. It would have been cheaper to start a co-op bank.

  33. Alien Avatar
    Alien

    As it relates to companies under the Companies Act, as opposed to credit unions, the shareholders of company-A elect a board of directors to manage company-A from a policy perspective – officers and other staff are employed to execute the policies of the board. The board is free to manage company-A, without reverting to the shareholders, except for certain matters, for which shareholder approval is required – making fundamental changes being one. The board can manage and grow the business that the shareholders entrust to it, but it cannot fundamentally change the business without the prior approval of the shareholders. If company-A acquires company-B, company-A, as the sole shareholder of company-B, has the full authority to elect the board of company-B. But company-A, is managed by a board, so the board of company-A appoints a representative and directs the representative how to vote at the shareholder’s meeting of company-B. The shareholders of company-A do not directly elect the directors of company-B. However, the shareholders of company-A can remove the board of company-A if they are uncomfortable with the manner in which the board of company-A is executing its responsibility regarding the election of the board of company-B. In short, if extended to BPWCCUL, the BPWCCUL members cannot elect the board of Capita, but can terminate the board of BPWCCUL if they do not like how the board is executing its responsibility in electing the board of Capita.

  34. Bush Tea Avatar
    Bush Tea

    @ David
    Most likely, the owners of Capita are not the members of PWCCUL but the credit union itself as a body. this ownership would be exercised by persons appointed by the Board. So members will technically have no say in the Capita decision making.
    Any profits declared will accrue to the credit union, but all of the decisions leading up to declaration of profits will be the Capita Board’s. If you understand how business works you may see how attractive this will be for Board members.

    This whole idea is anti co-operative in principle. It is (as said before,) a case of a credit union being hijacked by persons with big business ideas and dreams – to be financed with other people’s money. A recipe for disaster.

  35. Bush Tea Avatar
    Bush Tea

    @ Alien
    By definition, NO co-operative is for profit.
    Cooperatives are to provide goods or services for members using volunteer services for committees.
    If therefore a credit union wishes to use members funds to purchase or create an institution to provide services to NON members, this matter should have been discussed at length BEFOREHAND, and clear strategic guidelines established for the whole project.

    The talk about converting Capita to a ‘Co-op Bank’ now sounds like typical civil service mentality kicking in after they realize that there is no real future in the initial Capita nonsense….it is just talk to keep the victims (oops members) distracted…

    ….misguided directors and blinded members….. together they will get exactly what they deserve.

  36. David Avatar
    David

    @Bush Tea

    Always understood it just wanted to lead to lead in to the point which apparently was made by the President at the BPW AGM.

    CAPITA’s Board will decide how shares are allocated and NOT BPW members.

  37. just only asking Avatar
    just only asking

    If BWPWCCUL has no say in deciding the board, when a loss is made at capita r u telling
    that i have no recourse, but to accept the lost. R U saying the directors of capita can take the company where it wants and God forbid, make a loss, r u saying the mebers of the union will be saddled by that loss, even theough they have not directed the strategic focu of capita?

    Someone answer as you know i only know about interest on my money. Help. Help, Pity that govt restict privae investment in those bonds. Before i go to work I shall end up in the bank enquiring baout them and then will fly over to the credit union with haste.Mitigating my risk, i think that is what it is called.

  38. just only asking Avatar
    just only asking

    @Bush Tea

    I thought it was stated that the credit union (ours) is the owner of capita and whatever that company in st lucia name, so how can u tell me that maybe the owners of capita are not the owners of bpwccul. I thought that if we own 100% that our risk is 100%. That means that we have to also obtain Capita’s articles of association.

  39. Caswell Franklyn Avatar
    Caswell Franklyn

    You are getting scared a bit too late. When I first joined the credit all new members were invited to an orientation session where all your rights, responsibilities and obligations were explained. This is no longer done, and it keeps the members in ignorance while a selected few do whatever they like because the majority of the membership don’t know what is going on and only turn up to meetings for the food.

    Members did not give the board permission to purchase Clico Mortgage Finance Company, but the board knew full well that the membership was too passive to do anything besides talk.

    When the board of directors had plans drawn and had already received Town planning permission to build the complex at Belmont Road, without obtaining permission from the membership, I filed an injunction to prevent them moving ahead without members’ permission. I did that even though I was in agreement with the board that the building was necessary.

    The credit union is no longer a members’ owned and controlled organization. It is now an organization controlled by a few who want to play big businessmen without any risk to themselves. They will continue until they crash the credit union because they know that even the regulators can be and have been bought off with dinner for them and their mother. To be fair, the mother ws not invited, but the regulator had the good sense to bring along mummy for protection.

  40. just only asking Avatar
    just only asking

    Caswell

    Can yo address the question i put o bush tea, is the infromation he put on the blog correct about not having any say in elcetnig directors, and if we own100% what about the risk if we have no say in electing directors as he has stated.

    See yah when i get back from the bank abot govt bonds.

  41. Caswell Franklyn Avatar
    Caswell Franklyn

    Just only asking
    I do not know about the manner of electing directors of Capita as I have not seen the articles of association. I imagine that none of the members outside the core group that planned this unsanctioned purchase has seen the document.

    Before you buy Gov’t bonds, consider joining another credit union. COB has problems like any organization where human beings interact, but there is a more enlightened membership who would not permit the same behaviour for long.

    Recently, there were some problems between the board and a group of concerned members. I was flattered: representatives of both groups sought my advice and eventually pursuaded me to become a member. YOU CAN JOIN TOO!

  42. David Avatar
    David

    If there a person out there who is in a position to email or scan Capita’s financial it would be appreciated.

  43. Member Avatar
    Member

    I am wondering if in all of this is there sufficient support for Sections 128c & 134 of the cooperative societies act to be invoked by members in a special General meeting called for that purpose.

    Please don’t ask me to explain go do some homework so we all too will be informed and not just be a bunch actionless, knowledgeless bloggers (Rabble Rousers).

    Having bought and establish Capita, I think that if members are not happy then they should move a special resoultion to have the company CAPITA converted into a registered society – Section 129(1)-(3). Fire Paul and Corinda and live happily ever after. Of course that will bring the credit union bank to a sudden halt, for those that care. the risk of doing such are listed under section 130
    These are a few of our options. I will invite debate

  44. Caswell Franklyn Avatar
    Caswell Franklyn

    Member
    If you attempt to amalgamate Capita with BPWCCUL, you will have to get the consent of persons who have outstanding loans, who are not already members of the credit union. You will have problems with those that refuse to join since a credit union cannot have loans with non members. Section 200 (1) of the Co-operative Societies Act states:
    Loans may be made only to members.

  45. Member Avatar
    Member

    That I know look at option 2 division

    Corinda, Dean and Paul and they numbers will decide on Belmont or Broad street and then Warrens or Six Roads, split the assets in a ratio to members and create space for a new National Cooperative with similar asset bases 840, 000, 000, /2 = 420, 000, 000 which is not far from where the credit union was last year and both will still be the biggest. Of Course this is trivial as such a divion is more complicated but just look at the train of thought. We return to a cooperative where there is no relationship between the govern and those that govern, No bonus to staff on the day before AGMs, No credit cards to be exploited, no corrupt and entrenched directors that cannot be moved.

  46. Member Avatar
    Member

    Remember the same persons that deem Clico too big to fail are the same persons that encourage the credit union to follow suit and buy the entity Capita. and then took away tax consessions etc.

  47. Private Avatar
    Private

    Fifty BPWCCUL members may demand a special meeting for the purpose of having the Board review and respond to questions relating to the acquisition, operations and future of Capita Financial Services Inc. (Capita). Fifty members are required for a quorum to conduct business, so, as long as the demanding members attend, you will have a quorum. Having received the information requested, the members can establish a date for a follow-up meeting to consider any further action relating to Capita.

    During the period before the follow-up meeting, the members can further review the information and deliberate on the matter. At the follow-up meeting, if a majority of members wish to proceed in the current direction, they can accept or ratify the Board’s actions regarding Capita and conclude this matter. If a majority of the members are uncomfortable with it, they can remove the Board and elect a new Board that is sympathetic to their cause, with a directive as to how to proceed with Capita. The members that are uncomfortable should, at a minimum, have identified persons to be elected to the new Board, in the event that they are successful in removing the current Board. The new Board may be directed to develop a plan of action regarding the disposal of Capita, not necessarily immediately, for presentation to the members at a future meeting. A plan may be to maintain Capita as a mortgage company until such time that it may be sold without a significant loss to the BPWCCUL.

    The power of a board is in the inability of shareholders/members to organize. Where there is a controlling shareholder, a board is not so free to do as it pleases. There has been sufficient talk, it is time to determine if at least fifty members really wish to understand the Capita issue and accept it or bring it to an end. Review the below message and attachment and provide your feedback here for it to be made final and provided to David to be posted.

    “Dear BPWCCUL (Barbados Public Workers’ Co-operative Credit Union Limited) members, some of you have expressed concern with the actions taken by the Board to acquire Capita, the apparent reluctance by the Board to be forthright with information regarding Capita’s operations and the manner in which decisions relating to Capita are being made. It is possible that everything done by the Board is legitimate and that Capita is a good investment. However, it is not sensible for the members to blindly allow the Board to oversee almost $1 billion, without being fully transparent in and accountable for its actions. It is suggested that the members demand a special general meeting to consider all matters relating to Capita, including its acquisition, operations and future direction. After considering all of the matters, the members can then make a decision to accept the Board’s actions regarding Capita or remove the Board and elect a new Board to execute the members’ wishes regarding Capita. If you are in support of convening such a meeting, please print the attached Demand and have it signed by as many members as possible. You can periodically report here on the number of signatures collected. When fifty signatures have been secured, the members in possession of the signed forms can arrange to meet, copy and deliver the signed forms. If you sign the attached Demand, you need to be prepared for the possibility that the Board may resign. You should therefore give some thought to suitable replacements to lead BPWCCUL before the meeting is convened. If fifty signatures are not secured, you should consider this matter closed. ”

    The attached MS Word document to read as follows:

    Demand for Special General Meeting of the Members of Barbados Public Workers’ Co-operative Credit Union Limited
    Reference: o6182011

    Pursuant to By-law 28 of Barbados Public Workers’ Co-operative Credit Union Limited (BPWCCUL), we the undersigned members of BPWCCUL hereby demand a special general meeting of the members of BPWCCUL. The object of the proposed meeting being to:

    1.0 – Have the Board present to, and review for the benefit of, the members the financial aspects of the acquisition of CLICO Mortgage & Finance Corporation (CMFC);
    1.1 – Have the Board respond to questions from the members regarding the acquisition of CMFC;
    2.0 – Have the Board present to, and review for the benefit of, the members the most recent audited financial statements of Capita Financial Services Inc.;
    2.1 – Have the Board respond to questions from the members regarding the most recent audited financial statements of CMFC;
    3.0 – Have the Board present to, and review for the benefit of, the members the strategic plan for Capita Financial Services Inc. (CFSI);
    3.1 – Have the Board respond to questions from the members regarding the strategic plan for CFSI;
    4.0 – Have an open discussion regarding any and all matters relating to CFSI;
    5.0 – Determine a date for a follow-up meeting to consider: (a) acceptance of the Board’s actions regarding CFSI; (b) removal of the current Board and election of a new Board; and (c) any other business relating to CFSI.

  48. Brutus Avatar
    Brutus

    Well done, Private!

  49. David Avatar
    David

    @Private

    The best way to get your 50 names plus a few more for comfort is to solicit from the government departments.

  50. Private Avatar
    Private

    David, thank you. I enjoy my private life and intend for it to remain private. There was much discussion, but no progress and some concerned members appeared not to understand how to proceed. Here, I am offering a way forward. I have no desire to lead or to serve. It is up to the concerned members to take this and advance the process. The message here is not to disrupt it if you cannot better it.

The blogmaster invites you to join the discussion.

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