Notice of Special General Meeting

A Special General Meeting has been scheduled for 18 December, 2018 at 5:30 pm in the Training Room of Co-operators General Insurance Company Limited, Collymore Rock, St. Michael.

 

The Credit Union will be amending By-Law 40 – Elections, to bring it in line with the requirements of the Financial Services Commission (FSC).

Our Legal Requirements

A fit and Proper Questionnaire must be completed by all persons seeking to serve on the Board and Committees of a Credit Union registered under the Cooperative Societies Act 378A.  This requirement is in accordance with

Section 6 (3) of the Financial Services Commission Act and

Section 7 (1) (a) of the Co-operative Societies Act Cap. 378A which was amended to satisfy the requirements of the Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23,

 

Why do we need to amend the By-Law?

The FSC introduced its Fit and Proper rules in its Guidelines No. 14. As part of this introduction the Credit Union is required to establish an election process to facilitate the fit and proper requirements.

What are the Major changes to the By-Law?

  • The Credit Union introduces a Credentials Committee which will replace the current Nominations Committee. Previously the Nominations Committee was responsible for nominating and vetting persons to serve on the Board and Committees.  The new Credentials Committee will be responsible for ensuring that each Nominee meets the Fit and Proper requirements, are suitably qualified to serve on the Committee for which they have been nominated and perform any other related checks as required.

  •  All Members are responsible for nominating members to serve on the Board of Directors and Committees.

  •  New timelines have been introduced to ensure sufficient time has been allotted to the Nominating process as follows:

  1. 180 days  (6 months) prior to the AGM, the Board will appoint a Credentials Committee

  2. 90 days    (3 months) Nominations must be submitted to the Credentials Committee

  3. 60 days    (2 months) Fit and Proper documentation must be submitted

  4. 40 days the Credential Committee will submit a list of the Nominees to the Board of Directors

  5. 28 days Fit and Proper documentation will be submitted to the FSC by the Secretary

What is Fit and Proper?

According to the FSC Guideline 14 all individuals elected or appointed as a director or officer must be deemed Fit and Proper to serve at the Credit Union.  The FSC considers the following to determine who is Fit and Proper: 

  • the background, experience, integrity, competence and soundness of judgment of the person;

  • the diligence with which the person is fulfilling or is likely to fulfill the responsibilities of the position in question;

  • whether the interest of members and, in the case of a credit union, other depositors or potential depositors of the credit union are, or are likely to be, in any way threatened by the person holding the position; and

  • any other matters that the Commission deems appropriate.

 

The Fit and Proper regime requires that all Nominees must complete a questionnaire to provide:

  • Personal, academic and professional information

  • Police Certificate of Character and

  • A copy of their Identification document (National Identification Card or Passport).

All members are asked to bring their Barbados identification card.