Mon | Mar 19, 2018

How to make your AGM count

Published:Wednesday | April 1, 2015 | 11:01 PM

How to

make your

AGM count

The Annual general meeting (AGM) of your credit union is the single most important event in its calendar of activities and one that, as a member, you should not miss. At the AGMs, members are the final authority so it is important that you attend and exercise your democratic rights.

Every year, we publish this information so that members may know their rights and the role that they should play at their AGMs.

The following are some important facts.

n Every member has the right to attend the annual general meeting of the credit union.

n Every member, irrespective of the size of his shares, has one vote only. There is no voting by proxy. This provision ensures that no particular interest group is allowed to sway the activities of the credit union in its favour against the will of the majority.

At the AGM, Members have the right to:

n Consider and approve the report of the board of directors as well as the financial statement and auditor's report for the previous financial year, and sanction any distribution of any surplus.

n Consider and approve the reports of the credit and supervisory committees for the previous year.

n Elect the board of directors, credit and supervisory committees and remove them from the office in accordance with the rules of the

credit union.

n Exercise final authority in all matters that vitally affect the credit union as a co-operative and as a business organisation.

n Set the maximum amount the credit union can borrow or accept as deposits.

n Elect persons to

represent the credit

union at organisations of which the credit union is a member, such as the Jamaica Co-operative Credit Union League.

n Expel members for cause.

It is these democratic principles, plus a system of checks and balances, which have helped credit unions in Jamaica survive for more than 70 years. Members should not take their rights and responsibilities lightly. Please make every effort to attend your credit union's AGM this year.