Ariza Credit Union’s Annual General Meeting was held on Thursday 24th September 2020 virtually via Zoom, because of the new protocols for social gatherings in response to the current global pandemic.
Ariza, for another year continued to display growth in the areas of total assets – 19.5%, deposits – 18.3% and operating surplus – 38.6% to name a few.
The Annual General Meeting’s theme: “Investing in You” was chosen because of the Credit Union’s perpetual commitment to the development of its members and the communities in which it operates. This commitment of Ariza’s is evident as it continues to support a variety of sporting, wellness, cultural, financial, educational, and non-profit initiatives across the tri-island state.
Ariza’s 2019 annual report and by extension, its Annual General Meeting was dedicated to Carriacou and Petite Martinique. The sister isles were highlighted throughout the annual report with images of landmarks, scenery, and cultural artefacts. At the virtual AGM, members were able to listen to Big Drums, Dancing and String band entertainment from Carriacou.
Bro. Phillip Telesford, President of the Grenada Co-Operative League Ltd. in his address at the virtual AGM said “Ariza is demonstrating that it is investing in you, now you have a responsibility to also invest in yourself.”
Also addressing the membership was Hon. Oliver Joseph, Minister for Trade, Industry, Co-Operatives & CARICOM Affairs who congratulated the Board of Directors and Management of Ariza Credit Union on a job well done and encouraged them to continue doing great work as they have over the years. He highlighted the fact success is a result of good leadership.
The leadership of the credit union remained unchanged as Bro. Aaron Moses, Denis Cornwall, and Sis. Carla Thomas-Ross were elected to serve for a second three-year term on the Board of Directors. Sis. Ann Isaac and Bro. Justin Hazzard were also elected to serve on the Credit Committee for a second three-year term. Elected to serve on the Supervisory and Compliance Committee were Bro. Adrian Strachan and Sis. Zoë Hagley.
Additionally, the following resolutions were moved and approved by the members in attendance:
- Approval of the 2020/2021 budget
- Appointment of auditors for 2020
- Allocation of surplus of 5% on Equity Shares as well as a loan interest rebate of 2%
- Reimbursement to Directors and Committee members for expenses incurred by reason of the performance of their duties.
- Amendment of By-laws
For another consecutive year, the Credit Union was able to pay 5% dividends to its membership as dividends on their shares amounting to $882,248.00 and 2% loan interest rebate, amounting to $572,814.00. These payments were made on Friday 25th, September 2020 to members Transactional Savings Account.
At the end of the meeting, Ariza Credit Union received congratulations on its first virtual Annual General Meeting from many members, especially members abroad who were able to be a part of the proceedings for the first time while off island.
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