GPSCCU gives back $1M to members

‘Transitioning together to expand horizons with a renewed focus’, was the theme of the recently held Annual General Meeting of the Grenada Public Service Co-operative Credit Union. Over 350 members were present to discuss and deliberate the Credit Union’s 2015 performance which recorded $4.48M operating surplus. Most notable for members present was the approval of a dividend payment to members of 5% amounting to $444,964 and the approved payment of loan rebate amounting to $523,340 which were credited to their accounts on Friday 1st July 2016.

This year’s Annual General Meeting was chaired by Mr. Christopher De Allie, Vice President of the GPSCCU’s Board of Directors. Representatives from guest societies were present and brought greetings on behalf of their societies, included were the Communal Co-operative Credit Union and the Grenada Co-operative League Ltd. Mr. Alister Phillip from the Grenada Authority for the Regulation of Financial Institutions (GARFIN) congratulated the Credit Union on its outstanding performance and its adherence to regulatory measures implemented by them.

The highlight of the opening session was remarks made by Hon. Alexandra Otway-Noel, Minister of Implementation in the Prime Minister’s Ministry. She commended the Credit Union on its performance despite the current economic situation as well as its contribution to the local community through sponsorship of local initiatives like its various scholarship programs, the Annual Cross Harbour Swim and Mango Fest. She cited that GPSCCU plays a vital role in building the local economy and urged the organization to continue with strength and vitality.

Reports of the various Committees were considered during the business session of the Meeting.  Discussions and clarifications were sought on various issues brought forward in the reports. A new Director was elected to the Board of Directors, Bro. Javan Williams who has roots firmly planted in our Sister Isle Carriacou, Bro. Ernie James and Bro. Duane Noel were both appointed to serve for a second three year term. Sis. Karel Hood and Sis. Merina Jessamy were approved to serve another three year term on the Supervisory & Compliance Committee.

The Meeting recognized the sterling leadership of the outgoing president, Mr. Phillip Telesford who led the Credit Union over the last six years. Under his leadership the Credit Union has recorded some of its best performances and has gone through significant transformation resulting in quality service delivery. We wish him success in his future endeavours and officially thank him for his contributions to this noble Credit Union.

Members’ participation at our Annual General Meeting is important, since this is the highest decision making body of the organization. We encourage our members to continue making time to attend and participate at our AGMs and other similar gatherings of members to make their voices heard, and actively contribute to the development of our organization.

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