Page 29 - ECU_Annual_Report_2018

Annual Report 2018 EASTERN CREDIT UNION

5. The Internal Operations
The Board of Directors gave priority to ensuring that the organization achieved and maintained compliance with
the regulatory requirements as prescribed by the Central Bank of Trinidad and Tobago and the International
Accounting Standard, IFRS9, which became effective in January 2018.

Over the reporting period, the organization was able to make improvements in the following areas:
• Security of its IT network
• Making its ATM network chip compliant

With the heavy workload, Directors increased their level of oversight to ensure they met their fiduciary and
regulatory responsibilities. In achieving this, the Board appointed the Directors of its subsidiary EPL Properties
Ltd, formed sub-committees and assigned Directors to these Committees with responsibilities for specific areas.
These Committees were as follows:
i. Waiver
ii. Information, Communication and Technology
iii. Corporate Governance & Bye-Laws
iv. Human Resources & Industrial Relations
v. Finance, Investment & Tenders
vi. Delinquency
vii. Risk Management
viii. Sales & Marketing
ix. ECU/EPL Memorandum of Understanding (MOU)
x. AGM Stakeholders
xi. Policy Review Evaluation

The list of Committee members is shown on page33 of this brochure.

6. Delinquency
As the economy continues to remain depressed, we have seen some of our members unable to meet their
commitments to service their loans, due to events in part to which they have no control. We have continually
asked members to come in and discuss with officers if their situation had changed, in orderthat arrangements can
be made for them to meet their obligations.

The organization has increased its resources in treating with the delinquency issue, and this had a positive impact
on the ratio by the end of December 2018. We thank staff for their unwavering dedication to keep the delinquency
levels down.

7. Staff Accommodations
In its continuous effort to ensure that both staff and our members conduct business in a comfortable environment
the Board of Directors has given approval to enter into lease arrangements for three years, for our Chaguanas and
Sangre Grande Branches.

NAVIGATING THE FUTURE TOGETHER 27