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Annual Report 2018 EASTERN CREDIT UNION

5. Property Management
During the year under review the Board took a number of strategic decisions with respect to the
refurbishment, renovation and relocation of the Sangre Grande and Chaguanas Branches. We are pleased
and recognized that these were done all with a view to providing the membership with a higher quality
of service and members of staff with a more comfortable work environment so that productivity could
be maximised.

Although we know plans are afoot on the Las Viviendas land purchase in Valencia, we are still unsettled
by the slow pace of progress thus far. But we are excited and indeed hopeful. However, this is a reminder
that the membership still awaits the keys to their “rent to own” houses, townhouses, and apartments.

6. Review of Delinquency
The Committee must applaud Management and the team. They all have been working assiduously to
reduce the figure to a single digit and, moreso, to achieve a delinquency target of under 5%.

7. Review of Files
The Supervisory Committee has undertaken examinations of sample files including those of Elected
Officials, High Risk, AAD (Accelerated Approval Disbursement), Closed, General Loans and vehicle loan
files. We identified that some of the discrepancies and instructions given by the Credit Administrator,
Signatories, Internal Audit Department, Loan Supervisors and Branch Managers were not addressed in
the files. We are humans and we are not infallible but we have a reputation to uphold and a responsibility
to our members and their money. The Committee besieges all to exercise care and efficiency, ensuring
due diligence and compliance to avoid possible financial losses to our faithful Cooperative.

8. Concerns Addressed and Recommendations
(i) Although major work has been done to ensure file information is reflected in the system,
there still needs to be greater follow up urgently on Loans and Files. The Committee supports
continuing staff training and feedback sessions for greater efficiency.

(ii) Loan Collaterals are being updated and monitored.

(iii) The frequent changes at the level of Executive Management may not be in the best interest
of the organization. This could be reduced by affording experienced professionals, contracts
of longer duration than two (2) years, in order to retain and maximize intellectual capital, and
invaluable human resources and better succession planning.

(iv) Elected Officials, we have been given a fiduciary responsibility to serve our members. This
is very serious. The Supervisory Committee was elected by our ultimate authority and
given observer status, in accordance with Bye-law 22 (e), (viii). This must be respected and
recognized by all and seen as an honour by us ensuring that due diligence and compliance
are adhered to in the examination of the affairs of the society. So, we must work as a team,
with a purpose and a vision, towards a more promising future.

NAVIGATING THE FUTURE TOGETHER 41