Response to Feedback Following 48th AGM

• Member Notices

The CICSA Co-op Credit Union acknowledges the feedback in relation to the newly approved resolutions at its 48th Annual General Meeting (AGM) held on 29 November 2023, and wish to share the following:

With over 500 participants, and quorum being present, the AGM proved to be another success. We are pleased to report that all agenda items were completed, including the approval of the Board and Committee reports and nominee appointments.

During the meeting, each resolution was presented by a director or senior manager, followed by a question-and-answer session. Members then moved and seconded the motion to approve each resolution, all of which were approved by a vote. The resolutions included:

1. Payment of 3% dividend to members in good standing as of 31 July 2023.
2. Ability for directors to borrow on behalf of the Credit Union, if necessary, during the financial year of 1 August 2023 to 31 July 2024. This condition is proposed annually but has not been utilized in over two decades.
3. Amendment of Rule 17C to include additional categories of non-member depositors, subject to approval of each new non-member depositor by the Board of Directors.
4. Transfer of a special reserve into statutory reserves to strengthen capital reserves.

With the approval of the amendment to Rule 17C to include additional categories of non-member depositors, the Credit Union will now be better able to meet member demands for loans, thus aiding in potential increased dividend payouts. For more helpful information, please see the ‘Non-Member Depositors’ AGM Q&As.

As part of our commitment to keep members informed, especially as it relates to proposed amendments affecting the governing of our Credit Union, regular communication was sent to members two weeks in advance of the AGM for consideration. In this instance, all proposed changes were publicly available on our website from 15 November 2023, and members were notified accordingly. We wish to remind members that the AGM serves as an opportunity to demonstrate their supreme authority by discussing important topics, addressing proposed resolutions, and electing members to the Board of Directors.

In line with its member-owned community-focused culture and to help ensure that our Credit Union remains a sound financial institution, the Board of Directors and its staff take pride in representing the best interests of our members.

Additionally, as a responsible deposit-taking and lending institution regulated by the Cayman Islands Monetary Authority (the Authority), the Board and staff of the Credit Union stand committed to meeting the robust regulation of the Authority while ensuring that the Credit Union and its members comply with the required rules and regulations. Such measures help to protect our members from risks while safeguarding the integrity of our Credit Union.

Special thanks to the members who attended the 48th AGM. Your participation and feedback are greatly appreciated, and we look forward to your continued loyalty and support and allowing us to be your trusted financial partner. 

Should you have any questions or need any further clarification, please email marketing@cicsacu.com.ky