The National Anthem of Trinidad & Tobago

Forged from the love of liberty,
In the fires of hope and prayer,
With boundless faith in our destiny,
We solemnly declare:

Side by side we stand,
Islands of the blue Caribbean Sea,
This our native land,
We pledge our lives to thee.

Here every creed and race
Find an equal place,
And may God bless our nation.

— Patrick S. Castagne

Credit Union Prayer — Prayer of St. Francis of Assisi

Lord, make me an instrument of thy peace;
Where there is hatred, let me sow Love;
Where there is injury, Pardon;
Where there is doubt, Faith;
Where there is despair, Hope;
Where there is darkness, Light;
And where there is sadness, Joy.

O Divine Master — grant that I may not so much seek
To be consoled as to console,
To be understood as to understand,
To be loved as to love.
For it is in giving that we receive;
It is in pardoning that we are pardoned;
And it is in dying that we are born to Eternal Life.

NOTICE is hereby given that the 69th Annual General Meeting (AGM) of AMGECU Credit Union Co-Operative Society Limited will be held on:

Agenda

1. Call to Order — National Anthem, Invocation and Minute of Silence
2. Notice Convening Meeting
3. President's Address
4. Special Presentation
5. Confirmation of Minutes of the 68th Annual General Meeting (Saturday, April 13, 2024)
6. Business Arising from the Minutes
7. Acceptance of Reports for 2024
8. Elections of Officers
9. Auditor's Report and Financial Statements for the year ended December 31, 2024
10. Resolutions
11. Review of Budget for year ending December 31, 2025
12. General Business
13. Vote of Thanks and Formal Closure

Important Attendance Notes

• Registration begins at 1:00 p.m. on the day of the AGM.
• Only members in good financial standing will be admitted to the meeting.
• Non-members will not be permitted to attend.
• Members are required to present proper identification when registering.

1. A member shall stand when addressing the chair and identify himself/herself. Speeches are to be clear and relevant to the subject before the meeting.
2. A member shall only address the meeting when called upon by the Chair, after which he/she shall immediately take his/her seat.
3. No member shall address the meeting except through the Chair.
4. A member may not speak twice on the same subject except: (a) the Mover of a motion, who has the right of reply; (b) he/she rises to object or to explain (with the permission of the Chair).
5. The Mover of a Procedural Motion (Adjournment, Lay on the Table, Motion to Postpone) shall have no right of reply.
6. No speeches are to be made after the "Question" has been put and carried or negated.
7. A member rising on a "Point of Order" shall state the point clearly and concisely. A Point of Order must relate to the Standing Orders.
8. A member shall not "call" another member "to order" but may draw the attention of the Chair to a breach of order. In no event can a member call the Chair "to order."
9. Only one amendment shall be before the meeting at one and the same time.
10. When a motion is withdrawn, any amendment to it falls.
11. The Chair shall have the right to a casting vote.
12. If there is an equality of voting on an amendment and the Chair does not exercise the casting vote, the Amendment is lost.
13. Provision is made for protection by the Chair from vilification (personal abuse).
14. No member shall impute improper motives against another member.

Eligibility Requirements for Nominees

• Must not be bankrupt or an applicant for bankruptcy
• Must be of sound mind
• Must not be an employee of AMGECU
• Must not have been convicted of an offence involving dishonesty or fiduciary nature
• Must not be delinquent in repaying his/her loan
• Must have updated their records (Know Your Member Form, proof of address, proof of income) with AMGECU within the last year
• Must be an individual no less than 18 years old
• Must be a citizen of Trinidad and Tobago or lawfully admitted permanent resident
• Must have sufficient knowledge and understanding of the business of a Credit Union

Fit and Proper Criteria

A member of the Board of Directors and Officers must meet and maintain the following criteria:

• Honesty, integrity, fairness and reputation
• Competence, diligence, capability and soundness of judgment
• Financial soundness — demonstrating prudence in the management of personal financial affairs
• No evidence of having committed an offence involving fraud, violence or dishonesty
• No engagement in deceitful, oppressive or improper business practices
• No employment record showing impropriety in the handling of an employer's business

Vacant Positions — 69th AGM

Board of Directors

Four (4) vacancies by rotation for a three-year term. The Board shall consist of twelve (12) members. No member of the Board may serve more than three (3) consecutive terms. Not more than one member of any family shall serve on the Board and any one committee simultaneously.

Supervisory Committee

Three (3) members to be elected annually. No member shall serve more than three (3) consecutive terms. No Supervisory member shall concurrently serve on the Board or Credit Committee.

Credit Committee

Five (5) members. No member may serve more than five (5) consecutive terms.

Process

• All applications must be submitted in writing, signed by the candidate and two AMGECU members (a Proposer and Seconder), accompanied by the candidate's résumé.
• All applications must have been submitted to the Nominations Committee no later than February 28, 2025.
• A screening exercise will be conducted for all candidates. An Orientation programme on Credit Union business will be held prior to the AGM.

Meeting Details

Held: Saturday, April 13, 2024 — Festival Ballroom, Radisson Hotel Trinidad, Wrightson Road, Port of Spain

Quorum: 91 members present at 2:05 p.m. (quorum = 50). Meeting declared open.

Presided by: Cynthia Carr-Hosten, President

Proceedings Summary

Call to Order & Opening

The 68th AGM commenced at 2:05 p.m. with the National Anthem, Credit Union Prayer, and one minute's silence for deceased members.

Standing Orders

Minutes of the 67th AGM

Acceptance of Reports

Credential Reports

• 2:05 p.m. — 91 members present; quorum confirmed, meeting opened
• 2:30 p.m. — 128 members present
• 3:20 p.m. — 166 members present
• 4:20 p.m. — 179 members present

Election Results — 2024/2025 Term

The election was conducted electronically by Returning Officer Dianne Joseph, Chief Operations Officer of the Co-operative Credit Union League of Trinidad and Tobago.

Resolutions Passed at the 68th AGM

Dividend Payment: Dividends announced for payment on or before April 30, 2024.

Budget Projections: Budget Projections for 2024 adopted. Motion moved by Emmanuel Downes; carried by show of hands.

Door Prize Recipients

Closure

There being no further business, the President declared the 68th Annual General Meeting officially concluded at 4:30 p.m.

The Vote of Thanks was moved by Vice President Steve Woodley, extending gratitude to: Management and Staff of Radisson Hotel Trinidad; Specially Invited Guests and Co-operative Officers; Dianne Joseph and Team (Returning Officer); Leslie Ramcharitar (Baker Tilly); Tony Raj (CUNA); the Board of Directors; incoming Directors and Committee Members; Management and Staff of AMGECU; and all members in attendance.

Overview

The year 2024 has been one of deep awareness, challenges and transitions carried forward into 2025. As a Board entrusted with corporate responsibility and good governance, we continued making prudent financial decisions and operated in a manner better to serve you.

Key Highlights

• Membership grew by 29%, contributing an increase of $424,530 in shares and $533,537 in loans.
• Introduction of two new products — Flexi Credit and Debt Consolidation Loans — expanding member financial choices.
• GIA (Global Internet Access) — enabling members to access their accounts online with real-time information.
• Inaugural AMGECU Youth Debate — providing youth members a platform to discuss financial issues. The Minister of National Security attended and expressed admiration for the discussions.
• Credit Assessment Training — equipping staff to make more prudent loan decisions.
• Created a Youth Arm Policy and Terms of Reference.

Financial Overview 2024

Shares & Deposits

Members' Shares increased to $169,136,152 (from $167,471,178 in 2023) — a marginal 1.00% increase, reflecting consistent member confidence. Members' Deposits rose to $12,466,729 (from $12,070,939), marking a 3.28% increase.

Loans

Members' Loans decreased slightly to $102,833,347 (from $103,916,265), reflecting a more cautious borrowing environment. Loans approved: 1,019 applications totalling $24,397,498.60 — marginally higher in value than 2023's $24,158,166.

Investments & Cash

The investment portfolio grew to $70,667,662 (▲ 2.18%), generating income of $3,483,705. Cash holdings surged to $11,341,850 — a 27.33% increase from $8,907,832 — reflecting improved liquidity.

Income Sources

• Interest from Loans: $9,512,298 — 70.01% of total income (▲ 7.27%)
• Investment Income: $3,483,705 — 25.65% of total income
• Other Income: $582,118 — 4.28% of total income

Board Composition & Meetings — 2024/2025 Term

The Board held 20 meetings (9 Statutory + 11 Special) from February 2024 to January 2025. The Executive Committee held 14 meetings.

Executive Committee

Board Attendance

Membership & Condolences

The Board welcomed 151 new members in 2024. Total membership on our database: 6,072 (employees, ex-employees, and family members). Active members: 5,202.

In Memoriam

The Board extends its heartfelt condolences to the families of members who passed away in 2024:

2025 and Beyond — Strategic Focus

• Digital Transformation — Continuing to enhance digital services for greater convenience and accessibility.
• Sustainability and Responsible Lending — Products that align with evolving societal needs and sustainable investment principles.
• Member-Centric Growth — Expanding financial education resources, personal financial counselling, and tailored products.
• Membership Care — Broader communication channels (physical and social media), targeting 750 new members annually. Dedicated programmes for Retirees.
• Financial Stability — Prioritising the security of member funds and long-term institutional stability.

— Cynthia Carr-Hosten, President

Committee — 2024/2025 Term

The Committee held 37 meetings during the period April 16, 2024 – January 31, 2025.

Loan Performance — Three-Year Comparison

Loans Granted by Purpose — 2024 vs. 2023

A notable shift occurred in 2024, with Vehicle Purchases rising significantly (from 15% to 25%), while Miscellaneous and Home Improvement categories saw relative declines.

— Kevin Jeremiah, Chairperson

Introduction

The Supervisory Committee was appointed on April 13, 2024 with the mandate of ensuring the Board of Directors and Management function in the best interest of members — through compliance monitoring, financial reporting review, and evaluation of risk and internal controls.

Committee Attendance

The Committee held two meetings — June 25 and December 13, 2024.

Work Completed

• Loan File Review (March–April 2024): Sampled 23 of 125 loans (18%). No exceptions reported; all supporting documents complied with AMGECU's policy guidelines.
• Loan File Review (September–November 2024): Sampled 53 of 215 loans (25%). No exceptions found.
• Financial Statements Review (January–April 2024): Management reporting was in accordance with AMGECU's guidelines and generally accepted accounting principles. Actual performance showed a 9% uplift against budget for the trimester.
• Fixed Asset Register: Reviewed 10 assets for physical existence and condition. Subject to one immaterial item, reasonable assurance was placed on internal controls over fixed assets.
• Investment Portfolio Audit: Reviewed Bond and Equity investments; re-calculated interest receivable for January–April 2024. No variances reported — confirming an acceptable risk strategy is being adopted.
• Cash Float Audit (June 25, 2024): On-the-spot audit. No exceptions found. Reasonable assurance confirmed.