The National Anthem by: Patrick S Castagne

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

Here every creed and race

find an equal place

and may God bless our nation.

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

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Notice of 68th Annual General Meeting

NOTICE is hereby given that the 68th Annual General Meeting (AGM) of AMGECU Credit Union Co-Operative Society Limited will be held on Saturday April 13th, 2024 at the Radisson Hotel Trinidad, Wrightson Road Port of Spain at 2:00 p.m.

Agenda

1. Call to Order – National Anthem, Invocation and Minute of Silence

2. Notice Convening Meeting

3. President’s Address

4. Confirmation of Minutes of the 67th Annual General Meeting held on Saturday April 15th, 2023 5. Business Arising from the Minutes

6. Acceptance of Reports for 2023

7. Elections of Officers

8. Auditor’s Report and Financial Statements for year ended December 31, 2023

9. Resolutions

10. Review of Budget for year ending December 31, 2024

11. General Business

12. Vote of Thanks and Formal Closure

BY ORDER OF THE BOARD OF DIRECTORS

Beverly Young (Mrs)

Secretary/General Manager

Note:

- 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 allowed to attend the AGM.

- Members are required to present proper identification when registering.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Standing Orders

1. (a) A member shall stand when addressing the chair and identify himself/herself (b) 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 to do so, 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 to 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 have relevance to the “Standing Orders”)

8. (a) A member shall not “call” another member “to order” / but may draw the attention of the Chair to a ‘breach of order”

(b) 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 if the Chair does not exercise his/her casting vote, the Amendment is lost

13. Provision is to be made for protection by the Chair from vilification (personal abuse) 14. No member shall impute improper motives against another member

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Guidelines for Nominees

A member offering himself/herself for office in AMGECU

• 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 and fiduciary nature • Not be delinquent in repaying his/her loan

• Must be FIU compliant

ADDITIONALLY, IF ELECTED, A MEMBER MUST BE PREPARED TO GIVE GENEROUSLY OF HIS/HER TIME TO:

• Attend Board and Committee meetings

• Attend seminars and training courses

• Attend other meetings and the events of Credit Union movement

PLEASE NOTE THAT:

• Regular Board of Directors’ meetings are held on the last Wednesday of every month commencing at 5:00 pm

• The Credit Committee must meet at least weekly. The newly elected Committee will determine its meeting day and time

• The Supervisory Committee will determine its meeting day and method of operations

Guidelines for Nomination

A member offering himself / herself for office in AMGECU Credit Union Co-operative Society Limited must: I. Have sufficient knowledge and understanding of the business of a Credit union;

II. Be an individual no less than 18 years old;

III. Not be an employee of AMGECU;

IV. Never have been a director, officer or manager of a Credit Union whose license was revoked during his tenure in office, unless the revocation was due to voluntary winding up or voluntary amalgamation with another Credit Union;

V. Be a citizen of Trinidad and Tobago or a person lawfully admitted for permanent residency who is ordinarily a resident of Trinidad & Tobago;

VI. Be of sound mind and not have been found by any court to be of unsound mind;

VII. Not be delinquent in repaying his/her loan;

VIII. Never have been convicted by a court for an offence involving violence, fraud, or any form of dishonesty; IX. Never have been adjudicated bankrupt by a court in any jurisdiction;

X. Meet the fit and proper criteria.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Fit and Proper Criteria

A member of the Board of Directors and Officers must meet and, where relevant, maintain the following Fit and Proper criteria:

a. Honesty, integrity, fairness and reputation;

b. Competence, diligence, capability, soundness of judgment;

c. Financial soundness, that is, the member should demonstrate prudence in the management of his/her own financial affairs;

d. With regard to the previous conduct, business activities and financial matters of the person, there is no evidence that he/she has:

i. Committed an offence involving fraud, violence or other dishonesty;

ii. Engaged in business practices that appear to be deceitful, oppressive or improper (whether lawful or not) or which otherwise reflect discredit on his/her method of conducting business;

iii. An employment record which shows that he/she carried out an act of impropriety in the handling of his employer’s business;

iv. Engaged in or been associated with any other business practices or otherwise conduct himself/herself in such a way as to cast doubt on his/her competence and soundness of judgment.

Requirements

Elected members must be prepared to give generously of his/her time to attend:

a. Board and Committee meetings;

b. Seminars and training courses;

c. Other meetings and events of AMGECU

Vacant Position

Board of Directors

The Board shall consist of twelve (12) members to be elected at the Annual General Meeting in accordance with: 1. By rotation annually, there shall be four (4) vacancies.

2. In accordance with (a) (i) members elected to fill the vacancies shall serve for a term of three (3) years.

3. Other vacancies arising on the Board whether by resignation, death or disqualification shall be filled at the next Annual General Meeting for the unexpired term.

4. Not more than one (1) member of any family shall be eligible to serve on the Board and any one (1) committee of the Society.

5. No member of the Board may serve for more than three (3) consecutive terms.

Supervisory Committee

1. The Supervisory Committee shall consist of three (3) members to be elected annually by the members at each annual general meeting, none of whom shall be eligible for service on the Board or the Credit Committee.

2. No member shall serve for more than three (3) consecutive terms.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Credit Committee

1. The Committee shall consist of five (5) members elected by the members at each Annual General Meeting. 2. No member may serve for more than five (5) consecutive terms.

Screening Exercise

A screening exercise will be conducted for all candidates.

Orientation

An orientation programme on the business of a Credit Union will be held for all candidates before the Annual General Meeting.

Nomination System

1. Applications

• Applications for nomination of candidates to the Board of Directors, Supervisory Committee and Credit Committee shall be in writing on a form approved by the Nominations Committee. Also it must be signed by the candidate and two (2) AMGECU members – a “PROPOSER” and a “SECONDER”, and should be accompanied by the candidate’s resume (on the attached form).

• All nomination applications must be sent to the Nominations Committee no later than March 31, 2024.

• Nomination forms are available at the Credit Union office and also from Liaison Officers within each ANSA McAL Group Company or Affiliate Companies.

2. The candidates will be notified of the dates of the “Screen Exercise” and ‘Orientation Programme’.

3. The complete list of applicants and their resumes, together with the recommendations of the Nominations Committee, shall be made available to the Board of Directors in time to be reviewed at the board’s meeting in the month of MARCH 2024. The complete list of ALL nominees shall be made available to the Annual General Meeting.

4. Members who have been nominated for office are expected to be present at the Annual General Meeting. If a Nominee is unable to attend the Annual General Meeting, such Nominee must submit in writing his/her accepting the nomination PRIOR to voting.

5. Outgoing members on ‘elected’ committees are required to submit a Nomination form if they wish to serve for another term, on or before March 31, 2024.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

President’s Address

My Dear Fellow Members, it gives me great pleasure, to welcome you to our

68th Annual General Meeting.

The Board’s thrust for the term 2023-2024, was to continue working towards achieving the goals and objectives of our Strategic Planning and Implementation Framework, mainly through growth and digital transformation.

2023 was another challenging year for most of the economies. Despite the external challenges, AMGECU completed another commendable year.

Aiming to increase our membership base and offer competitive rates and products, we changed our mindset, risk appetite, and investment decisions, creating a growth orientation across the organization. We believe as a Growth Oriented Board, we have to shape our thinking and actions towards growth, over both the short and long-term horizons.

These initiatives which the Board has outlined, would not be possible without the leadership skills and ongoing support of the Management and staff of AMGECU.

The wise King Solomon in Proverbs 24:3,4 says “Through wisdom, a house is built and by understanding it is established and by knowledge, the rooms shall be filled with all precious and pleasant riches”.

We intend to satisfy members’ needs through creativity and foresight by providing competitive financial services for you, our valued members.

In 2024, we will continue to explore and pursue new opportunities along with completing the implementation of our Strategic Plan (2022-2025) to generate new income streams and increase our surplus for the benefit of our membership. As we move forward, the Board and I are committed to providing you with greater service and support. As a member-owned financial institution, we will always put the needs of our members to the forefront. AMGECU believes in shared success. Your economic participation helps build our collective prosperity. Your savings grow and so does our financial community. It’s a win-win! As previously highlighted, we are continuously working to improve our products and services to ensure we give you the - Key To Your Dreams.

In conclusion, the astute management of our Credit Union’s resources permitted AMGECU to realize a healthy surplus, which allowed your Board to propose a competitive dividend payment of four percent (4%)

As President of this esteemed Institution, I want to say a special thank you to our loyal Members, Board of Directors, Credit Committee, Supervisory Committee, ANSA Mc Al Group of Companies, Associated Companies, and Liaison Officers for the support over the last year.

______________________

Cynthia Carr-Hosten

President

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Minutes OF THE 67TH ANNUAL GENERAL MEETING

OF AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

HELD ON SATURDAY APRIL 15TH 2023 AT THE GRAND BALLROOM, HILTON TRINIDAD AND CONFERENCE CENTRE, LADY YOUNG ROAD, PORT OF SPAIN.

PRESENT WERE:

BOARD OF DIRECTORS:

Russell Gulston - President

Cynthia Carr-Hosten - Vice President

Steve Woodley - Director

Arnim Phillips - Director

Garth Bowen - Director (online)*

Jennifer Felix-Norton - Director

Khama Mohammed-Sooknanan - Director

Cheryl Lutchman - Director

Arkiebah Peters-Alexander - Director

Claudine Allert - Director

Ria Jamurath - Director

Tenika Cordner - Director

* This Board member attended the meeting virtually.

CREDIT COMMITTEE: SUPERVISORY COMMITTEE:

Justin Ayoung Colleen Caseman

Marissa Blackman Wendy Cadiz-Clarke

Michelle Hayde-Gopee Eartha Self-Pierre

Kevin Jeremiah

Jason Marcano

INVITED GUESTS:

Pamela Alcazar Co-operative Officer

Ministry of Labour and Small Enterprise Development

Paula La Barrie-Mitchell Co-operative Officer

Ministry of Labour and Small Enterprise Development

Dianne Joseph Returning Officer

Co-Operative Credit Union League of T&T

Leslie Ramcharitar Auditor - Bakertilly

Chartered Accountants and Business Advisors

AMGECU STAFF

Beverly Young General Manager Dionne Peters Accountant Chitra Vidya Ramsawak Senior Credit Officer Esha Ann Daniel System Administrator Felicia Reviero Administrative Services Officer Crystal Dyer Administrative Assistant Ann Martin Accounts Clerk Akeeme Williams Member Relations Officer Jesus Badal Courier Ronald Contaste General Services Assistant

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Minutes of the 67th Annual General Meeting (continued)

1.0 CREDENTIAL COMMITTEE REPORT 1

1.1 The President advised the meeting as follows:

1.1.1 QUORUM: In accordance with the Bye-Laws a quorum for the meeting would constitute fifty persons and at 2:07 p.m., there were sixty-six (66) members present. The required quorum was met, and the meeting was declared open.

1.1.2 HSE ANNOUNCEMENT: In keeping with HSE requirements and effective response to health and safety incidents and other emergencies that might occur, a voice recording from the HSE Management Team of Hilton Trinidad and Conference Centre was shared with the membership. It outlined the building layout and security including emergency exits from the Grand Ballroom, following all the Covid-19 protocols.

2.0 CALL TO ORDER

2.1 The President – Mr. Russell Gulston called the meeting to order at 2:07 p.m.

2.2 He invited all to stand for the playing of an instrumental version of the National Anthem of Trinidad and Tobago assisted by Dynamic Audio Visual. This was followed by the recitation of the Credit Union Prayer contained on page 2 of the 2022 Annual Report.

2.3 The President asked all to remain standing as one minute’s silence was observed for deceased members of the Credit Union, who departed during the year 2022. Mention was made of Ms. Claudia Charles, past Secretary/General Manager, who died earlier this month. He also informed the meeting of the death of Mrs. Vashti Sooknanan who passed away on 2nd March, 2023. The list of these past members was mentioned on page 31, of the Annual Report under the Board of Directors Report.

3.0 OPENING REMARKS

3.1 The President extended a whole-hearted welcome to the specially invited guests, who included: Pamela Alcazar and Paula LaBarrie-Mitchell, Co-Operative Officers of Ministry of Labour and Small Enterprise Development; Dianne Joseph and Team, Returning Officer from the Co-Operative Credit Union League of T&T and Leslie Ramcharitar, representing the Auditors Bakertilly Chartered Accountants and Business Advisors. He commented that it was a pleasure also to have physically in the meeting the membership present, former Directors and Pensioners and members of the Board of Directors, Credit and Supervisory Committees.

4.0 GENERAL INFORMATION

The President shared with the membership the following general information:

4.1 Director Garth Bowen was joining the meeting online.

4.2 The location of the washroom facilities and water stations.

4.3 The requirement that Members wear their face masks for the duration of the meeting.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Minutes of the 67th Annual General Meeting (continued)

4.4 The chits given at the registration desk entitled members, including the staff of the Credit Union, to door prizes and a to-go boxed meal after the meeting.

4.5 The Know Your Member Form was available at the Registration Desk for members to supply the Credit Union with any updated information, if it had not been done in the past two years.

5.0 ANNUAL REPORT 2022 CORRECTIONS / AMENDMENTS / OMISSIONS The following corrections were made to the Annual Report:

• Page 6 - Correction - item IX: Change from Never have adjudicated bankrupt to Never have been adjudicated bankrupt.

• Page 6 - Correction- item d.i. Change and to an: Committed an offence…

• Page 8 - Correction – Orientation: Add full stop to the end of the sentence.

• Page 9 - Correction 2nd paragraph, end of 2nd line: Change which has also been to which have also been

• Page 15 & 19 - Error “Debra Nemar Tracey should be Deborah Neemar Tracey

• Page 20 - Error – 26.2.5 Should be Financial Ombudsman

• Page 20 - Correction item 26.2.7.1. Change the print media to the printed media

• Page 20 - Correction – item 26.2.8 Change members’ share to members’ shares

• Page 26 - Correction - 1st paragraph, 3rd line Change day to Day (Capital D)

• Page 26 - Correction – last paragraph, 2nd sentence: Change mandate is geared toward to mandate is geared towards

• Page 27 - Insertion-2nd paragraph, 4th sentence: Add full stop after leadership experiences. (start new sentence): The intent is

• Page 28 - Correction 1st paragraph, 3rd sentence: Change Members shares to Members’ Shares. • Page 34 - Error – Paragraph five “COVID” should be “COVID-19”

• Page 34 - Correction – CONCLUSION, 1st paragraph, 2nd sentence: Change to name fa ew to “to name a few”.

• Page 34 - Correction – CONCLUSION, 4th paragraph, 2nd sentence: Change al-19ong to “along” • Page 36 - Corection-CONCLUSION, 1st paragraph, 3rd sentence: Change measure to “measures” • Page 95 - Correction-Resolution 2 AMGECU should include “Credit Union Co-Operative Society Limited”

6.0 ADOPTION OF STANDING ORDERS

6.1 The President brought to the attention of the meeting the Standing Orders numbered 1-14 as contained on Page 4 of the 2022 Annual Report that would rule throughout the meeting.

6.2 Cheryl Lutchman moved a motion for the Adoption of the Standing Orders numbered 1-14, on page 04 of the 2022 Annual Report.

6.3 Members present voted in favour by a show of hands. No members abstained or voted against the motion. The President confirmed that the motion was carried.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Minutes of the 67th Annual General Meeting (continued)

7.0 NOTICE CONVENING THE MEETING

7.1 Beverly Young, Secretary/General Manager, read the notice convening the 67th Annual General Meeting contained on Page 3 of the 2022 Annual Report.

8.0 PRESIDENT’S ADDRESS

8.1 The President, Russell Gulston then read his message contained on Pages 9 and 10 of the Annual Report.

9.0 MOTION FOR MINUTES TO BE TAKEN AS READ

9.1 Cuthbert Tracey moved a motion that the minutes of the 66th Annual General Meeting held on Saturday May 21st, 2022 as contained on pages 11-21 be taken as read.

9.2 Anthony Alleng seconded the motion.

9.3 Members present voted in favour by a show of hands. No members abstained or voted against the motion. The President confirmed that the motion was carried.

10.0 CONFIRMATION OF MINUTES

10.1 Subject to the correction on the errata sheet, the minutes were confirmed on a motion moved by Judy Ragoonanan Williams seconded by Debra Prince.

10.2 Members present voted in favour by a show of hands. No members abstained or voted against the motion. The President confirmed that the motion was carried.

11.0 BUSINESS ARISING FROM THE MINUTES OF THE 66th AGM 2022

11.1 The President reported that there was no business arising from the minutes of the 66th Annual General Meeting held on May 21st, 2022. He invited the membership to ask any questions regarding the minutes, however, no questions or comments were forthcoming.

12.0 REPORTS FOR 2022

12.1 Claudine Allert moved a motion that all reports (Board, Credit, Supervisory, Nominations) appearing on pages 22-37 be taken as read.

12.2 Ria Jamurath seconded the motion.

12.3 Members present voted in favour by a show of hands. No members abstained or voted against the motion The President declared the motion as carried.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Minutes of the 67th Annual General Meeting (continued)

13.0 QUESTIONS/COMMENTS ON REPORTS

13.1 The President opened the floor for questions to seek clarification from the respective Committee Chairpersons of the Board, Credit, Supervisory or Nominations Committees on any of the reports presented in the 2022 Annual Report.

13.2 There were no questions or comments by the membership on any of the following reports: Board (Marketing and Product Development, Sports, Education and Youth), Credit, Supervisory and Nominations.

14.0 CONFIRMATION OF REPORTS EN-BLOC

14.1 Khama Mohammed moved a motion that the reports from pages 22-37 of the 2022 Annual Report be confirmed en-bloc.

14.2 Anthony Alleng seconded the motion.

14.3 Members present voted in favour by a show of hands. No members abstained or voted against the motion. The President declared the motion carried and the reports confirmed.

15.0 CREDENTIAL COMMITTEE REPORT 2

15.1 At 2:30 p.m. there were one hundred and two (102) members present at the meeting.

16.0 ELECTION OF OFFICERS

16.1 The President advised the membership to view a tutorial video presentation on How to Use the Ballot Paper.

17.0 CREDENTIAL COMMITTEE REPORT 3

17.1 At 2:50 p.m. there were one hundred and twenty (120) members present.

18.0 VOTING PROCESS

18.1 A video was shown on how the voting process would be carried out and how to use the Ballot Papers.

19.0 ELECTION OF OFFICERS

19.1 The President introduced Dianne Joseph, Chief Operations Officer of the Co-Operative Credit Union League of Trinidad and Tobago, as the Returning Officer, for the Election Process. Accompanying Ms. Joseph were Esha-Ann Daniel, the Electronic Ballot Machine Operator and other personnel from the Co operative Development Division, who offered support for the process.

19.2 Ms. Joseph thanked Mr. Gulston for the invitation to again assist with the Credit Union’s Election Process. She highlighted Bye-Law 33, which would govern the guidelines for the election.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Minutes of the 67th Annual General Meeting (continued)

19.3 Ms. Joseph then declared all seats vacant for the following:

(a) Directors whose term of office was completed

(b) Members of the Supervisory Committee

19.4 Nominations were opened for additional members from the floor for the Supervisory Committee. Alexandria Bachan was nominated and accepted from the floor by Mr. Badal and seconded by Deborah Neemar -Tracey. Ms. Bachan, a young member gave a brief description of herself

19.5 Anthony Alleng moved a motion that nominations from the floor cease and Debra Prince seconded the motion. The motion was carried.

19.6 Ms. Joseph confirmed that there were now five candidates for the positions of members of the Supervisory Committee, with three members to form the committee and two alternates.

19.6 Ms. Joseph confirmed that the Nomination Committee had submitted six members for the Credit Committee but only five members were required. No additional members were required to be nominated from the floor.

19.7 The Nominations Committee had submitted six prospective candidates to fill four vacant Board positions for the next three years.

19.8 All the candidates’ profiles were displayed on the screens, while members were encouraged to vote.

20.0 ELECTION RESULTS

20.1 Dianne Joseph declared the Election of Officers concluded and in announcing the results, stated that three (3) ballots were spoilt. The following members were elected to serve in their respective committees:

20.2 SUPERVISORY COMMITTEE

	Nos NAME	COMPANY	VOTES
1	Kevin Jeremiah	TTMF	70
2	Leisel Aneika Francis	TATIL Life Assurance Ltd	68
3	Alexandria Bachan	Self Employed	56
4	Jennifer Khan-Charles	TATIL	54 (1st Alternate)
5	Anderson Abraham	GML	49 (2nd Alternate)

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Minutes of the 67th Annual General Meeting (continued)

20.3 CREDIT COMMITTEE

	Nos NAME	COMPANY	VOTES
1	Justin Ayoung	Retired - AMCO	91
2	Donna Persad	Retiree	79
3	Jason Marcano	TATIL	75
4	Michelle Gopee	GML	74
5	Marissa Blackman	WASA	70
6	Colleen Caseman	ANSA Coatings Limited	49 (1st Alternate)
7	Denysha Mathias-Harewood	Self Employed	43 (2nd Alternate)

20.4 BOARD OF DIRECTORS

Nos	NAME	COMPANY	VOTES
1	Cheryl Lutchman	Hand Arnold Limited	75
2	Cuthbert Tracey	Retiree	66
3	Jennifer Felix-Norton	GML	63
4	Anthony Alleng	Retiree	62
5	Karen Gonzales	Self Employed Attorney at Law	57 (1st Alternate)
6	Arnim Phillips	Retiree	51 (2nd Alternate)

20.5 DESTRUCTION OF BALLOTS

20.5.1 Ms. Joseph called for a motion for the destruction of the ballot papers.

20.5.2 Marcus Young moved the motion for the destruction of the ballots and the motion was seconded by Anthony Alleng.

20.5.3 Members present voted in favour by a show of hands. No members abstained or voted against the motion. Ms. Joseph declared the motion as carried.

20.6 Ms. Joseph congratulated all those who were elected to serve and wished them a successful 2023-2024 term in office.

20.7 The President resumed the chair of the meeting and thanked Ms. Joseph and her Team for facilitating the Election Process.

21.0 AFFIRMATION OF OFFICE

21.1 The President invited the newly elected members to come forward and take the affirmation of office. The Credit Union staff distributed the affirmation forms to all elected members and after taking the affirmation, they all signed, dated and returned the document to the Credit Union.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Minutes of the 67th Annual General Meeting (continued)

22.0 AUDITOR’S REPORT

22.1 Mr Leslie Ramcharitar, representative of the firm Bakertilly Accountants and Business Advisors read only the Opinion and the Basis of the Opinion, of Independent Auditors’ Report contained on page 43 of the brochure.

22.2 There were no questions from the membership on the auditor’s report and the President thanked Mr. Ramcharitar.

23.0 COMMENTS ON FINANCIAL STATEMENTS

23.1 The President called for a motion that the Financial Statements for the year ended 31st December 2022 be adopted.

23.2 Steve Woodley moved the motion for the adoption of the Financial Statements for the year ended 31st December 2022, (including the Financial Position, Comprehensive Income, Changes in Equity, Cash Flow, Notes contained on Pages 44-60 of the Brochure.

23.3 Members present voted in favour by a show of hands. No members abstained or voted against the motion. The President declared the motion as carried.

24.0 PRESENTATION OF RESOLUTIONS

24.1 Resolution 1: BE IT RESOLVED that in accordance with Bye-law #19 (b) a dividend of four percent (4%) be approved and paid to members on their shareholdings for the period of 2022, and that such dividend be credited to Loan/Interest Account of those members whose Loan Accounts have become delinquent.

24.1.2 Cynthia Carr-Hosten moved this motion and Arkiebah Peters Alexander seconded the motion. 24.1.3 Members present voted unanimously in favour by a show of hands. The President declared the resolution as carried.

24.2 Resolution 2: BE IT RESOLVED that the firm Bakertilly Chartered Accountants and Business Advisors be as Auditors for the AMGECU Credit Union Co-operative Society Limited for the year ending December 31, 2023.

24.2.1 Arnim Phillips moved this motion and Claudine Allert seconded the motion.

24.2.2 Members present voted unanimously in favour by a show of hands. The President declared the resolution as carried. The President declared the resolution as carried.

24.3 Resolution 3: BE IT RESOLVED that an honorarium of $185,000.00 be declared being approximately 2.5% of the net surplus to be shared among the Board of Directors, Elected and Appointed Committees. 24.3.1 Ria Jamurath moved this motion and Tenika Cordner seconded.

24.3.2 Members present voted unanimously in favour by a show of hands. The President declared the resolution as carried.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Minutes of the 67th Annual General Meeting (continued)

24.4 MAXIMUM LIABILITY

24.4.1 The President advised that this resolution was new to all credit unions, but formed part of the regulations instituted by the Commission, and as such AMGECU would abide by all regulations. Arkiebah Peters Alexander informed the membership that the Regulation 14 of the Co-operative Societies Act, Chapter 81:03 stated:

1. Every Society shall, from time to time, fix at a general meeting the Maximum Liability it may incur in respect of loans or deposits whether from Members or non-members.

2. The Maximum Liability fixed under sub-regulations (1) shall be subject to the approval of the Commissioner, who may at any time reduce it.

3. No Society shall receive loans or deposits in excess of the Maximum Liability approved or fixed by the Commissioner.

24.4.2 Resolution 4: BE IT RESOLVED that the maximum liability be approved for the sum of Two Hundred Million dollars (TT$200,000,000.00) for the financial year ending December 31, 2023. 24.4.2.1Steve Woodley moved this motion and Arnim Phillips seconded same.

24.4.2.2Members present voted unanimously in favour by a show of hands. The President declared the resolution as carried.

25.0 PAYMENT OF DIVIDEND

25.1 Dividends will be paid on or before April 28th, 2023.

26.0 BUDGET PROJECTIONS

26.1 The President invited questions from the floor on Budget Projections (Review of Income and Expenditure Estimates for the year 2023) as contained on pages 93-94 of the 2023 Annual Report.

26.2 Emmanuel Downes moved the motion that the Budget Projections for the year 2023 be adopted. Susan Walters seconded the motion.

26.3 Members present voted in favour by a show of hands. No members abstained or voted against the motion. The President declared the motion as carried.

27.0 CREDENTIAL COMMITTEE REPORT 4

27.1 At 3:15 p.m. there were one hundred and thirty-four (134) members present.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Minutes of the 67th Annual General Meeting (continued)

28.0 DOOR PRIZES

28.1 Throughout the duration of the meeting, the following door prizes were drawn:

PRIZE	Donor	Ticket No.	Winner	TYPE
1st	AMGECU	195	Sherwin Phillip	Member
2nd	CARIB	142	Deanne Pragg	Member
3rd	CARIB	122	Khama Mohammed	Director
4th	B&B Transformation	159	Donna Persad	Retiree
5th	CARIB	104	Ronald Contaste	Member
6th	CARIB	160	Brian Trujillo	Retiree
7th	CUNA	103	Arnim Phillips	Director

29.0 GENERAL BUSINESS / OPEN FORUM FOR QUESTIONS

29.1 The President opened the floor for questions, suggestions or proposals for consideration, which had not been previously discussed.

29.2 The following questions were asked from the membership:

29.2.1 Cuthbert Tracey made the following comments and questions:

29.2.1.1He commended the Board on the formation of the Youth Committee.

29.2.1.2He noted that under the Budget Projections (a) on new loan products the budget for 2022 was not achieved but for 2023 the budget is 462,554 and wanted to know the rationale for this. (b) Financial Investments for 2022 was TT$3,631,194 with the actual being TT$4,450,078 with the projection for 2023 at TT$2,496,290 a much lower figure, and he sought clarity on the Board’s decision.

In responding to Mr. Tracey’s question on the loan products budgeted figure, the President replied that the Credit Union was presently in a transformational mode and had strategic goals to achieve. Since there were no transactions in 2022 due to many constraints including time, the Credit Union intended to achieve much more in 2023 hence the budget.

Mrs. Young further stated that projections on Financial Investments are based on actual investments held and in 2022 this was over projected. Included in the actual figure was the sale of FCB shares and with no expected investment sale this year the figure was reduced. The budgeted figure was for expected income from investments held and projected increase in investments.

29.2.1.3He also asked about the increase in Committee members’ stipend, with TT$67,540 budgeted but actually TT$89,815 expended, and a budged figure of TT$407,050 projected for 2023. Why was there this significant increase?

The President replied that several additional interim committees had been formed for the implementation of the Credit Union’s Strategic Plan. The Board had agreed to a proposed stipend to these members and committees, as there would be many more expected meetings.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Minutes of the 67th Annual General Meeting (continued)

29.2.1.4Under Legal and Professional Fees, he noted that the budgeted figure for 2022 was TT$616,833, with the actual being TT$150,752, but the 2023 figure was TT$404,400.

Mrs. Young replied that this represented the Legal and Professional fees due to the implementation of the strategic plan process which began in 2022 but was not yet completed. In working with consultants to bring on new products, the figure had increased and represented mainly professional fees to be incurred.

29.2.1.5He stated that the Port of Spain office was now operating business for only eight (8) days: the last five (5) working days in the month and first three (3) working days in the subsequent month and questioned why that was so, as opposed to a possible 20 working days. This he saw as a challenge to members who resided in Port of Spain and further west.

Mrs. Young replied that at present the volume of business in Port of Spain was slow, and a full-time staff for the Port of Spain office was not the best use of the human resources nor productive for the organization. This decision was taken based on transaction data over a period of one year. However, if business increased then that decision could be modified to either more days or resumption of full time staff. Members were urged to use other payment methods and some can do direct deposit.

29.2.2 Deborah Neemar Tracey wanted to know why tokens were not given out to members at this AGM. The President replied that the Credit Union opted not to expend money out of cash but rather to ensure that the paid out dividend did not fall below four percent. It would be anticipated that in 2024 members would receive more including tokens.

29.2.3 A member also (a) agreed with Deborah Neemar Tracey’s comment and added that nothing was also given to the children at Christmas time, and noted that any token was just a simple member appreciation, which should not be overlooked. (b) She also asked whether the Credit Union had a marketing strategy because in comparison to other lending institution’s rates, AMGECU’s interest rate is one of the highest for home purchases.

The President replied (a) that AMGECU’s finances cannot be compared with the other credit unions, but for 2024 this would be taken into consideration.

He also explained that the high interest rates were strategically deliberate in the present economic environment and on the advice of the consultants. He gave the example that if the Credit Union lent $10M to ten prospective home owners over an extended period, the return on this investment was recouped after twenty years or more, with this interest not adding value to the members’ investment at present. The Credit Union lends money for purchases of homes, land etc. as an investment for members, however it would be concentrating more on members’ personal and other loans. However, this does not mean that the Credit Union will not lend money to members once the criteria are met. The focus however, moving forward would be on personal loans between 1-7 years which will give a better growth strategy in the short term rather than mortgage loans in excess of twenty years.

Mrs. Young added that early in 2022, an analysis of the loans portfolio over a 10 year period was completed, showing that the mortgage portfolio had shown significant growth. In the area of personal loans of $60M, this had generated $4M in revenue. However on the mortgage portfolio where approximately $48M was expended, the return on this was only $2M. Therefore on an average the mortgage loans generated 50% less income than the personal loans. In assessing this information, the Board of Directors took a decision to stop marketing mortgages and realign the portfolio, because it was not generating the expected interest, as pay-back on personal loans was estimated at seven years max with mortgages being 20-30 years.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Minutes of the 67th Annual General Meeting (continued)

29.2.4 Emmanuel Downes requested that the Board should ensure tokens are given out at the next AGM, even if it’s a pen.

The President assured Mr. Downes, that the Board would reconsider its decision and double tokens given at the next meeting, as this was the first year it was not done.

29.2.5 Nicholas Joseph said that since we are in the day of digital technology he asked about Central Bank Digital Currency (CBDC) being used in Barbados to date. How is the credit union positioning itself to deal with CBDC? It is to control where and how one spends money and the amount of money spent. The President replied that AMGECU is not anti that type of transaction but prefers to wait and be a follower and see how this will work first, what are the loopholes being experienced, especially by the government and if it will run smoothly before the Credit Union proceeds in that direction.

29.2.6 Marcus John stated that he went onto AMGECU’s website which was not secure and displayed an error message and wondered whether it was monitored and maintained regularly. He said he eventually got the required information on Facebook and Instagram.

Mrs. Young replied that work had been done on the website, hence the error message and the numbers updated and changed subsequently.

29.2.7 A young member asked about the increase in the budget for retirees’ events and what activities were being planned for them.

The President replied that the retirees organized their own events and there is a budget allocation for 2023. He mentioned that for the past three years, they had no activities, because of the COVID-19 pandemic, but more activities planned would be shared with all.

29.2.8 Keith Sylvester asked if there was a youth group in the Credit Union and that more could be shared with the membership, so that many young members present could be part of it.

The President replied that a youth committee had been formed and was in the in process of developing activities for its young members. A Youth Board would be included as well as programmes and plans for youth involvement in all aspects of the credit union.

30.0 CREDENTIAL COMMITTEE REPORT 4

30.1 At 4:14 p.m. there were one hundred and thirty-seven (137) members present.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Minutes of the 67th Annual General Meeting (continued)

31.0 EXPRESSION OF THANKS

31.1 Cynthia Carr-Hosten, Vice President, offered expression of thanks firstly to Almighty God for the new period of existence in our lives. Included in the thanks were the following who offered yeoman service: • Management and Staff of Hilton Hotel, and the pristine accommodation with a view overlooking the capital

• Specially invited guests Pamela Alcazar, Paula La Barrie Mitchell co-operative officers • Dianne Joseph and Team, Returning Officer for her wealth of experience ensuring the Election Process went smoothly

• Leslie Ramcharitar, Auditor, Bakertilly Chartered Accountants and Business Advisors, ensuring they operated above board

• Former Directors and Incoming Directors and Committee Members,

• Management and Staff of AMGECU led by Beverly Young, for the hardworking team for making the AGM a success

• To the Corporate World

• The membership for being part of the AMGECU family and for taking the time off to be present at this AGM and making it a top Credit Union.

32.0 CONCLUSION

32.1 At 4:15 p.m. the President announced that there was no further business to discuss and declared the meeting officially closed.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Board of Directors Report

OVERVIEW

The Management and Board of Directors commenced a Strategic Planning exercise to guide us through the period 2022-2025, where a Steering Committee was established in 2022 to ensure implementation of our plan. Diligently, this Committee created work plans with clear timelines and action items. As a Society, we are evolving and must function in an ever changing and dynamic environment and cannot remain stagnant. While at the same time maintaining familial relationships, our success must be business focussed. The setting of specific targets will be closely monitored against actual performance and driven by professional staff who are provided with the resources required to ensure the Society’s success.

Some of the key initiatives completed:

• A Revised Organizational Structure to improve decision making with clear reporting relationships. • Created a DOMA (Delegation of Management Authority) policy, which granted the decision-making responsibility to senior staff to ensure timely approvals.

• An Employee Training Policy. It is imperative that our valued employees receive ongoing and appropriate training to ensure effective and efficient services are provided.

• The addition of our new Flexi Credit Loan product - This is a revolving personal loan solution that allows members to borrow up to agreed specific limits to meet their various credit needs.

We currently have several initiatives in the pipeline such as:

• The expansion of the loans portfolio, which will entail a new focus on lending to members who are Sole Traders and Self-Employed.

• Purchasing of an online banking module with the aim of improving delivery channels to the membership. • Improving our Marketing Strategy by embracing the world of digital innovation, to ensure that growth is achieved. This will give us an opportunity to fully enter the digital space to ensure that we are competing effectively in the financial services sector. Also improving communication with our membership. • Ongoing visits to Tobago to increase our membership base, while enlightening and engaging our existing members.

Overview of Financial Table

The Board of Directors is pleased to present an account of its stewardship of AMGECU Credit Union Co-operative Society Limited for the financial year ended December 2023.

Despite the fact that the economy was faced with challenges, the unemployment rate decreased from 3.7% to 3.2% in the 3rd quarter of 2023. There was a positive ripple effect as we saw an increase in our Loans Portfolio by 3.7%, however, our Members’ Shares decreased by 2%, as some members opted to withdraw their funds instead of making loan requests, which recorded a decrease in our income.

We embraced the challenge and recorded another successful fiscal year by staying focussed and ensuring that we met the expectation of our membership by maintaining the dividend payout of 4%.

We will continue to monitor opportunities to increase our Investment Portfolio to ensure that we have a sustainable future.

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“Achieving Growth through Strategic Transformation”

Board of Directors (continued)

Item	2023	2022	Change	% Change
Total Assets	216,193,730	218,633,994	-2,470,264	-1.1%
Members’ Loans	103,916,265	100,247,829	3,668,436	3.7%
Members’ Shares	167,471,178	167,193,908	277,270	0.2%
Total Income	13,161,495	14,049,442	-506,038	-3.6%
Total Expenditure	5,350,756	4,689,550	1,193,059	25.4%
Surplus	7,810,739	9,174,892	-1,688,617	-18.4%

COMPOSITION OF THE BOARD OF DIRECTORS AND EXECUTIVE COMMITTEE The Board of Directors for the 2023/2024 comprised the following persons:

• Cynthia Carr-Hosten

• Steve Woodley

• Ria Jamurath

• Cheryl Lutchman

• Russell Gulston

• Garth Bowen

• Tenika Cordner

• Jennifer Felix-Norton

• Claudine Allert

• Arkiebah Peters-Alexander

• Anthony Alleng

• Cuthbert Tracey

EXECUTIVE COMMITTEE

At the Inaugural Meeting of the Board of Directors held on 26th April 2023, the following Directors were elected to serve on the Executive for the 2023/2024 term:

• Cynthia Carr-Hosten - President

• Steve Woodley - Vice President

• Russell Gulston - Member

• Ria Jamurath - Member

• Cheryl Lutchman - Member

The Executive held seven (7) meetings during the period May 2023 to January 2024.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Board of Directors (continued)

MEETINGS OF THE DIRECTORS

Board of Directors held eighteen (18) meetings during the period February 2023 to January 2024 made up of twelve (12) Statutory meetings and six (6) Special meetings.

BOARD MEMBER	Statutory	Special	Excused
Russell Gulston	12	6	0
Tenika Cordner	10	6	2
Garth Bowen	9	6	3
Jennifer Felix-Norton	10	5	3
Ria Jamurath	10	5	3
Cynthia Carr-Hosten	12	6	0
Cheryl Lutchman	10	6	2
Steve Woodley	10	5	3
Claudine Allert	9	2	7
Arkiebah Peters-Alexander	12	6	0
Anthony Alleng**	7	6	1
Cuthbert Tracey**	6	6	1
Khama Mohammed-Sooknanan***	5	0	0
Arnim Phillips ***	4	0	0

Note: Directors marked with asterisk (***) served up to 12th April 2023.

Directors marked with asterisk (**) served from 13th April 2023.

OUT-GOING DIRECTORS

2021-2024	2022-2025	2023-2026
Arkiebah Peters-Alexander	Russell Gulston	Anthony Alleng
Claudine Allert	Cynthia Carr-Hosten	Cuthbert Tracey
Garth Bowen	Ria Jamurath	Cheryl Lutchman
Steve Woodley	Tenika Cordner	Jennifer Felix-Norton

MARKETING AND PRODUCT DEVELOPMENT

The members of the Marketing & Product Development Committee were:

• Russell Gulston (Chair)

• Ria Jamurath

• Cynthia Carr-Hosten

• Garth Bowen

• Vidya Ramsawak

• Arnim Phillips (Recording Secretary)

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Board of Directors (continued)

The Marketing and Product Development Committee was formed as part of our strategic thrust to further understand Member needs and to develop and launch New Products with accompanying policies that cater to those needs and to provide the best financial solutions to our Membership. The Committee is also tasked with increasing Membership and Brand awareness. There was an increase of one hundred and seventeen (117) new members in 2023.

The MPDC started selecting Brand Ambassadors in 2023 to facilitate our latest drive to improve Brand awareness and to assist in our Membership drive. Our Liaison Officers were the first targeted group. Briefing sessions were conducted with them to obtain their support. Terms of reference and an Incentive Plan were later finalized for the team. Training sessions for Liaison Officers will be rolled out in Q2 of 2024.

The Committee has already done development on three new products in 2023. Data on the introduction and performance of these New Products is currently being analysed and assessed and the Products will be formally launched during the second quarter of 2024.

Through Digital Marketing, we will articulate our unique value propositions, identify, and communicate our distinctive stories and build awareness and credibility to differentiate to the benefit of our Membership.

We will create a knowledgeable awareness of our products and services in the new term 2024 through ongoing Digital Marketing and strategic communications campaigns that support our objectives and drive new business to generate results that build our brand and drive growth.

INFORMATION TECHNOLOGY COMMITTEE

The members of the Information Technology Committee were:

• Steve Woodley (Chair)

• Darvel Cordner

• Vijai Maharaj

• Arnim Phillips

• Esha-Ann Daniel

The 2023-2024 Information Technology (IT) Committee’s focus this term was centered around improving members’ convenience and fortifying AMGECU’s IT infrastructure to mitigate against malware, in particular ransomware.

The Committee, cognizant of the expectation of members for greater convenience, has initiated a project to implement Global Internet Access (GIA) from Micro Software Designs (MSD). GIA will allow members to access their accounts online to conduct balance enquiries, statement requests, bill payments, cheque requests, member to member transfers and transfers to banks. GIA effectively allows members to access their information and conduct transactions 24/7. This project will be completed by the end of the first quarter, 2024.

The Committee has noted the steady increase in the occurrences of ransomware attacks on businesses in Trinidad and Tobago. As such, has recommended and implemented several changes and improvements geared towards protecting our data and raising the awareness amongst staff of suspicious emails and phishing schemes.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Board of Directors (continued)

An employee portal was created to store company data utilizing SharePoint Online, making use of our existing cloud subscription with Microsoft. Additional cloud storage was deployed to provide storage for offsite backups and other bulk data. Other prevention strategies will be implemented based on industry best practices. The IT Committee appreciates the opportunity to serve our members and stands ready to continue serving in the 2024 -2025 term.

EDUCATION COMMITTEE

In accordance with the Society’s Bye-Laws, the Board of Directors selected members to serve on the Education Committee for the 2023-2024 term, at its first monthly meeting.

The following members were elected to serve on the Committee:

• Arkiebah Peters-Alexander (Chair)

• Keith Slyvester (Secretary)

• Colleen Caseman

• Khama Mohammed-Sooknanan

• Jennifer Felic-Norton

• Cheryl Lutchman

The Committee aims to equip members with the necessary tools and resources to achieve their financial and personal goals by promoting financial literacy, wellness and professional development.

Education Grants 2023

Each year, AMGECU Credit Union Co-operative Society Limited provides financial assistance to eligible students/ members to encourage academic development.

The Criteria for these Grants are:

1. Must be in good standing

2. Must perform well scholastically

3. Must apply in the same year of the national/regional examinations

4. Must be an active member.

Irving Johnson & Harold Smith Grants – Awards Ceremony “A New Chapter Begins!”

This signature event was held on December 2nd, 2023 at the AMGECU Head Office building Board Room. Fourteen (14) junior members were recognized for their dedication to Academic Achievement and success at their various exams. The awards comprised of cash, share certificates and a token. A member of the newly formed Youth Committee, Ms. Dominique Norton, provided an engaging feature address.

The Committee held two Webinars:-

1. Financial Planning and Literacy

2. Wills and Probate Webinar with a focus on Living Trust, Power of Attorney and Appointment of Committee. Additionally, members of the Committee participated in mandatory AML training.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Board of Directors (continued)

Through its work, the Education Committee is making a tangible difference in the lives of Credit Union members, helping them to achieve their financial goals and secure their financial futures. By providing resources on topics such as financial literacy, and Estate Planning, the Committee is ensuring that members are well-equipped to navigate the evolving financial landscape.

Looking ahead, an efficient and operational Education Committee is a key contributor to the Credit Union Achieving Growth through Strategic Transformation.

The Education Committee’s efforts will continue to be essential to the Credit Union’s success and its ability to meet the needs of its members. By staying committed to its key responsibilities and continuing to provide relevant and engaging education and training programs, the Committee will help ensure that the Society remains competitive and able to meet the evolving needs of its members.

On behalf of the Education Committee, we extend our heartfelt thanks and appreciation to the Board of Directors, the General Manager and Staff of AMGECU for their support and look forward to working with you again.

EXECUTIVE STRATEGIC IMPLEMENTATION COMMITTEE

The members of the Executive Strategic Implementation Committee for the 2023-2024 term were: • Cynthia Carr-Hosten - Chair

• Arnim Phillips - Secretary (co-opted)

• Russell Gulston

• Ria Jamurath - Implementation Project Lead

• Steve Woodley

• Garth Bowen

• Beverly Young

Purpose of the Executive Strategic Implementation Committee (ESIC):

To develop and execute strategies for the implementation of AMGECU’s Strategic Plan 2022-2025.

Background & Overview

The Committee was formalized and held its first formal meeting on July 4th, 2022, to commence the development of an Implementation Work-Plan for AMGECU’s Strategic Plan, which was finalized in January 2022 through the services of an outsourced consultant – B&B Transformation Solution.

The structure for the Committee was determined in alignment with the need to have an advisory group to make directional decisions for AMGECU and develop a detailed implementation work-plan supported by AMGECU’s Strategic Plan. The aim was to ensure the continued financial and technological growth of the organization by adding and enhancing already existing procedures and guidelines.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Board of Directors (continued)

Objectives

The following objectives were determined by the ESIC to maintain focus on the key outcomes expected from this strategic exercise and journey for AMGECU:

• Set the strategic direction for AMGECU’s Strategic Projects/initiatives to ensure the delivery of outputs and achievement of outcomes for AMGECU’s Employees and Members

• Develop a detailed work-plan for the strategic initiatives for 2022-2025

• Develop supporting strategic documentation to support the implementation of the strategic initiatives • Determine timelines and assign sub-teams for the execution of the strategic initiatives • Support AMGECU’s Business Goals and Objectives

• Implement existing plans

• Enhance services provided to AMGECU’s membership

In light of achieving the above objectives, three (3) sub-teams were formed comprising of the following persons: • Team 1 - Beverly Williams-Young/Ria Jamurath

• Team 2 - Russell Gulston/Garth Bowen/Arnim Phillips

• Team 3 - Steve Woodley/Cynthia Carr-Hosten

Outside of the formal ESIC meetings, the sub-teams met separately as often as was required to work on their specific projects and report their progress at the formal ESIC meetings.

Highlights of Key Strategic Initiatives/Projects Completed in 2023:

Project 2 - Implementation of Strategic Workplans

• Development of Strategic Implementation Plan

• Detailed Work Plans

• Develop & Implement Standard Monthly Reports

• Monitor, Evaluate, Remediate – Ongoing on a monthly basis

Project 3 - Organizational Structure & Human Resources

• Approved Organizational Structure for AMGECU

• Approved new positions, job descriptions and associated budgets

• Approved Pre-Delegation of Authority Mgmt. & Talent Mgmt. Matrix

• Developed Comprehensive Training Plan/Policy for AMGECU

• Approved Incentive Model/Policy for AMGECU

Highlights of On-going Strategic Initiatives/Projects in 2024

Project 1 – Budgeting & Capex

• Prepare & Approve Budgets for the following loan products:

o Refreshed Product – LASSO Loan (Debt Consolidation Loan)

o New Product: Flexi-Credit – Budget & loan targets were set and approved for 2024

• Streamline Budgeting & Capex Process

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Board of Directors (continued)

Project 4 - Policies, Committees, Teams

• Appoint Brand Ambassadors/Teams

• Rationalize & Restructure Committees against Terms of Reference

Project 5 - Membership Growth

• Develop & Roll out Member Growth Strategy & Plan

• Target New Youth Members and Small Medium Enterprises

Project 6 - New & Existing Products

• Develop Marketing material for Refreshed Loans (Debt Consolidation (LASSO)), Unsecured/Special Fee Loan, Share Loan)

• Secure Strategic Partners

Project 7 – IT & CRM

• Purchase Emortelle GIA Module

• Develop RFP for CRM to solicit a vendor to implement a solution

• Recruit new IT staff member

• Create a new awareness campaign on all social media platforms and other traditional media outlets • Develop a training plan and schedule for GIA

• Develop new training manuals for CRM

• Develop new operating procedures for GIA

Project 8 – Digital Marketing

• Create Digital Marketing Strategy

• Engage the right Team, products, services and partners with the right capabilities, to ensure performance excellence

• Initiate Digital Marketing

• Deploy intelligent CRM and other technologies, to enable the organization to effectively reach and service target market.

YOUTH COMMITTEE

The Youth Committee of AMGECU was recently founded to encourage Youth involvement and engagement in the Credit Union. The Committee comprised of the following members:

COMMITTEE MEMBERS:

• Jennifer Felix-Norton – Interim Chair

• Sasonel Felix

• Erica Tenia

• Joanna Joseph

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Board of Directors (continued)

Youth Board: Engagement of Young Members

The Youth Committee embarked on a pilot project in the formulation of a Youth Board. This endeavour was successfully completed and has engaged several youth members by exposing them to training programs and information about the Credit Union’s functions and operations. This is geared towards preparing them for prospective roles for possible succession planning.

AMGECU Youth Committee’s mission of developing the youths into ambassadors for the society and empowering them in the process, will contribute to the Credit Union’s sustainability for coming generations by strengthening and promoting their involvement in co-operative growth.

Youth Debate Competition

The Committee is hosting its first youth debate competition in 2024 to showcase the creativity and aptitude of its younger members to encourage active participation in discussions and influence democratic processes, to inspire the youngsters in highlighting their inventiveness and skills.

The competition will consist of both a preliminary and final round.

The Youth Committee would like to express its gratitude to the Board of Directors, Management, Staff and Membership for their guidance and support.

FINANCIAL REVIEW 2023

SHARES

In 2023 Members’ Shares increased to $167,471,178 from $167,193,908 in 2022 and Members’ deposits decreased to $12,070,939 from $13,177,137 in 2022. In order to preserve our dividend rate the Board of Directors continued to limit the amount of money members can deposit on their Shares annually. This policy will be reviewed as the demand for loan increases.

LOANS

In 2023 there was a 3.7% increase in Loans. The number of loan applications approved were 1,069 and the value of the Loans was $24,158,166. The Loans portfolio increased by $3,668,436. Total Loans less provision for Loan Losses increased to $103,916,265 when compared to 2022 and the Loan balances were $100,247,829.

INVESTMENTS AND CASH HOLDINGS

The Credit Union’s investment portfolio is comprised of Bonds, Equities and Mutual Funds. As of 31st December 2023, the Investment portfolio was $69,160,975. The Income generated from the investment portfolio in 2023 was $3,597,156. Cash holding at the end of 2023 was $8,907,832.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Board of Directors (continued)

Investment and Cash Holdings Portfolio as of December 31, 2023

TYPE	($) 2023	%	($) 2022	%
Bonds	31,770,940	40.70	30,643,555	35.88
Equities	13,226,677	16.94	14,458,768	16.93
Mutual Funds and Fixed Deposits	24,163,358	30.95	25,743,922	30.14
Cash and Short-Term Funds	8,907,832	11.41	14,560,588	17.05
Total	78,069,008	100	85,406,833	100

ASSET MIX

The Credit Union’s Total Assets as of 31st December 2023 were $216,193,730. When compared to 2021, the Credit Union’s Total Assets were $218,633,994. The Total Assets of the Credit Union decreased by $2,470,264.

Asset Mix	2023 ($)	2022 ($)
Financial Assets	69,160,975	85,406,833
Fixed Assets & Investment Properties	19,501,262	18,509,659
Loans	103,916,265	100,247,829
Receivables & Prepayments	5,454,357	6,627,674
Employee Benefits	7,739,000	7,842,000
Cash & Cash Equivalents	8,907,832	14,560,588

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Board of Directors (continued)

SOURCE OF INCOME

Total Income for 2023 was $13,543,404 when compared to 2022, the Total Income decreased by $887,947. Interest from Loans was $8,867,328 which represents 67.4% of the Total Income. Income from investment was $3,597,156 which represents 27.3% of Total Income. Other Income was $697,011 which represents 5.3% of Total Income.

Source of Income

Source of Income	2023 ($)	2022 ($)
Interest from Loans	8,867,328	8,392,779
Interest from Investment	3,597,156	4,929,278
Other Income	697,011	727,385

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Board of Directors (continued)

MEMBERSHIP

The Board of Directors welcomed one hundred and seventeen (117) new members to the Credit Union in 2023. As of December 31, 2023, the total membership on our data base comprising employees, ex-employees and family members was five thousand, nine hundred and fifty (5,950). However, the total number of active members was five thousand, and sixty-nine (5,069).

CONDOLENCES

The Board of Directors extends heartfelt condolences to the relatives of members who passed on during 2023. Our thoughts and prayers are with you all.

The following is a list of the deceased members:

Mangree (Vashti) Sooknanan**	Meena Singh
Leslie Ann Campbell	Ferdinand Alexis
Lisa Kawal-Mohammed	Seetal Sookhan
Fitz Herbert Noel**	Olive Bishop

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Board of Directors (continued)

LOOKING AHEAD

Whilst the Board recognized there was a global decline in loans and associated interest in 2023, we are reassuring you the Members, that all efforts will be made to stabilize our position through our strategic intent.

The Board continues to monitor the impending Legislation that will enable significant changes to the movement. One of the proposed changes will include Credit Unions falling under the oversight of an Independent Co-operative Authority. Details on how this will impact the Governance and Management of Credit Unions are still being formulated.

As a Credit Union, we became innovative thus looking at many different avenues to meet the needs and demands of our Members.

With a range of new products and improved services, our aim is to meet and surpass your expectations. AMGECU remains optimistic to complete the implementation of the Strategic Plan by 2025.

PROPOSED DIVIDEND

AMGECU has consistently provided fair and attractive dividend returns to our members over the years, and is pleased to announce that the Board of Directors has recommended a four percent (4%) dividend on fully paid-up shares as at December 31, 2023.

ACKNOWLEDGEMENT

I am overwhelmed in all humbleness and gratefulness to acknowledge all those who contributed to the success of AMGECU, which include the loyal Membership, the Board of Directors for giving yeoman service, all Committees for their invaluable contribution and the Management and Staff for their ongoing service, commitment and dedication to the organization.

--------------------------------

Cynthia Carr-Hosten

President

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Credit Committee Report

CREDIT COMMITTEE ATTENDANCE REGISTER

Period: April 17, 2023 - January 30, 2024 [2023-2024 Term]

The Committee held Thirty-Six (36) meetings during this period.

NAMES		POSITION PLACE OF WORK PRESENT EXCUSED
Justin Ayoung	Chairman	Retiree	33	3
Marissa Blackman	Secretary	Ex-employee	34	2
Michelle Hayde-Gopee	Member	GML	30	6
Donna Persad	Member	Retiree	33	3
Jason Marcano	Member	Tatil	35	1

PERFORMANCE IN 2023

As we continue to embrace the challenges in the Financial Sector, we would like to quote from the World Bank 2023 report; “…Inflation remains elevated in many countries and is envisaged to remain above pre-pandemic levels beyond 2024…”. With this is mind, AMGECU continues to be committed to working with our members through these challenging times. Despite these challenges the financial sector faces, we have been able to increase the value of loans approved by approximately Two million dollars ($2M) in 2023, when compared with 2022 and 2021. See Table 1 below for a comparison of loans approved for a three (3) year period. Table 2 reflects the number and value of Loans approved based on the purpose.

Year	2023	2022	2021
No. of Loan Applications	1116	1126	1102
No. of Loans Approved	1069	1086	1027
Value of Loans Approved	24,158,166.43	22,721,170.51	22,448,358.13

Table 1

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Credit Committee Report (continued)

LOANS GRANTED BY PURPOSE, VALUE AND NUMBER - 2023 & 2022

PURPOSE OF LOAN GRANTED	$ VALUE 2023	$ VALUE 2022	NO. 2023	NO. 2022	% 2023	% 2022
Miscellaneous/Religious/Ceremonial	$ 4,523,418.05	$ 3,231,182.85	235	210	19	14
Education/Investments	$ 1,027,930.88	$ 2,286,527.55	49	94	4	10
Home Improvement/Repairs	$ 7,178,318.15	$ 7,491,877.21	223	215	30	33
Vehicle Repairs	$ 543,276.00	$ 720,560.00	40	57	2	3
Waivers	$ 822,894.36	$ 800,294.10	341	351	4	4
Travel & Vacation	$ 1,054,860.86	$ 379,714.60	49	24	4	2
Medical	$ 278,150.00	$ 555,300.00	15	18	1	2
Consolidation of Debts	$ 2,877,877.82	$ 2,068,931.76	47	58	12	9
Mortgages	$ 1,651,490.31	$ 1,381,745.94	5	5	7	6
Vehicle Purchases	$ 3,699,400.00	$ 3,624,036.50	33	37	15	16
Christmas/Special/Flexi Credit Loans	$ 500,550.00	$ 181,000.00	32	17	2	1
TOTAL	$ 24,158,166.43	$ 22,721,170.51	1069	1086	100	100

Table 2

From the table above (Table 2) ‘Loans Granted by Purpose, Value and Number’ 2022-2023, reflects increases in the categories of Miscellaneous/Religious/Ceremonial, Vacation & Travel, and Consolidation of Debts as opposed to Education and Investments. This is illustrated in the diagram below (Diagram 1).

Diagram 1

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Credit Committee Report (continued)

CONCLUSION

Fellow members, as we continue to embrace the challenges of life with the high cost of living and inflation in goods and services, we hope that we remember and believe in the Co-Operative ethical values of honesty, openness, social responsibility, and caring for others … which if we practice, hopefully, will be able to withstand the tough financial times we face.

We continue to encourage our members to be faithful and committed to AMGECU in utilizing our products and services, as this is Our Credit Union.

We thank the Members, Board of Directors, fellow Committee members, and Staff for their co-operation and support in working together towards the growth and development of the organization.

The Credit Committee appreciates the support of the members and staff during our time serving you and looks forward to your continued support.

____________________

Justin Ayoung

Chairperson

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Supervisory Committee Report

INTRODUCTION

The Supervisory Committee is the cornerstone for the effective function of AMGECU. The Committee oversees the activities and operations of the Credit Union to ensure compliance with policies and regulations. The main responsibilities typically include reviewing financial statements, monitoring performance, and evaluating risk management practices.

ATTENDANCE

The Committee held a total of (4) meetings. The attendance of the Committee is as follows:

Committee Members for the period June - December 2023	No. of Meetings held
Names	Present	Excused/Absent
Leisel Francis (Chair)	4	0
Kevin Jeremiah (Secretary)	4	0
Alexandria Bachan (Member)	2	2 Excused

Internal Audits performed during the period June to December 2023

The following areas were examined:

1) Reviewed loan applications taken by members which includes personal loans, vehicle loans and mortgages:

i) The Committee ensured all required information and documentation was present and accurate. ii) Ensured compliance with lending regulation and credit union policies.

2) Reviewed monthly financial statements to determine an overview of AMGECU’s performance for a specific month:

i) Reports for the period March 2023 to October 2023 were reviewed by the Committee. ii) Variance analysis: Comparing actual financial results to budgeted or forecasted figures to identify any variances and their causes.

3) Reviewed new loan products implemented by AMGECU:

The purpose of the review was to ensure that the products were compliant with all regulatory requirements, accurately disclosed to customers, and aligned with the credit union’s risk tolerance:

i) During the review, the team examined the terms and conditions of new loan policy, including interest rates, repayment schedules, fees, and any additional charges.

ii) Reviewed sample of loan forms.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Supervisory Committee Report (continued)

4) Reviewed Minutes of Board of Directors monthly meetings:

The circulation of soft copies of Minutes for April to October 2023 were provided for the Committee’s review. The purpose of reviewing Board Minutes by audit is to ensure that all decisions made by the Board of Directors were accurately recorded and that the actions taken by the Board align with AMGECU’s ethical standards and legal requirements. This helps to assess the effectiveness of governance processes within the organization and to provide assurance that decisions are being made in the best interest of the Credit Union and Members.

CONCLUSION

The Supervisory Committee plays a critical role in maintaining transparency, accountability, and integrity within the Credit Union.

________________________

Signature of Committee Chair

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Nominating Committee Report

The purpose of the Nominations Committee is to ensure that an adequate number of suitably qualified persons who are “fit and proper” candidates, as required by Law, are available to fill vacancies on:

(a) The Board of Directors

(b) The Credit Committee

Notices were published on all social media platforms, the AMGECU website and sent to all Liaison Officers. We are happy to report that We attracted “suitable” candidates once again.

Board of Directors - Seven (7) Nominees

Garth Bowen Vijai Maharaj Arkiebah Peters-Alexander Steve Woodley Arnim Phillips Claudine Allert

Khama Mohammed

Credit Committee - Seven (7) Nominees

Justin Ayoung Jason Marcano Kevin Jeremiah

Donna Persad Michelle Gopee Colleen Caseman Marissa Blackman

Supervisory Committee - One (1) Nominee

Anderson Abraham

Orientation/Presentation of Nominees/Elections

The defined process would again be adopted in 2024.

Orientation on the functions of the Committees would be conducted for nominees by the Co-operative Division Ministry Of Labour and Small and Micro Enterprise Development.

Presentation of Nominees via Power Point for the introduction of the Nominees at the AGM. Elections process would be conducted by the Co-operative Credit Union League personnel.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Nominating Committee Report (continued)

ACKNOWLEDGEMENT

We extended our gratitude to the members who took the decision to serve the Credit Union for the coming year. We continue to support the concept of “nominees” as it will encourage diversity in skills and participation among the membership. It is highly recommended that members come forward during the application process and avoid where necessary, nominations from the floor, as this will provide an opportunity to screen members in their respective capacities.

We praise those members who volunteered their time and talents in service to this distinguished organisation over the past 68 years.

CONCLUSION

The Committee entrusted to assess the nominees were:

Anthony Alleng Chair

Arkiebah Peters-Alexander Recording Secretary

Cheryl Lutchman Member

Jennifer Felix-Norton Member

It is with extreme appreciation that we thank the Board of Directors for the opportunity to serve and look forward to a vibrant team to take us forward in achieving our strategic objectives.

Anthony Alleng

Chair

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Nominations

Contesting for BOARD OF DIRECTORS 2024

Name: ARNIM PHILLIPS

Occupation: RETIRED TECHNICAL CONSULTANT

Status: Member –Joined in 1980

Summary: Assoc, Degree in Business Management. Strategic Planning, Financial Solutions Consultant. Previously served as a Board Director of MBM and AMGECU, Chair of the IT Committee and Retirees Club. Served on the Executive Strategic Implementation and the Marketing and Product Development Committees.

Name: STEVE WOODLEY

Company: SOFTWARE ONE (TRINIDAD) LIMITED

Occupation: IT CONSULTANT

Status: Member –Joined in 2008

Summary: MBA, BSc.IT. Served as Vice President (AMGECU). Previously served on Board of Directors of AMGECU and also on the Executive Strategic Implementation Committee, and Chair of the IT Committee.

Name: ARKIEBAH PETERS-ALEXANDER

Company: QUICK SERVICE HOLDINGS LTD

Occupation: Accounts Manager

Status: Member-Joined in May 2006

Summary: ACCA. Also Certificate in Credit Union Management. Previously served as a Board Director and on the Education, Risk, Supervisory, Nominations and Investments Committees.

Name: GARTH BOWEN

Company: GUARDIAN GROUP

Occupation: Team Lead

Status: Member –Joined in September 2002

Summary: MBA, BA, Assoc. Degree in Marketing. Previously served on the Board of Directors of AMGECU and also on the Executive Strategic Implementation, Marketing & Product Development and Investment Committees.

Name: VIJAI MAHARAJ

Company: FUJITSU CARIBBEAN TRINIDAD LTD

Occupation: Technical Consultant

Status: Member –Joined in 2023

Summary: MSc.-Management Information Systems, BSc., Assoc. Degree in Information Systems Development. Also served on the IT Committee in AMGECU.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Name: CLAUDINE ALLERT

Company: TATIL LIFE

Occupation: Manager

Status: Member –Joined in 1984

Summary: MBA, BSc. in Behavioural Science. Also Certificate in Project Management. Previously served on the Board of AMGECU and the Youth and Investment Committees.

Name: KHAMA MOHAMMED

Company: GUARDIAN LIFE

Occupation: Business Analyst

Status: Member –Joined in May 2009

Summary: ACCA, CIMA, SQL. Previously served as a Board Director of AMGECU and also on the Education and IT Committees.

Contesting for SUPERVISORY COMMITTEE 2024

Name: ANDERSON ABRAHAM

Company: GUARDIAN MEDIA LIMITED

Occupation: Credit Manager

Status: Member –Joined in 2019

Summary: ACCA Level 2. Previously served on the Supervisory and Credit Committees at Guardian Credit Union.

Contesting for CREDIT COMMITTEE 2024

Name: JUSTIN AYOUNG

Occupation: Retiree

Status: Member –joined in January 1982

Summary: CXC, Computer Literacy. For over a decade has served on the Board of Directors, Sports and Culture, Delinquency and Credit Committees. Certificates in Compliance Training,

Anti-Money Laundering.

Name: JASON MARCANO

Company: TATIL

Occupation: Clerk

Status: Member- Joined in February 2008

Summary: B.Sc..-Information Technology, ABE –Diploma Business Management, Certificate in EXCEL. Previously served on the Credit Committee at AMGECU.

2023 ANNUAL REPORT

“Achieving Growth through Strategic Transformation”

Name: MICHELLE GOPEE

Company: GUARDIAN MEDIA LIMITED

Occupation: Supervisor-Accounts Department

Status: Member Joined in June 2006

Summary: Certificate in Accounting Essentials. Previously served on the Credit Committee at AMGECU.

Name: DONNA PERSAD

Occupation: Retired Sales Representative

Status: Member –Joined in September 1988

Summary: CXC, AAT Level 3, ACCA Level 1, Law Level 2, Training in Time Management, Microsoft Word and Excel. Previously served on the Credit Committee at AMGECU.

Name: MARISSA BLACKMAN

Company: W.A.S.A.

Occupation: Project Officer (Ag.)

Status: Member-Joined in December 1991

Summary: B.Sc. in Mathematics. Currently pursuing ACCA. Success in CXC and CAPE examinations. Previously served on the Credit Committee at AMGECU.

Name: KEVIN JEREMIAH

Company: TTMF

Occupation: Mortgage Assistant

Status: Member-Joined in 2012

Summary: CXC, CAPE, ABE Levels 5 & 6 Advanced Diploma, B.Sc. Computer Science (Information Technology) and Certificate in Business Management. Previously served on the Credit Committee at AMGECU.

Name: COLLEEN CASEMAN

Company: ANSA COATINGS LIMITED

Occupation: Receptionist/Telephone Operator

Status: Member –Joined in September 2006

Summary: CXC. Previously served on the Supervisory and Sports & Culture Committees at AMGECU.

STATEMENT OF MANAGEMENT’S RESPONSIBILITIES

Management is responsible for the following:

- Preparing and fairly presenting the accompanying financial statements of AMGECU Credit Union Co operative Society Limited (the “Society”), which comprise the statement of financial position as at 31 December 2023, the statements of comprehensive income, appropriated funds and undivided earnings and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information,

- Ensuring that the Society keeps proper accounting records,

- Selecting appropriate accounting policies and applying them in a consistent manner,

- Implementing, monitoring and evaluating the system of internal control that assures security of the Society’s assets, detection/ prevention of fraud, and the achievement of operational efficiencies,

- Ensuring that the system of internal control operated effectively during the reporting period,

- Producing reliable financial reporting that comply with laws and regulations, including the Co-operative Societies Act Chapter 81:03, and

- Using reasonable and prudent judgement in the determination of estimates.

In preparing these financial statements, management utilised the International Financial Reporting Standards, as issued by the International Accounting Standards Board and adopted by the Institute of Chartered Accountants of Trinidad and Tobago. Where International Financial Reporting Standards presented alternative accounting treatments, management chose those considered most appropriate in the circumstances.

Nothing has come to the attention of management to indicate that the Society will not remain a going concern for the next twelve months from the reporting date; or up to the date the accompanying financial statements have been authorised for issue, if later.

Management affirms that it has carried out its responsibilities as outlined above.

_____________________________ ______________________________ General Manager Accountant

March 28, 2024 March 28, 2024