agenda 2016 annual general meeting - oikocreditagm_package.pdf · 2016 annual general meeting st...

OIKOCREDIT CANADA COOPERATIVE – WEST

AGENDA

2016 ANNUAL GENERAL MEETING

St Aidan’s United Church, 3703 St Aidan’s Street, VICTORIA

2:00 pm – 3:30 pm PDT

1. Welcome and Introductions 2. Approval of the Agenda

3. Appointment of the Secretary

4. Approval of the Minutes of AGM held on April 19, 2015

5. Receive the Annual Report of the Board of Directors

6. Receive the Financial Report for the year ending December 31, 2015

7. Receive the Audit Financial Statements for the year ending December 31,

2015

8. Declare the 2% interest for 2015

9. Approve Special Resolutions #1, 2 and 3

10. Oikocredit Canada presentation by Eugene Ellmen, National Director and Jack Vanderkooy, President of Oikocredit Canada Central

11. Any other business

12. Adjournment of AGM

13. Feature Presentation: The Future of Development Finance: Microfinance, Agriculture & Renewable Energy by Ging Ledesma, Director of Investor Relations and Social Performance Management, Oikocredit International

OIKOCREDIT CANADA COOPERATIVE - WEST 2016 ANNUAL GENERAL MEETING 1 of 16

20150420&OCW&AGM&2015&Minutes&V3.doc& 9&1&9&

OIKOCREDIT)CANADA)COOPERATIVE)WEST)

MINUTES)OF)THE)ANNUAL)GENERAL)MEETING)2015))

Held)at)First)Metropolitan)United)Church,)932)Balmoral)Rd.,))

Victoria,)B.C.)–)April)19.)2015)at)2:30)pm.)

)

)

Members)Present:)

Stephen&Tyler,&Esquimalt&United&Church,&&Sisters&Association&of&the&Vancouver&Archdiocese,&Sisters&of&Instruction&of&the&Child&Jesus,&St.&Aidan’s&United&Church,&Robert&Carnegie,&&Patricia&Davey,&Joan&Etty,&Robert&Gage,&Susan&Gage,&Brian&and&Elizabeth&Habbick,&Sheri&Hohert,&Elaine&and&John&Hooper,&&Johanna&Jamieson,&Keith&Jamieson,&Marilyn&Kan,&Maureen&Lawrence,&Doreen&Lovely,&Barbara&Martin,&Frank&McGilly,&Renata&McGilly,&Vulindlela&Ndlovu,&Caryl&Oja,&Penny&Pattison,&Vivian&Skinner,&Lynn&Thomson,&Hazel&Tremblay,&James&and&Sharon&Welby,&Roland&Wille,&Michael&Wyeth,&Jonelle&McLellan,&Lisa&Leong&)

Proxies:)Nine&proxies&were&submitted&for&the&meeting&)

NonRmembers)Present:&Caleb&Lawrence,&Robert&McLellan&&1.)Welcome)and)Introductions.)

Rob&Gage,&President&of&the&Board&of&Oikocredit&Canada&Cooperative&West&and&Chair&of&this&meeting,&opened&the&meeting&at&2:35&pm&PDT,&and&welcomed&everyone.&&&Rob&announced&that&there&was&a&quorum&for&the&meeting.&)

2.)Approval)of)Agenda)

It&was&moved&and&seconded&that&the&agenda&be&accepted.&&Passed))

3.)Appointment)of)Secretary)

Penny&Pattison,&Secretary&of&the&Board&of&Oikocredit&Canada&Cooperative&West&is&appointed&Secretary&for&the&meeting.&Passed&&4.)Approval)of)the)Minutes)of)Previous)AGM,)March)23,)2014.)

It&was&moved&and&seconded&that&the&minutes&of&the&Annual&General&Meeting&held&in&Victoria&on&Sunday,&March&23,&2014)be&accepted.&&Passed))

)5.)Receive)the)Annual)Report)of)the)Board)of)Directors.)

This&report&had&been&posted&on&the&website&before&the&AGM.&&&&&Highlights:&• In&2014,&Oikocredit&grew&its&development&financing&portfolio&to&€&734.6&million,&a&rise&of&24%&from&€&

590.5&million&in&2013.&&• Oikocredit&Canada&Cooperative&West&also&experienced&growth&in&the&first&half&of&2014,&with&total&

investments&of&$4.7&million.&&• Over&the&summer,&the&OCW&Board&suspended&accepting&any&additional&investments.&&• a&&fundamental&&shift&&in&&the&&role&&of&&Oikocredit&Canada&Cooperative&West&from&&being&&an&

&investment&&cooperative&&to&&being&&an&&educational&cooperative&&



&6.)Receive)the)Financial)Report)for)the)Year)Ending)December)31,)2013.)Jim&Welby,&Treasurer,&presented&the&Financial&Report&for&2014.&Jim&thanked&Hazel&Tremblay,&the&financial&administrator,&for&her&work&and&Rob&Gage&for&his&advice&and&support.&&Highlights:&• At&December&31,&2014,&Oikocredit&Canada&Cooperative&West&had&406&members&and&total&investment&

of&almost&$4.7&million&• Operating&expenditures&were&similar&to&the&previous&year.&One&time&legal&consultation&regarding&

compliance&was&incurred.&At&the&end&of&the&year,&some&funds&were&transferred&to&the&Reserve.&&7.)Receive)the)Audit)Report)for)the)Year)Ending)December)31,)2013.)The&2014&Oikocredit&Canada&Cooperative&West&finance&reports&were&audited&by&Dickson&Dusanj&&&Wirk.&&It&was&moved&and&seconded&that&the&Audit&Report,&posted&on&the&website&before&the&AGM,&be&accepted.&Passed)))8.)Declare)the)2%)Interest)for)2014.)Because&of&the&changes&that&Oikocredit&Canada&Cooperative&West&is&undergoing,&it&was&requested&that&Oikocredit&International&send&the&2014&interest&early,&and&it&has&been&received.&&&An&interest&rate&of&2%&is&declared&for&2014.&&9.)Approval)of)Special)Resolutions)#1)and)2))Special)Resolution)#1:)

1. The&Association&cease&to&issue&any&new&membership&shares&in&excess&of&the&minimum&shareholdings&required&for&membership.&

2. Each&member&as&of&December&31st&2014&receive&a&credit&of&one&share&in&their&account.&3. The&Association&redeem&all&its&issued&and&outstanding&membership&shares,&other&than&one&share&

to&be&retained&by&each&member&as&a&condition&of&membership.&4. The&Association&do&the&following&with&respect&to&the&funds&returned&to&its&members&as&part&of&

the&redemption&process:&a. Pay&the&appropriate&redemption&amount&to&the&member&by&ordinary&cheque;&b. &If&so&directed&by&the&member,&transfer&the&appropriate&funds&to&Oikocredit&International&

Share&Foundation&C/o&Oikocredit&Canada,&190292&Bloor&Street,&Toronto,&ON.&M4W&3R1,&Canada,&to&be&invested&by&the&member;&or&

c. If&so&directed&by&the&member,&transfer&the&funds&to&Oikocredit&Canada&West&Reserve&Account&

)Special&Resolution&#1&was&moved&and&seconded&as&presented&above.&Passed)&



Special)Resolution)#2:)Be&it&resolved&that&the&Memorandum&of&Association&of&the&Association&be&changed&by&deleting&the&

following&paragraph:&

• “To&support&the&international&work&of&Oikocredit&International,&Ecumenical&Development&

Cooperative&Society&U.A.,&by&raising&investment&funds&and&performing&related&educational&

activities.”&

and&replacing&the&deleted&paragraph&with:&

• “To&support&the&international&work&of&Oikocredit&International,&Ecumenical&Development&

Cooperative&Society&U.A.,&by&raising&awareness&of&Oikocredit's&purpose&and&activities,&and&global&

justice&generally,&and&performing&related&educational&and&promotional&activities.”&

and&that&the&necessary&filings&be&made&with&the&Corporate&Registry&to&effect&the&above9noted&

change&

)Special&Resolution&#2&was&moved&and&seconded&be&changed&as&presented.&Passed&)10.)Approval)of)Rules)of)Association)for)Oikocredit)Canada)West))As&a&result&of&the&Special&Resolutions,&the&Oikocredit&Canada&Cooperative&West&Rules&of&Association&will&

need&to&be&changed.&&Copies&of&the&proposed&new&Rules&of&Association&were&available&at&the&meeting&

and&by&request.&Once&filed,&they&will&be&posted&on&the&website.&

&

Summary&of&changes:&

• Rule&3:&&Eligibility&for&Membership&&

• Rule&&5:&&Share&Certificate/Acknowledgement&Letter&&

• Rule&&6:&&Register&of&members&&

• Rule&&7:&&General&meetings&of&the&Co9op&&

• Rule&17:&Finances&&

• Rule&19:&Notices&&

• Rule&23:&Relationship&&

&

It&was&moved&and&seconded&that&the&revised&Rules&of&Association&for&Oikocredit&Canada&Cooperative&

West&as&presented.&Passed))See&the&attached&OIKOCREDIT&CANADA&COOPERATIVE&WEST&RULES&OF&ASSOCIATION&(Revised&AGM&

2015&–&Version&2&&&&March&10th,&2015).&

))11.)Approve)the)Appointment)of)the)Auditor)for)2015)It&has&been&discussed&with&Dickson&Dusanj&&&Wirk&that&there&may&be&reduced&audit&work&in&2015.&

&

It&was&moved&and&seconded&that&Dickson&Dusanj&&&Wirk&be&appointed&auditor&for&2015.&Passed&)12.)Election)of)New)Directors)of)Oikocredit)Canada)Cooperative)West.)Directors&Rob&Gage&and&Penny&Pattison&are&continuing&their&39year&term.&

Directors&Vu&Ndlovu&and&Maureen&Lawrence&are&standing&for&election&to&a&second&39year&term.&

There&are&two&new&Board&Nominees:&Jonelle&McLellan&and&Lisa&Leong.&&

)Vu&Ndlovu,&Maureen&Lawrence,&Jonelle&McLellan&and&Lisa&Leong&were&acclaimed&as&Board&members.&



&

Jo&Jamieson,&Paul&Gomes,&Bruce&McAndless&Davies&and&Jim&Welby&are&leaving&the&Board.&Rob&thanked&

them&all&for&their&contributions&to&the&cooperative.&

&

13.)Presentation)by)Eugene)Ellmen,)National)Director,)Oikocredit)Canada:))Investing)in)global)impact)through)Oikocredit))

Highlights:&

• Oikocredit&is&celebrating&its&40th&birthday&

• What&does&the&name&“Oikocredit”&mean?&

• Oikos&ancient&Greek&for&“house”,&“community”,&“world”;&where&people&live&together&

• “Credit”&refers&to&loans,&but&also&to&the&Latin&verb&“credere”,&“to&believe”,&“to&believe&in&our&

partners”&

• Investments&from&15&countries;&funding&to&partners&in&63&countries&

• Changes&to&the&way&we&invest&in&Canada&

• Transition&progress&to&date&at&Oikocredit&Canada&Cooperative&West&

• Partner&stories&in&Cambodia,&India,&Honduras&and&Ivory&Coast&

• Oikocredit&International&Strategic&Priorities&and&Future&Directions:&Africa,&Renewable&Energy,&Private&

Equity&and&Agriculture&

• Oikocredit&Canada&Strategic)Priorities)and)Future)Directions&• Acceptance&of&OISF&by&individual&investors&&

• More&investment&partnerships&(credit&unions,&and,&who&knows,&banks?)&

• More&institutional&acceptance&

• Oikocredit&Canada&website:&www.oikocredit.ca&

• Eugene’s&contact&information:&[email protected];&416.996.2392&

&

Eugene&(and&others)&responded&to&a&number&of&questions&after&his&presentation.&

&

14.)Any)Other)Business)None&&

14.)Date)and)Place)of)the)next)AGM)The&next&AGM&is&planned&to&take&place&in&March&or&April&2016,&location(s)&to&be&determined.&&

&

15.)Adjournment)of)the)Meeting)The&meeting&was&adjourned&at&3.53&pm&PDT.)))))))))))))Rob&Gage& & & & Penny&Pattison& &

President&& & & & Secretary!


Oikocredit Canada West Directors’ Report to 2016 AGM

Oikocredit International celebrated its fortieth anniversary in 2015, and the future looks very positive. In Canada, regulatory changes in the investment community in Canada necessitated moving every investment in Oikocredit Canada West (OCW) out of our local organization. This was a huge administrative task, and great thanks are due to our wonderful Financial Administrator, Hazel Tremblay, and to our Treasurer Rob Gage. The project took all of 2015 to complete, and was completed successfully. All that remains is our reserve account, where we placed donations of investments so that they would continue to fund loans to the developing world. The Board of Directors also spent a good deal of time discussing what we should look like in our new incarnation, with the purpose agreed to at the 2015 AGM: “To#support#the#international#work#of#Oikocredit#International,#Ecumenical#Development#Cooperative#Society#U.A.,#by#raising#awareness#of#Oikocredit's#purpose#and#activities,#and#global#justice#generally,#and#performing#related#educational#and#promotional#activities.” The Oikocredit Canada Advisory Group met several times in 2015 – members are: the three Canadian Support Associations (OCW, Oikocredit Canada Central and Oikocredit Canada Atlantic), Eugene Ellmen, the Director of Oikocredit Canada, and Oikocredit International staff. All three Canadian Support Associations are grappling with similar challenges of redefining our organizations. In early 2016, the OCW Board reached a very difficult decision, after much discussion of alternatives. We concluded that we do not see a future for OCW as a cooperative with the current purpose. Happily, we have good connections with the National Office and the other Support Associations. Oikocredit Canada Central has passed a motion to create one larger Support Association in Canada, with western representation, if the OCW cooperative does dissolve. Lisa Leong, a current OCW Board member, has agreed to sit on the Board of Direcotrs of the larger Support Association if OCW does dissolve. We are all pleased with the outcome of our deliberations, and look forward to a country-wide Support Association and locally facilitated events in our different communities. Respectfully Submitted Oikocredit Canada West Board of Directors April 17, 2016


Financial Highlights for Oikocredit Canada West 2015

Presented at the 2016 OCW AGM

1. As of January 1st 2015, Oikocredit Canada West (OCW) had 406 members with a total investment of $4,682,174. Over the course of the year, these funds (with interest earned) were either: returned to the members, transferred to a national Oikocredit foundation (OISF), or donated to the OCW reserve.

2. The reserve, which was $46,884 at the beginning of 2015, is now sitting at $271,952. This money is invested in Oikocredit and continues to provide loans in the developing world.

3. Oikocredit Canada West’s actual expenditures were $44,742 (excluding interest paid to members). This was covered by the special grant from Oikocredit International and donations from members. Of the actual expenditures, $19,548 was associated with contracted salary costs for financial administration. A significant proportion of these expenses were associated with the divesting of assets as we moved from a “selling” Support Association to a “non-selling” Support Assocation.

4. The OCW books and accounts have been audited by Dickson Dusanj & Wirk, Chartered Accountants, Victoria, for the year 2015. We have also submitted our annual Income Tax Returns for a Not for Profit Cooperative Society to Revenue Canada. In addition, we have issued T5 slips to all members receiving interest over $50.

5. A special thanks needs to be given to the Oikocredit International staff who provided support and additional resources to assist in the transition process. Thanks also needs to be given to Hazel Tremblay, our financial administrator, who has spent many hours seeing the transition process through to its completion.

Respectively submitted Rob Gage, Treasurer


Financial Statements of

Oikocredit Canada Cooperative - WestYear Ended December 31, 2015


Independent Auditors' Report

To the Members of Oikocredit Canada Cooperative - West

Report on Financial Statements

We have audited the accompanying financial statements of Oikocredit Canada Cooperative - West, which comprise thestatement of financial position as at December 31, 2015 and the statements of operations and changes in net assets andcash flows for the year then ended and a summary of significant accounting policies and other explanatory information.

Owners' Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance withCanadian accounting standards for not-for-profit organizations, and for such internal control as management determines isnecessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraudor error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit inaccordance with Canadian auditing standards. Those standards require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of materialmisstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the entity’s preparation and fair presentation of the financial statements in order todesign audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of Oikocredit CanadaCooperative - West as at December 31, 2015 and the results of its operations and its cash flows for the year then ended inaccordance with Canadian accounting standards for not-for-profit organizations.

Chartered Professional Accountants

Victoria, BCFebruary 23, 2016


Oikocredit Canada Cooperative - WestStatement of Financial Position

As at December 31, 2015 with comparative figures for 2014 2015 2014$

General Fund Shares Fund Total TotalCurrent assets

Cash 12,655 - 12,655 11,221Advances - - - -

12,655 - 12,655 11,221Investment in Oikocredit International - members

Oikocredit Canada - West (Reserve) (Note 3) - 271,952 271,952 48,135Members (Note 4) - - - 4,634,040

- 271,952 271,952 4,682,175British Columbia Cooperative Association

Shares 120 - 120 120

Total assets 12,775 271,952 284,727 4,693,516

Current liabilities

Accounts payable and accrued liabilities 5,500 - 5,500 5,000

Fund balancesRestricted - members - - - 4,634,040Invested in Oikocredit International - 271,952 271,952 48,135Unrestricted 7,275 - 7,275 6,341

Total fund balances 7,275 271,952 279,227 4,688,516

Total liabilities and fund balances 12,775 271,952 284,727 4,693,516

Approved on behalf of the Board:

Director

Director

$

The accompanying notes are an integral part of these financial statements.


Oikocredit Canada Cooperative - WestStatement of Operations


General Fund Shares Fund Total Total

RevenuesOikocredit International administration grant 25,433 - 25,433 31,285Shares - 124,498 124,498 506,321Interest from Oikocredit International 134,793 - 134,793 78,884Interest and other 9,947 - 9,947 71

170,173 124,498 294,671 616,561Expenses

Advertising and promotion 2,709 - 2,709 1,845Interest paid to members (Note 5) 124,498 - 124,498 69,060Insurance 900 - 900 900Interest and bank charges 477 - 477 301Licences, dues and subscriptions 1,890 - 1,890 2,145Office 4,434 - 4,434 3,759Professional fees 26,117 - 26,117 23,287Telephone 270 - 270 345Travel 7,946 - 7,946 6,114

169,240 - 169,240 107,755Excess of revenues over expenses 933 124,498 125,431 508,806

Net assets, beginning of year 6,342 4,682,174 4,688,516 4,179,709Share redemptions - (1,631,864) (1,631,864) -Transfers to Oikocredit International - (1,873,916) (1,873,916) -Transfers to Canadian Workers Cooperative Foundation - (1,028,940) (1,028,940) -Net assets, end of year 7,275 271,952 279,227 4,688,516

$



Oikocredit Canada Cooperative - WestStatement of Cash Flows


General Fund Shares Fund Total TotalCash provided by (used in)

Operating activitiesExcess of revenues over expenditures 933 124,498 125,431 508,806

Changes in components of working capital

Accounts receivable - - - 488

Accounts payable 501 - 501 (5,830)

Net cash provided by (used in) operating activities 1,434 124,498 125,932 503,464

Investing activitiesPurchases of investments - - - (717,415)

Redemptions - - - 258,047

Interest reinvested - (124,498) (124,498) (46,954)

Interfund transfer - - - (1,251)

Net cash (used in) financing activities - (124,498) (124,498) (507,572)

Net increase in cash 1,434 - 1,434 (4,108)

Cash, beginning of year 11,221 - 11,221 15,329

Cash, end of year 12,655 - 12,655 11,221

$



Oikocredit Canada Cooperative - West

Notes to the Financial Statements

Year ended December 31, 2015 with comparative figures for 2014

1. Statutes of Incorporation and Nature of Activities

Oikocredit Canada Cooperative - West ("OCCW") is a cooperative society incorporated on June 6, 1994 under theBritish Columbia Cooperative Association Act for the purpose of community economic development. OCCW has beenestablished to serve as an official support association of Oikocredit International (Ecumenical DevelopmentCooperative Society - EDCS) and to promote the work of Oikocredit International within western Canada.

The objects of OCCW are:

a) to provide relief to the poor, the distressed and the underpriveliged throughout the developing areas of the worldby means of furthering the economic development of the poor and promoting self-reliance and social justice;

b) to further the advancement of education as to principles of management and the successful operation of enterprisethroughout the developing areas of the world;

c) to assist in the prevention of economic deterioration, and promote social welfare in the developing areas of theworld.

d) to collect monies by way of membership fees, donations or otherwise, to accept gifts and legacies and to hold,invest, expend or deal with the assets of OCCW in furtherance of its objects; and

e) for the further attainment of the above objects, to employ and pay agents and employees and to procure, equip andmaintain offices and other facilities.

During the year there were significant changes to Canadian regulations and OCCW was forced to divest itself ofmember investments. The members were faced with three options for their investments

a) redeem their investment at their current value

b) transfer their investments at the current value to Oikocredit International or Canadian Workers CooperativeFoundation (CWCF)

c) donate their investments to OCCW

Moving forward OCCW has sufficient funds to operate and are devising ways to satisfy their objectives.

2. Significant Accounting Policies

The financial statements have been prepared in accordance with Canadian accounting standards for not-for-profitorganizations, and include the following significant accounting policies:

Use of estimatesThe preparation of financial statements in accordance with Canadian accounting standards for not-for-profitorganizations requires management to make estimates and assumptions that affect the reported amounts ofassets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements andthe reported amounts of revenues and expenses during the reporting period. Actual results could differ fromthose estimates and may have impact on future periods.

Fund accountingOikocredit Canada Cooperative - West uses the restricted fund method of accounting for contributions.

The General Fund accounts for the OCCW's program delivery and administrative activities. This fund reportsunrestricted resources and restricted operating grants.

The Shares Fund reports resources contributed for investment. Investment income earned on resources of theShares Fund is reported in the General Fund unless otherwise restricted.





2. Significant Accounting Policies (continued)

Revenue recognitionOCCW recognizes restricted contributions related to general operations as revenue in the General Fund in theyear in which the related expenses are incurred. All other restricted contributions are recognized as revenue ofthe appropriate restricted fund.

Unrestricted contributions are recognized as revenue of the General Fund in the year received or receivable ifthe amount to be recorded can be reasonably estimated and collection is reasonably assured.

Financial instrumentsOCCW's financial instruments consist of cash, accounts receivable, investments and accounts payable andaccrued liabilities. Cash and investments are measured at fair value. All other financial instruments are measuredat amortized cost.

3. Oikocredit Canada - West (Reserve)

These amounts represent an accumulation of members investments donated to OCCW and the accumulation ofinterest not claimed and donated by members. The funds belong to OCCW and are available for contingencies ifneeded.

4. Investment in Oikocredit International2015

$2014

$

Opening balance 4,682,174 4,174,602Purchase of shares - 717,414Interest 124,498 46,954Redemption of shares (1,631,864) (258,047)Transfer to Oikocredit International (1,873,916) -Transfer to Canadian Cooperative Worker's Foundation (1,028,940) -

271,952 4,680,923Fund transfer - 1,251

Closing balance 271,952 4,682,174

Shares in Oikocredit International, which were purchased through OCCW, were redeemed or transferred at the optionof the member.

5. Calculation of Interest Payments

Interest declared in 2014 and 2015 by Oikocredit International was paid in 2015 at 2% for investments held for theyear. The cooperative maintains a procedure whereby members can either request payment of the interest, reinvest inthe capital, or choose to contribute it to the cooperative to offset operating costs and membership dues.





6. Financial Risks and Concentration of Risks

OCCW has a comprehensive risk management framework to monitor, evaluate and manage the principal risks assumedwith financial instruments. The risks that arise from transacting financial instruments include credit risk, currency risk,interest rate risk, liquidity risk and market risk. OCCW's risk has been significantly reduced from the prior year due tothe changes in the nature of activities during the year.

Credit riskCredit risk is the risk that one party to a financial instrument will cause a financial loss for the other party partyby failing to discharge an obligation. OCCW does not face significant credit risk exposure.

Currency riskCurrency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because ofchanges in foreign exchange rates. OCCW does not face significant currency risk exposure.

Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate becauseof changes in market interest rates.

OCCW is exposed to interest rate risk on its interest bearing investments with Oikocredit International. Changesin interest rates can affect the cash flows related to interest income and expense.

Liquidity riskLiquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financialliabilities.

OCCW's exposure to liquidity risk is dependent on the receipt of funds from Oikocredit International which arenecessary to meet its financial obligations.

Market riskOCCW is exposed to market risk as the investments in Oikocredit International are subject to fluctuations due toprice changes determined by Oikocredit International. The prices can also be affected by changes in interest ratesand foreign currency exchange rates.


THE FUTURE OF DEVELOPMENT FINANCE: Microfinance, Agriculture & Renewable Energy

In this keynote talk, Ging Ledesma, Oikocredit’s global director of investor relations and social performance, will review the trends and forces shaping investment and development. With the recent approval of the UN Sustainable Development Goals and the Paris Agreement on Climate Change, citizens everywhere are searching for ways to channel investment into financial inclusion, food security and sustainable energy. Ging will address some of the challenges that Oikocredit faces, as well as ways to build a movement for lasting change.

AboutGing

In her current position, Ging sits on Oikocredit’s global management team and is responsible for Oikocredit’s investor relations and social performance operations.

She joined Oikocredit in 1999 as a senior manager in the Southeast Asia Regional Office. She subsequently held positions as Regional Manager for Southeast Asia and Manager, Monitoring & Administration before becoming Oikocredit’s first Manager, Social Performance in 2009.

Before joining Oikocredit, Ging worked for various organizations in Asia, including the Asia Partnership for Human Development in Hong Kong and the National Secretariat for Social Action, Justice and Peace in the Philippines. She is a Philippines national and has a degree in Business Administration from the University of the Philippines.


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