bccull get involved magazine issue 2

DEMOCRATIC

STRUCTURE

Open & Voluntary

Membership

Democratic Control

Non-Discrimination

SERVICE TO

MEMBERS

Return of Surplus

to members

Building Financial

Stability

SOCIAL GOALS

Ongoing Education

Co-operation

among Co-

operatives

Social

Responsibility

Integrity

Unity Caring

Team Work

Respect

Service Solidarity

Resource Pooling

Effective Monitoring Equality

Financial Strength

Self-Help

No member benefiting to the detriment of others

pg. 2 GET INVOLVED: JAN 2012 – Barbados Co-operative & Credit Union League Ltd.

BCCULL AGM HELD NEW BOARD OF DIRECTORS & COMMITTEES ELECTED The Annual General Meeting of the Barbados Co-operative & Credit Union League was held at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St. Michael on October 29, 2011. Take note of the following officers of the League: OUR BOARD OF DIRECTORS Hally Haynes PRESIDENT Glyne Pilgrim 1st VICE PRESIDENT Kelvin Whittaker 2nd VICE PRESIDENT Patrick McDonald TREASURER Paul Maxwell ASSISTANT TREASURER Barry Hunte SECRETARY Anthony Inniss ASSISTANT SECRETARY Ashton Turney MEMBER Athelstone Catling MEMBER OUR SUPERVISORY COMMITTEE Michael Alleyne CHAIRMAN Keith Jones SECRETARY Merton Brathwaite MEMBER Moreta Forde MEMBER Goldwin Edwards MEMBER OUR CREDIT COMMITTEE Lynette Holder CHAIRMAN Glendon A. Belle ASSISTANT CHAIRMAN Louisa Nurse SECRETARY Carolyn Barton ASSISTANT SECRETARY Adlai Stevenson MEMBER


INSIDE THIS ISSUE The Barbados Co-operative & Credit Union League (BCCULL ) Ltd . is pleased to

bring to you the second issue of

This quarterly, electronic magazine is intended to help Co-operatives to acquire the knowledge necessary to deal with a rapidly changing financial environment; regulation and supervision of credit unions. We will endeavour to bring you news/ articles which keep you abreast of what’s happening in the world of co-operatives - locally, regionally and worldwide. We look forward to your feedback and urge you to Get Involved by sending us your photos, articles and article suggestions for publication. BCCULL AGM Held: New Board Of Directors & Committees Elected

Inside Front Cover

Co-operatives A Business Model To Emulate

Pg 4

International Year Of Co-operatives - A Look At The UN’s Objectives

Pg 7

Graduation – 1st CCUM Awarded

Pg 8

CCCU International Convention Pg 9 Getting Your Products/Services Out There

Pg 10

Training What’s Scheduled? –ISP Courses

Pg 11

Training What’s Scheduled? –Short Courses

Pg 12


Co-operatives A Business Model to Emulate

DEMOCRATIC

STRUCTURE

Open & Voluntary

Membership

Democratic Control

Non-Discrimination

SERVICE TO

MEMBERS

Return of Surplus

to members

Building Financial

Stability

SOCIAL GOALS

Ongoing Education

Co-operation

among Co-

operatives

Social

Responsibility

Integrity Caring

Unity

Team Work

Respect

Service Solidarity

Resource Pooling

Effective Monitoring Equality

Financial Strength

Self-Help

No member benefiting to the detriment of others


DO WE NEED TO PLACE GREATER EMPHASIS ON CO-OPERATIVES AND HOW THEY CAN HELP WITH

THE NATION’S ECONOMIC DEVELOPMENT There is no gainsaying the fact that we in Barbados at all levels, need to place greater emphasis on co-operatives since it is globally recognised that they can play a pivotal role in the social and economic development of a country. Indeed it is for this very reason that the United Nations General Assembly has proclaimed 2012 as the International Year of Co-operatives. This designation by the World Body is in recognition of the fact that co-operatives in their various forms, promote the fullest possible participation in the economic and social development of all people, including women, minorities and those at the lower end of the social ladder. Further they are becoming a major factor of social development by contributing in a substantial way to global efforts for the eradication of poverty through the provision of micro finance services. Here are some impressive statistics which concretely demonstrate the substantial and largely unreported contribution which co-operatives are making around the globe.

• Globally, over 1 billion people are members of co-operatives.

• In Canada, four out of every ten persons are members of at least one co-operative. In Quebec, the Franco-phone part of Canada, this statistic is even more impressive, with 70% of persons being members of co-operatives.

• In Brazil, co-operatives were responsible for 37% of agricultural GDP in 2009.

• Locally, co-operatives boasts of a membership of in excess of 150,000 persons, however, participation is limited in the main to financial co-operatives (credit unions).


We in the co-operative movement assert that the co-operative business model is very adaptable and as such deserves to be elevated as an alternative to the mainstream business models that are highly vaunted. As demonstrated above, the co-operative model has been used successfully for business ventures such as financial services, agricultural production, delivery of health care services, energy generation and distribution. This list is not exhaustive. It is widely known that greed and self-interest have largely been responsible for many of the corporate debacles in the 1990s and more recently, the financial crisis which has enveloped the global economy has also been attributed to these vices. At the heart of the problem is the fact that profit maximisation is the raison d’être of business enterprises that faithfully follow the capitalist model of business organisation. While this approach has its benefits, it can at times lead to excessive risk-taking which can precipitate the collapse of enterprises. When this excessive risk-taking is done by public interest entities, the consequences can at times be disastrous; as has been the case in the aftermath of the financial crisis. We have witnessed the socialisation of massive losses by financial institutions through government bailouts and other forms of state support at the expense of the taxpayer. In the Caribbean, we are still searching for solutions to our own crises.

Co-operatives on the other hand have a rich philosophical heritage. Their raison d’être is service to members rather than profit maximization. They demonstrate exemplary concern for community since they have a highly developed collective social conscience. Moreover they promote social inclusion and economic enfranchisement. In this year of International Co-operatives, no effort should be spared to promote this alternative business model and the significant contribution it can make to the further economic and social development of Barbados.

Anthony Pilgrim General Manager, Barbados Co-operative & Credit Union League Ltd.


International International International International Year of Year of Year of Year of CooperativesCooperativesCooperativesCooperatives 2012201220122012

“ Cooperative Enterprises Build a Better World” The UN has designated 2012 as the International Year of Co-operatives in the hopes that by raising awareness about cooperatives – what they are, and what they do – the Year will help to encourage support and development of cooperative enterprises by individuals and their communities. Did you know that the International Year of Cooperatives has three main objectives? The 3 main objectives are noted below for your review.

Increase Awareness Increase public awareness about cooperatives and their contributions to socio-economic development and the achievement of the Millennium Development Goals

Promote Growth Promote the formation and growth of co-operatives among individuals and institutions to address common economic needs and for socio-economic empowerment

Establish Appropriate Policies Encourage Governments and regulatory bodies to establish policies, laws and regulation conducive to co-operative formation and growth. We encourage you to get involved in the celebrations. Have you made your plans already for how you will be participating? Your League is currently planning our activities and will keep you posted about how you can work with us to truly have a memorable and productive year. Follow other countries by visiting the below, we also encourage you to post your efforts!

VISIT THE FOLLOWING FOR MORE INFORMATION Facebook page: http://www.facebook.com/CoopsYear.

Twitter page: http://twitter.com/#!/CoopsYear


GRADUATIONGRADUATIONGRADUATIONGRADUATION ----1111STSTSTST CCUM CCUM CCUM CCUM

AWARDEDAWARDEDAWARDEDAWARDED Congratulations to all Congratulations to all Congratulations to all Congratulations to all those persons who would have completed short and ISP courses those persons who would have completed short and ISP courses those persons who would have completed short and ISP courses those persons who would have completed short and ISP courses during the year! You took time out from your work and life schedules to ensure that you during the year! You took time out from your work and life schedules to ensure that you during the year! You took time out from your work and life schedules to ensure that you during the year! You took time out from your work and life schedules to ensure that you took advantage of thtook advantage of thtook advantage of thtook advantage of the training and education opportunities provided by The League. e training and education opportunities provided by The League. e training and education opportunities provided by The League. e training and education opportunities provided by The League. When the going got tough you stuck with it and we were pleased to see you graduate When the going got tough you stuck with it and we were pleased to see you graduate When the going got tough you stuck with it and we were pleased to see you graduate When the going got tough you stuck with it and we were pleased to see you graduate on 3 December 2011 at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St. Michael. on 3 December 2011 at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St. Michael. on 3 December 2011 at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St. Michael. on 3 December 2011 at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St. Michael.

Of special note is that this is the first time the League in association with our academic partner Dalhousie University’s College of Continuing Education was able to award those persons who completed all eight ISP courses the Certificate in Credit Union Management (CCUM). As noted by Senator Jepture Ince our Featured Speaker at the graduation, the educational

opportunities provided by The League should be seen as a platform for Institutional Strengthening, we encourage you to indeed follow his advice and continue to work efficiently together, share with each other so that you can indeed succeed together .

CCUM Awardees left (Gabrielle Clarke, Keith Jones, Glyne Pilgrim, Moreta Forde and Drayton Carter) with Associate Professor Colin MacLean (centre) from,

President Hally Haynes Delivering Opening Remarks ISP Project Co-ordinator Anthony Johnson with participants & Assistant Professor MacLean


Let’s go Jamaica... The 55th Annual International Convention and 41st Annual General Meeting of the Confederation will take place June 23 – 26, 2012, at the Ritz Carlton Hotel, Montego Bay, Jamaica. In recognition and celebration of the International Year of Cooperatives (IYC 2012), the Convention will be held under the theme “Cooperative Enterprises Build a Better World”. The Convention will have a truly international flavour as Credit Union Executives Society (CUES) with membership among Credit Union Executives and Directors in fourteen (14) countries worldwide, partners with the CCCU to bring leaders of Credit Unions and Co-operatives a leadership opportunity with a global perspective. This International Convention will also give Co-operative Sector leaders and managers the opportunity to network with a worldwide community of colleagues. General and workshop sessions will focus on leadership, governance, development strategies, innovation and competitiveness.


GETTING Your Products/Services Out There So you have spent hundreds – sometimes thousands of dollars to develop that super cool advertisement, pretty leaflets/ flyers/ booklets and the list goes on...but what have these materials actually been based on? Did you do your research? Did you…Determine who your members are. This may sound simple but a lot of us do not fully analyse our members to determine their needs. If I asked you to provide a profile of your current membership would you be able to accurately do so? Identify what do your members want? Again if I asked you what the current goals and needs of you members are would you be able to provide up-to-date information. More often than not we have developed various materials and placed then on desks, in brochure holders etc. where there are accessible to the members but are left alone in the hopes that members will take one (maybe even two) and then with their limited financial knowledge select the products/services that you have developed for their economic or social well-being. Let’s face it; our marketing campaigns will not be successful if this is the case in your credit union. We need to develop various

promotional materials and determine ways to actively engage

with our members so that we can assist them fully. Remember that these materials should not be stand alone tools, there are merely there as an introduction. Encourage your staff to actively engage in explaining the product/service and the benefits of participating. During transactions staff should be seeking to let members know of any new or existing services that can help them reach their goals. Every transaction is an opportunity for you to increase members’ well-being! Do not be afraid of technology, once upon a time ATM, online and mobile transactions were rare specialty services now they are an absolute must. Your members are getting busier and busier and more and more they are most likely looking for the element of “convenience” in transactions. Analyse your demographic and incorporate the type of technology best suited to them - do they need a tool that will give them on the go updates, control of their account without entering the Branch, simplicity in transactions to save time… whatever the need work towards filling it... We will take a closer look at marketing during the Marketing: Getting Your Products/Services Out There Short Course scheduled for 19th May 2012. Contact us to register.


TRAINING – What’s Scheduled ISP Courses: 18 Feb – 12 May 2012 These Institutional Strengthen Project (ISP) online courses have been designed specifically for staff and volunteers of Credit Unions. As a reminder Credit Unions should submit their registrants by 24 Jan 2012. Contact us for further information.

Corporate Governance 1Corporate Governance 1Corporate Governance 1Corporate Governance 1 This course examines the corporate governance function in credit unions and its importance to a credit union’s success. The course will focus on how the Board is structured, how it is governed and a range of matters linked to the Board and its internal functions. Some of these topics include the Board’s role and responsibilities, leadership and Board development and training. It will also look at the appropriate division of responsibility between the Board and management. This course will be of interest to all directors, committee members and managers.

Estimated time per week: 5-6 hours. Pre-requisites: none.

Financial Management 1Financial Management 1Financial Management 1Financial Management 1 This course is intended to address the principles underlying the management of a deposit-taking financial institution and credit unions in particular. The focus will be on raising awareness and understanding of the main risks facing credit unions. Examples include liquidity risk, capital adequacy, interest rate risk and operational risk. This course will be useful for any credit union employee, director or committee members who wish to further their understanding of financial management in credit unions. Estimated time per week: 3-4 hours. Pre-requisites: familiarity with credit union financial statements helpful but not necessary.

Credit Risk ManagementCredit Risk ManagementCredit Risk ManagementCredit Risk Management

Credit risk is the single largest risk facing deposit-taking financial institutions and credit unions are no different. Loan delinquency and write-offs are problems for many Barbadian credit unions. These problems are among the primary contributors to low profits and inadequate levels of capital and liquidity. In this course we focus on risk-based lending as a means of better managing credit risk and strengthening the link between risk and reward for lenders. The course looks at a number of credit problems in credit unions and provides management solutions for each. This course is recommended to any employee, director, committee member or member who is involved with, or interested in, the lending side of a credit union’s operations. Estimated time per week: 4-5 hours. Pre-requisites: familiarity with credit union lending operations helpful but not necessary.

Marketing ManagementMarketing ManagementMarketing ManagementMarketing Management The marketing course is intended to cover basic marketing principles and provide a framework for developing a basic marketing plan for credit unions. The course will be useful for credit unions of all sizes even though their marketing needs vary greatly. The course will examine the process of identifying marketing objectives, developing strategies and implementing plans to achieve identified objectives. It will also address other topics such as market information, advertising and promotion. The course will be of interest to any employee, director, committee member or member who is interested in the subject of marketing and how it affects the success of their credit union. Estimated time per week: 4-5 hours. Pre-requisites: familiarity with basic marketing concepts helpful but not necessary

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TRAINING – What’s Scheduled Short Courses Feb – April 2012 We resume our regular workshops on the 25th February 2012. These training solutions are open to all members, staff and volunteers of our member societies who contribute to our Education Fund. Contact Marisa / Shondelle at telephone number 429-7075 for further information.

Getting Organised: The Basics Getting Organised: The Basics Getting Organised: The Basics Getting Organised: The Basics of Time Managementof Time Managementof Time Managementof Time Management

This workshop looks at what time management means and explores the key tools for managing your time. Participants are encouraged to keep a diary for a short period before the workshop which will be used to analyse strengths and weaknesses. Covers a range of tips and techniques to help you prioritise, use your time effectively and manage your paperwork and workstation. This workshop is for Secretaries, PA’s, Administrators, and Office Managers. And everyone who needs help with their time management but feels they have not got time to find it.

Date: 25 February 2012

Time: 9.00am to 12.00pm

Advance Credit Union AAdvance Credit Union AAdvance Credit Union AAdvance Credit Union Accounting ccounting ccounting ccounting . This two-day course builds on the foundations laid in the basic co-operative accounting and credit union accounting courses. It seeks to expose participants to the more technical aspects of accounting practices and procedures. Topics include:

• Balancing accounts

• Incomplete records

• Preparing financial statements

• Interpretation of accounts

Date: 10 & 17 March 2012 Time: 9.00am to 4.00pm

A Look At Achieving A Look At Achieving A Look At Achieving A Look At Achieving Work Work Work Work ---- Life Balance Life Balance Life Balance Life Balance

This presentation takes a look at employing techniques for managing the stress of work and life commitments. Participants will be given practical advice and tips for finding time to maintain a healthy balance between the two.

Date: 14 April 2012 Time: 9.00am to 12.00pm

Excelling As A Excelling As A Excelling As A Excelling As A MMMManageranageranageranager /Superviso/Superviso/Superviso/Supervisorrrr This workshop provides participants with strategies for effective supervision, and the skills and knowledge required to supervise a team. It is suitable for first-time supervisors, supervisors with a few years of experience who never received formal training. Participants are asked to keep a diary of activities and challenges for 1 week before the start of the workshop and submit it at least 7 days before the workshop the diary will.

Date: 21 April 2012 Time: 9.00am to 4.00pm

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Contact us at: BARBADOS CO-OPERATIVE & CREDIT UNION LEAGUE LTD.

“Hadley Court” Upper Collymore Rock St. Michael

Tel: 246-429-7075 Fax: 246-436-5848

Email: [email protected] Visit our website: www.barbadoscoopleague.org

bccull get involved magazine issue 2

Documents

cover cooperatives

supervision of credit

isp courses pg

short courses pg

uns objectives pg

bccull agm

training whats

business model