Annual General Meeting
14th December 2023
Annual General Meeting
The Annual General Meeting (AGM) for First Rate Credit Union Limited, held online on December 14, 2023, showcased a successful year with significant achievements and strategic developments. The meeting included reports from the Board of Directors, Chief Executive, Treasurer, and an internal audit report, along with elections to the board and discussions on governance.
Highlights from the AGM include:
Board of Directors' Report: The board emphasized their role in governance and strategic decision-making, detailing their success in implementing a 5-year Strategic Business Plan focusing on business sustainability, digital advancement, governance improvement, and maintaining regulatory compliance as a large credit union.
Chief Executive's Report: The report highlighted a record year in terms of growth, with 1,120 new members, a 24% increase in lending amounting to almost £8 million, and a focus on strengthening relationships with BAE Systems. Notably, the introduction of an Employee Hardship Fund was a significant step towards supporting employees facing financial challenges.
Treasurer's Report: Financially, the Credit Union experienced substantial growth, with membership increasing by over 15% to more than 6,000 members. The surplus after taxation rose by 40% from the previous year, enabling a proposed dividend of 4.3%.
Internal Audit Report: The internal audit team successfully completed 100% of their planned audits, focusing on governance, financial management, and regulatory compliance, showing progress in maintaining high standards of operation.
Elections to the Board: New and re-elected members were welcomed onto the board, bringing a diverse range of experiences and skills to contribute to the Credit Union’s continued success.
Governance: The meeting included a focus on the importance of training and maintaining high standards of governance, ensuring the Credit Union operates in compliance with regulatory requirements.
The AGM reflected a year of strong performance and strategic advancements, positioning First Rate Credit Union Limited for continued success and growth. The Credit Union remains committed to serving its members effectively, leveraging its not-for-profit model to focus on member services and financial resilience.