Wednesday 20th Feb, 2019
7th February AGM
We were delighted to see the members who turned up at the Organza suite of the Lightning Club, Warton for the Annual General Meeting held on 7th February 2019.
This General Meeting was to hear reports on the credit union’s performance for the financial year ending 30th September 2018.
Members heard reports from Chairman Martin Newton & Treasurer Stephen Cameron and also received reports from internal and external auditors and examined the audited accounts of the organisation for the year.
Three nominations were received for places on the Board of Directors and these were declared duly elected;
Martin Newton (re-election)
Joe Taylor (re-election)
The Board reported that in order to successfully complete a two-year plan, agreed with the Bank of England regulators to meet capital requirements and in order to set aside a larger than usual amount to allow for growing cases of bad debt, this year’s dividend would need to be limited.
Members approved the Board's recommendation that a dividend of 1% is paid on the average daily account balances for the financial year 2017-2018 and the dividends will be deposited to members’ accounts as soon as possible.
Chairman of the Board Martin Newton said, “The Credit Union Board of Directors is committed to providing members with competitive returns on their money and dividends will always be at the highest level that can be reasonably supported after regulatory, operational and business development needs have been met.”
We look forward to seeing more members achieve their goals together in 2019 and to welcome more of you at next year’s Annual General Meeting.