SECU Credit Union Annual Report 2021

CONTENTS PG 2 VISION STATEMENT & MISSION STATEMENT PG 3 NATIONAL ANTHEM PG 4 PRAYER

PG 55 EDUCATION AND TRAINING COMMITTEE REPORT 2021/2022

PG 57 SUPERVISORY COMMITTEE REPORT 2021/2022

PG 5 NOTICE OF THE 40TH AGM

PG 60 CREDIT COMMITTEE REPORT 2021/2022

PG 7 AGENDA

PG 63 FINANCIAL STATEMENTS

PG 8 STANDING ORDERS PG 10 PRESIDENT'S ADDRESS PG 16 MINUTES OF THE 39TH ANNUAL GENERAL MEETING

PG 33 BOARD OF DIRECTORS REPORT 2021/2022

PG 102 NOMINATIONS COMMITTEE REPORT 2021/2022

PG 114 PROJECTED INCOME AND EXPENDITURE FOR 2022

PG 115 RESOLUTIONS

40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

VISION STATEMENT An innovative, sound and preferred Credit Union providing superior services Which meet and exceed members’ expectations.

MISSION STATEMENT Committed to providing a comprehensive range of services to meet the socio-economic and self development needs of our members and staff while enhancing the co-operative spirit and youth development in the national community.

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NATIONAL ANTHEM Forged from the love of liberty, In the fires of hope and prayer, With boundless faith in our destiny We solemnly declare.

Side by stand we side 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.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

CREDIT UNION PRAYER 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.

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NOTICE OF THE 40TH ANNUAL GENERAL MEETING Notice is hereby given that the fortieth (40th) Annual General Meeting of SECU Credit Union Co- operative Society Limited will be held via Hybrid Arrangements (Both Physically and Virtually) on Saturday 16th July 2022 at 1.00pm at the NESC Building 2-4 Rivulet Road Point Lisas, Couva, (Physical) at 1.00pm. Due to safety concerns, physical attendance will be limited to Three Hundred (300) persons.

The AGM is being held for the following purposes: 1. To confirm the Minutes of the 39th Annual General Meeting 2. To receive and consider reports of the: -

Board of Directors

-

Statutory Committees

-

The Audited Financial Statements of the Credit union for the year ended 31st December 2021.

3. To appoint auditors for the period ending at the conclusion of the next Annual General Meeting 4. To declare a dividend for the financial year ended 31st December 2021.

5. To elect officers for the new term 2022/2023 6. To approve the 2022 budget 7. To approve the write off of bad debts 8. To transact any other business that may be properly brought before this meeting Members who wish to participate in this AGM are required to pre-register on line through our website www.secucredituniontt.com. The Pre-registration period is July 02 to July 15th 2022. (12:00 Midnight) Members are required to have a device such as a computer, tablet or smartphone with internet access to participate in the meeting.

Only pre-registered members will receive the meeting link.

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NOTE: Upon registration, all details required to access and participate in the Virtual AGM will be sent to your registered email address. �

With the exception of specially invited guests and moderators, only registered members will be allowed to attend.

� Your question can be submitted upon registration The 2021 Annual Report will be made available for viewing on the website from July 12th 2022.

By order of the Board

………………………….

Brian Beckles Secretary

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AGENDA Call to order National Anthem Invocation/Credit Union Prayer Safety Briefing Credentials Report Reading of notice convening the fortieth (40th) AGM Adoption of Standing Orders President’s Report Confirmation of minutes of the thirty-ninth (39th) AGM Business arising from the Minutes Adoption of reports (a) (b) (c) (d) (e)

Board of Directors Supervisory Committee Credit Committee Education Committee Auditors’ Report and Financial Statements

Credentials Report Report of the Nominations Committee Election of Officers for the new term 2022/2023 Budget 2022 Resolutions (a) (b) (c) (d)

Stipends Write off Dividend Honorarium Appointment of Auditors

(e) Bad debts write off Other Business Vote of thanks

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STANDING ORDERS 1. A member shall stand when addressing the Chair and shall identify himself or herself (for those attending physically) 2. Speeches are to be clear and relevant to the subject before the meeting.

3. The microphones shall be muted and the video cameras kept off for all participating members except where permitted by the Chairman.

4. No member shall address the meeting except through the Chair and shall identify himself/herself when called upon and unmute to do so. All speeches are to be clear and relevant to the subject before the meeting.

5. Members will type their questions into the chat box which will be transmitted to the Chairman for responses.

6. A member shall use the Raise Hand button ONLY when: (a) He/she is a mover or seconder of a motion (b) He/she is raising a point of order. (c) He/she requires to object or to explain. (d) He/she requires the urgent attention of the Chair.

7. A member shall not speak twice on the same subject except: (a) The mover of a motion – who has the right to reply (b) He/she wishes to object or explain any matter (with the permission of the Chair) 8. The mover of a “Procedural Motion”: (Adjournment, Lay on the table, Motion to postpone) shall have no right to reply.

9. No speeches are to be made after the “Question” has been put and carried or negated.

10. 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 Order”) 11. (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 shall a member call the Chair “to Order”

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12. A “Question shall not be put to the vote if a member desires to speak on it or move an amendment on it – except that a “Procedural Motion: The Previous Question”. “Proceed to the Next Business” or the Closure: “That the Question now be put” may be moved at any time.

13. Only one amendment shall be before the meeting at one and the same time.

14 When a motion is withdrawn, any amendment to it fails.

15 The Chairman shall have a right to a “casting vote”.

16. If there is equality of voting on an amendment and if the Chairman does not exercise his casting vote, the amendment is lost.

17. Provisions shall be made for protection by the Chairman from vilification (personal abuse).

18. No member shall impute improper motive against another member.

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PRESIDENT'S ADDRESS A pleasant good afternoon to you my fellow Co-operators. It gives me great delight today to welcome all of you to SECU Credit Union’s, 40th Annual General Meeting for the 2021-2022 term of office.

It’s truly a wonderful feeling to welcome you back after a sabbatical of more than two (years). I believe the last time we physically saw each other was in April 2019.

It’s been a lengthy time and so, as we slowly re-enter the face to face domain, engaging this Hybrid platform, (part physical part virtual) we are hopeful that these two (2) parallels of interaction will yield the desired outcome.

We are now in our 40th Year and we are celebrating the Anniversary of our ‘Success story’. It’s a story for which we can all be proud. Our achievements speak volumes and is a way for us to look back to our Future. It’s the ‘Power of our Past’ with a reflection on Men and Women of Steel who have ‘Influenced our Future’.

Today is a ‘Red Letter day ‘for us and the importance of this moment cannot be overstated, for what it took to get us to this point. Our journey has been long and not without its fair share of challenges, ambitions and surprises. Surprises which were not for the faint hearted, however, we didn’t settle for less and we survived that era together.

You have been traveling with us on that journey. You have been our eyes and ears.

You have supported us, prayed for us and have been our ‘rock of Gibraltar’ over the years. For this commitment, we thank you.

On behalf of the Board of Directors, we wish to now recognize and welcome our other partners who continue to share our mutual interest: � � � � � � � � � � � � � �

Regulators – The Commissioner and members of the Co-operative Division The Co-operative League of Trinidad and Tobago (CCULTT) and Chapter representatives Legal advisers (Girwar & Deonarine and Roger Bartley – Integrity Chambers).

CUNA Caribbean Insurance Society Limited, Sagicor and Colfire Insurance Company Limited Couva/Pt. Lisas and Chaguanas Chambers of Commerce R.Ramdass & Company- Auditors Bankers- FCB, RBC and Republic Bank Limited Century 21 and Global Financials Broker Limited JMMB Brokers Past Presidents, Pioneers and other Affiliates within the Credit Union family Innovative Security Personnel National Energy Skills Center (NESC) Statutory and Ad-hoc Officers, Junior Executive members, Management & Staff Invited guests, other stakeholders and our beloved members for your loyalty and trust.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

Your attendance here this afternoon is cherished.

Permit me to take you back a bit to the beginning of this ‘Success Story’. It’s the year 1982 and there was a vision by Men of Steel, Errol Clarke and Churchill Harris to birth the Steel Workers Credit Union in a small Porta-Camp located on the Steel Mill Plant, in Point Lisas and managed by one member of staff Ms. Agnes McBurnie- Office Manager.

Continuing to achievements over the years with Martin Charles, Noel Jones and Pascall Marcelin. These visionaries who in the early 90’s and 2000’s successfully opened our bond, purchased the property- now known as our Headquarters in California, opened new branches in Chaguanas, Princes Town and Tobago, expanded staff, formed Committees, made sound Financial investments, launched Bursaries, increased membership while generating income streams and developing social programs (Children’s Christmas Frolic , annual Carnival fetes.)

Notably, the aspirations of our Women of steel who broke the ‘glass ceiling’ of Governance and Leadership and stepping into a man’s domain saw Ingrid Carpette, Debra Pierre Daniel and currently Lois Carmino who continued on this trajectory of continuous improvement by the introduction of the ‘Summer internship Programs for the Junior Executive, vehicle acquisition, Logo change, Marketing implementation and Branding, digital and Social Media Platforms (Membership/Loan approvals, Website, Facebook, Twitter, Instagram), Corporate Social responsibility to the Community and environs by our products and services and the embrace of the Change Management system.

These initiatives and more all make for innovation, sustainability, financial security, wealth creation, high performing teams and succession planning.

Fast forward to 2020 into 2022 and the rage of the Covid-19 Pandemic, with its lock downs, extreme health and safety regulations, limitations to interactions and an interference with our Work Life Balance. It threatened our spaces, our peace and freedom but our minds remained inventive.

With a new normal and the introduction of digital platforms, it was business – not as was accustomed, but a mechanism which worked well for SECU and by extension the fraternity and the ‘World’. This virtual platform allowed for staff to ‘Work from Home’, attend training programs and more importantly retain their jobs.

It forged a path to host and attend Board, Statutory and Ad-hoc meetings, to form alliances and to strengthen the Health of SECU and its relationships and to host Annual General Meetings. This was the beginning of our transformation into the digital space.

Not daunted by the negative global impact, SECU Credit Union is pleased to once again announce a payment of a 3% dividend in spite of these turbulent times and on par with the 3% dividend paid in 2020.

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The highlights of our performance comparative to the previous year is reflected as under PERFORMANCE: CATEGORY

2021(TT$)

2020(TT$) INCREASE DECREASE

TOTAL ASSETS

215,801,640 208,698,369

%

3

7,103,271

117,154

1,030,865

-913,711

89

TOTAL INCOME

18,819,752

19,292,075

-472,323

2.5

TOTAL EXPENDITURE

11,935,233

13,086,048

-1,150,815

9

MEMBERS SHARES

168,665,464 165,563,165

3,102,299

2

MEMBERS LOANS

169,706,370 166,789,981

2,916,389

2

678,492

11

BANK OVERDRAFT

TOTAL NET SURPLUS

6,884,519

6,206,027

The total assets grew by $7m equivalent to 3% increase over 2020 in spite of the Pandemic. There was also a noted increase in Members shares and Members Loans by 2% in each category mainly due to the re-opening of economic activity Whilst there was a 2.5% drop in income, mainly due to the investment portfolio, where companies would have paid lower dividends also impacting on the interest on loans SECU continues to message its business plan. Since members would have experienced some challenges in their repayment ability and in an attempt to meet their needs, SECU would have offered the provision of a moratorium and deferred payments. This was in an effort to cushion the effect caused by the major lock-down on those non essential entities and resulting in reduced disposable income from these members.

Control of spending resulted in the visible decrease by 9% in Total Expenditure validating the aggressive financial management and prudency of purchases.

Reliance on the Bank’s overdraft facility decreased significantly by 89% due to the Society’s liquidity and the utilization of our own funds. The reduction of $913,711.00 on overdraft usage is to be applauded.

We are happy to report that these managed portfolios resulted in an attractive increase of 11% or $678,492.00 in our Net Surplus and we wish to commend our Strategic Management and Financial Accounting teams, with their support staff, for their support towards the monitoring and control of the Finances.

The Delinquency Portfolio has also performed quite satisfactorily by the recovery of $9.4m over the $9m recovered in 2020. Continued commendations to the Delinquency Committee for their strategic approach and the functionality of the Recoveries Department.

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STRATEGIC PILLARS OF FOCUS: Staying true to our commitment to provide a Quality Service with the ease of conducting business and an attraction to the Millennial grouping, we embarked on the following initiatives for continuous improvement in the strategic pillars of focus. These updates over 2020 into 2021 are provided for your information and are further detailed in the Committee reports: 1. INSTITUTIONAL MANAGEMENTa. Governance and Compliance -Formulation of new Policies and Bye Laws b. Sign off on Outstanding SOPs (Standard Operating Procedures) c. Terms of Reference and Implementation of processes d. PM System (for design and Maintenance) 2. FINANCIAL MANAGEMENT a. Budgets versus Actual Expenditure and Savings on overdraft b. Prudency of Investments and its Return on Investment c. Control of Expenditure …..and the Board’s decision to shift from the construction of a new Building ($60m) and to alternatively invest in an Extension to the existing Head Office Building (<$10m) without compromise to the demand for space and OSHA guidelines for Occupancy, which will be outlined by the Treasurer and requiring your approval this afternoon.

3. HUMAN RESOURCE a. New Performance Appraisal (Rewards and Recognition) b. Recruitment and Retention (Job enrichment /Enlargement) c. Training and Development Investment - (IiP) including Cross Training and the opportunity for internal upward mobility d. Organisational Chart /Job design and (re) classification e. Formation and Implementation of a ‘Strategic Management Core Team’ for critical thinkers and establishing High Performing teams f. Team Building g. Health, Safety, Security, Environment and wellness upgrades to forestall incidences, which would comprise the HSSE and its incident reporting, preventative standards and abnormality analysis.

4. INFORMATION AND COMMUNICATIVE TECHNOLOGY(ICT) a. Investment in Hardware/Software for smooth operations/ communicative and disaster recovery b. Mobile and connectivity infrastructure to allow for seamless transfer of information for a significant impact on E-Governance throughout the Society 5. MARKETING a. Communication (Digital Platform) website,fbook, twitter, Instagram, LinkedIn, Quarterly Newsletter,weekly enews in brief b. Advertisements : Mobile and Stationary, Print and Electronic Media for the enhanced product and services (Discount Card )

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c. Talent Management/Skills Bank for internal tutoring d. Programs and Activities: Community Outreach, Members Orientation, Golden Achievers Tours, Regional Cruises, other activities of Member care and Relations Whilst Covid-19 is still present, albeit without the fury of its first entry, the ground beneath us has shifted and we will never be the same. Opportunities have opened up and as keepers of this legacy we continue to build on our History.

WHAT DOES THE FUTURE HOLD AT SECU: Greater than the sum of our individual ambitions is Our Core value which continue to propel us to do ‘new and better things’ in alignment with our Mission and Vision statements. We are therefore on a priority mission to develop the following: 1.

2.

3.

4.

5.

Education: Scholarship Program Procurement: Re-packaging of a Debit Card with its trademark Facilities Management: Extension of the Head Office Health: Improvements to our Medical Plan Marketing: Solidifying our competitive advantage and increasing our market share by the attraction of the Millennial or digital group – Generation Y Z and Generation Alpha

6. Paying a dividend of more than 3% Cumulatively SECU has acquired over 200 years of professional expertise and we owe this wealth of drawing from the intellectual property and cognitive abilities to the vision of the founders of 1982, our predecessors who forged this path, to current Officers and staff mindful of the sacrifices of time and effort.

We have had 6 Presidents leading the SECU Credit Union Society and I am humbled to be the 7th President taking up this mantle and bearing the torch of this transition.

We are proud today to wear these badges of honour having stood on the shoulders of these pioneering giants, who laid the template for us to be the best version of ourselves and becoming the catalysts for change.

We express our sincerest condolences to the families and friends of those members and Officers that we have lost during the period and quite recently Mr. Curtis Alleyne, who did yeoman service to SECU and the Credit Union fraternity.

We extend our best wishes to the members who are celebrating birthdays and anniversaries as well as Congratulatory sentiments to the SEA, CSEC, CAPE and University students on their academic achievements.

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My deepest appreciation for the support of the Executive, Board of Directors, Officers, Management & Staff, Partners and affiliates of SECU Credit Union and to those who have selflessly offered themselves for service and the quiet ones in the background.

To our faithful membership, your trust and support continues to be our beacon, to lead dutifully with the hope of better days to come, as we strive and thrive. In meeting our goals and objectives we invite you to be participative in our upcoming celebrations and to stay abreast of our bulletins conveying the 40th Anniversary calendar of events and other activities with freebees on our social media pages. We also invite you to complete your Medical and Talent Management Forms, which are available at all Branches.

I close with the words of Tom Asacker – A writer and philosopher on practices and ideas for success in times of uncertainty and change.

“When you can do the common thing in Life in an uncommon way, You will command the attention of the World” Members, Colleagues and Associates I thank you. Do have a pleasant evening and until we meet for our celebrations, God bless you all and May Almighty God continue to bless SECU Credit Union!

Co-operatively

Lois Carmino

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MINUTES OF THE 39th ANNUAL GENERAL MEETING OF SECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED HELD VIA THE ZOOM PLATFORM ON SATURDAY SEPTEMBER 11TH, 2021 1.0

CALL TO ORDER/INVOCATION: The Vice President, Mr. David Trim, called the meeting to order at 1.00 p.m. and invited members to stand for the National Anthem, followed by the recital of the Credit Union Prayer. A moment of silence was also observed for members who passed over the period.

2.0

1st CREDENTIALS REPORT: The Credentials Report at 1.07p.m. indicated that two hundred and twenty-six (226) members were present online.

2.1

WELCOME: The Vice President welcomed all to the Virtual 39th Annual General Meeting and invited the Secretary to the Board of Directors Director Brian Beckles to read the notice of the Meeting. Director Trim continued that despite being virtual, the AGM will bear no less importance than being physical, which he said was necessary in these times to minimize the risk of infection of the Global Covid-19 virus.

3.0

NOTICE OF MEETING: The Secretary to the Board of Directors, Director Brian Beckles, read the Notice of the 39th Annual General Meeting. He also introduced the following members at the Head Table: From right to left...Ms. Marlene Zamore, General Manager (ag) Directors Pascall Marcelin, Treasurer; Lois Carmino, President; David Trim, Vice President and Brian Beckles, Secretary.

[An instructional video for utilizing the virtual platform was played.]

4.0

ADOPTION OF STANDING ORDERS: The Secretary, Director Brian Beckles, read the Standing Orders (1-16) found on pages 7-8 in the Brochure. The membership adopted the Standing Orders by majority vote on a motion moved by Mr. Keron Pujadas and seconded by Mrs. Stephanie Rose-Skeete. Thirty-six (36) members voted in favour, zero (0) voted against and three (3) abstained.

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5.0

PRESIDENTS ADDRESS: The President, Director Lois Carmino in addressing the membership extended a warm welcome to all those present at the 39th Annual General Meeting and reminded that this was the 2nd Virtual Annual General Meeting for SECU. Members, were recognized for attending the Meeting having been made possible by the advantage of the Virtual Platform and where in the past physical attendance may have been a challenge Past Presidents Martin Charles and Noel Jones together with the following stakeholders were also recognized:

� � � � � � � � �

Representatives of the Co-operative Division Representatives of the Credit Union League of Trinidad and Tobago (CCULTT) Affiliates of the Credit Union fraternity and their Chapter representatives CUNA Caribbean Insurance Regulators Past Presidents and Stalwarts Board of Directors, Statutory, Ad hoc Officers and Junior Executive Management and Staff Invited guests and members of SECU Credit Union President Carmino indicated that over the past year the Organization had experienced achievements as well as challenges due to the limitations and restrictions of the COVID-19 pandemic, which led to disruptions in the lives of individuals and organizations alike.

The adaptation to new stimulus with the focus on the longevity and sustainability of the Organization was paramount in the vision of the Board of Directors for continued growth and development, investment of its people (Iip) and prudent financial investments.

We were also called upon to review our business model and make radical changes, to our processes, particularly in the use of digital platforms and ICT systems.

Highlights of SECU’s performance were made regarding the undermentioned and reflected in TT$ Dollars.

Total Income –19,292,075.00 18,829,365.00)

(an

increase

of

2.5%

over

2019-

Bank Overdraft –1,030,865.00 (a decrease of usage of 73.4% over 2019 3,868,736.00) Total Assets – 208,698,369.00 (1.2% decrease over 2019 -211,182,244) Total Expenditure-13,086,048.00 (an increase of 6.3% over 201912,315,925.00) Members Shares –165,563,165.00 (an increase of 0.4% over 2019 – 164,845,951.00) Members Loans-166,789,981.00 (a decrease of 4.2% over 2019174,086,630.00) Total Net Surplus – 6,206,027.00 (a decrease of 4.7% over 2019 6,513,440.00)

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It was noted that there was a gain on the non-utilization of the Bank Overdraft, due to the Organization's liquidity, as well as increase in Members Shares and subsequently Total income. Commendations to staff and the Delinquency team were given for recovery of $9m in the year under review.

There was an increase however, in Expenditure of 6.3% despite tight controls mainly due to unavoidable Insurance Rates, implementation of Health Protocols for Covid-19 to ensure the safe environment for all stakeholders.

Purchases and Insurance for software for staff on rotation (working from home) also added to the cost in Expenditure, ultimately impacting on the net surplus.

Members attention was drawn to the five (5) pillars of SECU’s operations namely 1) Institutional Management 2) Financial Management 3) Human Resource (Training & Development and Health Safety & Wellness.)

4) ICT and its systems 5) Marketing The achievements aligned to these pillars over the period under review endorsed the afternoon’s theme of: ‘Our Handprint in a virtual world, providing quality service.’ and listed as under: a) b) c) d) e) f) g) h) i) j) k)

Successful completion of negotiations for the 2017/2020 Collective Agreement.

Strict adherence to Health, Safety, Security and Environment (HSSE) Regulations.

Restorative and maintenance works undertaken during the pandemic at all Branches (entry access gate, Pedestrian walkway etc.)

Strengthening of SECU’s Website and Facebook page and introduction of other social media platforms such as LinkedIn, Twitter and Instagram.

Recovery of bad debt to the tune of $9M in 2020 and over $6M in 2019.

Financial relief to members through loan restructuring, COVID-19 loans and deferred payments.

Strengthened the Finance and ICU Departments by the recruitment of Finance Manager, Mrs. Stephanie Inniss-Toussaint and ICT Administrator, Mr. Kris Gobin.

Improved communication processes through our weekly updates (enews in Brief) and quarterly newsletter.

Focus on Work Life balance and pillars of the Organization Member relations and member care Development of New policies and Standard Operating Procedures (SOP) In an effort to market SECU’s brand and secure its market share, the undermentioned initiatives were also massaged:

� � � � � � �

Installation of double-sided billboard signage at Head Office and promotional banners at all Branches.

Advertisements on PTSC buses.

Publication of Quarterly Newsletter Website and Facebook updates promoting SECU’s products and services Electronic and print advertisements Recruitment of additional providers for the Discount Card.

Product & Services upgrade (Unsecured $55k, 3x shares, Tertiary & Education Loans, Covid, Vehicle, Mortgage and Equity, Medical Plan (with Life, Critical and Accident and dismemberment coverage)

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President Carmino expressed her pride in relaying that SECU Credit Union was quite 'fluid’ in spite of the Pandemic and was pleased to announce a payment of 3% dividend and on par with the 3% dividend paid in 2019.

In closing, the President thanked SECU’s partners, affiliates and stakeholders for their guidance, support and co-operation during the past fiscal year.

These included the Regulators (Commissioner’s Office and Co-operative Division) Affiliates (Credit Union League of Trinidad and Tobago (CCULTT), the Central Chapter), Couva and Chaguanas Chambers of Commerce, Financial Providers (RBC, FCB, UTC, JMMB) Legal advisers Girwar and Deonarine, Integrity Chambers, R. Ramdass and Company (Auditors), Medical providers, (CUNA, Colfire, 21st Century and Sagicor) Technical Crew, auxiliary crew and security personnel (Innovative).

6.0

MOTION FOR THE ACCEPTANCE OF THE AGM BROCHURE 2020: The Annual General Meeting Brochure was taken as read by majority vote on a motion moved by Mr. Kenneth Medina and seconded by Mr. Garnet Vidal.

Forty-nine (49) members voted in favour, zero (0) voted against and one (1) abstained. The motion was carried due to majority vote.

7.0

OMISSIONS, CORRECTIONS AND CONFIRMATION OF MINUTES OF THE 38th ANNUAL GENERAL MEETING: There were no omissions or corrections to the Minutes of the 38th Annual General Meeting held on December 5th, 2020 The Minutes of the 38th Annual General Meeting held on December 5th, 2020 were confirmed by majority vote on a motion moved by Mr. Junior Roger Rawlings and seconded by Ms. Gemma Antoine. Sixty (60) members voted in favour of acceptance of the, zero (0) voted against and three (3) abstained.

The Motion was carried due to majority vote.

8.0

MATTERS ARISING FROM MINUTES There were no matters arising from the Minutes of the 38th Annual General Meeting.

9.0

BOARD OF DIRECTORS REPORT: With the Brochure having been taken as read, the membership was invited to pose any questions on the Board of Directors’ Report. The following responses were provided to questions raised by Mr. Dillon Haynes:

� � � �

Ques: What is the channel of communication in communicating with the Board of Directors.

Ans: The normal channel for communicating with the Board of Directors is via the Secretary to the Board of Directors.

Ques: Why hasn’t a response been received from the Board to his letter of resignation from the Facilities Management Committee.

Ans: The reason Mr. Haynes has not received a formal response is because he is still operating in the position from which he wanted to be removed.

As soon as that action is finalized, an acknowledgment will be provided.

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9.1

Motion for Adoption of Board of Directors Report : The Board of Directors Report was adopted by majority vote on a motion moved by Ms. Kalisha Jattan and seconded by Ms. Wendy Murray.

Seventy-five (75) members voted in favour, two (2) voted against and three (3) abstained. The motion for acceptance of the Board of Director’s Report was carried by majority vote.

10.0

SUPERVISORY COMMITTEES REPORT: The Chairman of the Supervisory Committee, Mr. Keron Pujadas, invited questions from the membership, however there were no questions.

10.1

Adoption of Supervisory Committee Report: The Supervisory Committee’s Report was adopted by majority vote on a motion moved by Mr. Curtis Alleyne and seconded by Mrs. Tenisha ClarkeJackson. Seventy-one (71) members voted in favour, zero (0) voted against and six (6) abstained. The Motion to adopt the Supervisory Committee Report was carried due to majority vote.

11.0

CREDIT COMMITTEES REPORT: The Chairman of the Credit Committee, Mr. Ewart Reyes, gave an overview of the Committee’s performance during the period under review and questions were invited.

11.1

Adoption of Credit Committee Report: Without any questions, the Credit Committee’s Report was adopted by majority vote on a motion moved by Mr. Isaiah Gordon and seconded by Mr. Junior Roger Rawlings. Seventy-nine (79) members voted in favour, one (1) voted against and three (3) abstained. The Motion to adopt the Credit Committee’s Report was carried due to majority vote.

12.0

EDUCATION COMMITTEES REPORT: The Report having been taken as read, the Chairman of the Education Committee, Director Peter Bostic, invited questions from members and supplied the following responses:

i)

Question posed by Member Judy Alleyne-Wilson on virtual programs offered.

Ans: No courses were planned for the new term, since courses are only organized for the term in office. SECU Credit Union is willing to offer beneficial programmes to the membership. However, there has always been a challenge with members participation, even in cases where they registered for the programmes but did not attend.

There was low participation at the last programme offered, which was Conversational Spanish with only eighteen (18) members participating.

A Financial and Budgeting Programme was offered during the pandemic but this was also poorly attended. However, the new Committee will consider organizing virtual supportive sessions geared towards alleviating the stresses members may be facing during these trying times.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

ii)

Question posed by Member Dariyus Cooper on any Graduation ceremony for the Junior Executive Program and (iii) whether any supplementals can be obtained from this progam for tertiary admissions.

Ans: There was no graduation ceremony for the Junior Executive Programme.

Participants are usually utilized on various subcommittees of the Board and this Allows them to contribute as well as to gain valuable experience.

Graduates who wish to receive letters of participation in the Junior Executive Programme for tertiary admissions can make a written request to the General Manager.

iii)

Question posed by Member Matthias Braveboy on when will the Bursaries be hosted?

Ans: As soon as the 2021 SEA examination results are released, notices regarding the bursaries will be sent to parents and published in the newspapers.

The Board has also taken the initiative to promote excellence of performance and once a student has performed extremely well in particular categories, that will be recognized.

iv)

Why was Committee member Kaylon Webb absent for so many meetings.

Ans: Mr. Kaylon Webb who is a Junior Executive Member on the Education Committee and also an employee of SECU, was excused from some meetings on medical grounds.

12.1

Adoption of the Education Committee Report: The Education Committee’s Report was adopted by majority vote on a motion moved by Mr. Kenneth Medina and seconded by Mr. Kerel Warrick. Eightythree (83) members voted in favour, zero (0) voted against and seven (7) abstained. The motion for the adoption of the Education Committee Report was carried due to majority vote

13.0

AUDITORS REPORT: Ms. Vidia Ramdass, representative of R. Ramdass & Company, read the Auditor’s Report to the membership.

13.1

Adoption of the Audit Report: The Auditor’s Report was adopted by majority vote on a motion moved by Mr. Krishna Bowen and seconded by Ms. Gemma Antoine. Eighty-five (85) members voted in favour, zero (0) voted against and four (4) abstained. The motion for the adoption of the Audit Report was carried due to majority vote

14.0

2020 AUDITED FINANCIAL STATEMENTS: The Finance Manager, Mrs. Stephanie James-Toussaint in presenting the 2020 Audited Financial Statements indicated that despite the many challenges faced as a result of the COVID-19 pandemic, SECU Credit Union’s financial performance was strong. Some highlights were as follows:

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Statement of Financial Position

� � � � � �

Loans declined by 4% from $174.1M in 2019 to $166.8M in 2020.

Shares increased by 0.4% from $164.8M in 2019 to $165.6M in 2020.

Deposits decreased by 2% from $16.4M in 2019 to $16M in 2020.

Total Assets decreased by 1% from $211.2M in 2019 to $208.7M in 2020.

Investment Securities increased by 8% from 29.5M in 2019 to 31.9M in 2020 Cash position increased by 99% from $1.2M in 2019 to $3M in 2020 Statement of Comprehensive income

�

Interest on loans increased by 2% over the previous year from $17.4M to $17.8M in 2020.

�

Income from investment increased by 14% over the previous year. While other income fell by 1% Overall there was a 2% increase in income over the previous year Total Expenses increased by 6% from $12.3M in 2019 to $13.1M in 2020.

Despite this, cost savings were seen in Annual General Meeting expenses, bank charges and professional services. Due to tight controls cost was reduced by 58% when compared to 2019.

� �

� Other Comprehensive income

� � �

This showed a loss of $1.8M in 2020 when compared to a surplus of $2.2M in 2019.

Total comprehensive income for year is $4.4M. Statement of Change in Member’s Equity and Income Balance as of January was $25.4M. Total equity position at the end of 2020 is $24.5M Statement of Cash Flow

�

At the end of 2020 the cash position is $1.9M compared to the deficit of $2.7M for 2019 Notes to the Financial Statements

�

This provides more details on each line of the financial statement Mr. Martin Charles, a past President of SECU Credit Union who was overseas, enquired about the strategies being contemplated to address the decline in the year-to-year surplus and income. In response, the Finance Manager indicated that SECU had introduced tighter controls in respect of expenditure.

It is anticipated that these measures will yield greater returns in terms of mitigating against the impact of COVID-19.

The President acknowledged Mr. Martin Charles, former President and thanked him for his attendance and participation.

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14.1

Adoption of Financial Report The 2020 Audited Financial Statements were adopted by majority vote on a motion moved by Mr. Marlon Pierre and seconded by Mr. Kenneth Medina.

Ninety-eight (98) members voted in favour, one (1) voted against and three (3) abstained. The motion for the adoption of the Financials Report was carried due to majority vote.

15.0

2nd CREDENTIALS REPORT: The Chairman reported that a Credentials Report at 2.35 p.m. revealed that four hundred and forty-seven (447) members were logged on.

[Members were reminded of the format to access the virtual portal in which multiple-member households shared one device).

16.0

NOMINATIONS COMMITTEE REPORT: The Chairman of the Nominations Committee, Director Pascall Marcelin in presenting the Report of the Committee highlighted the difficulty experienced in attaining the desired number of nominees for the various committees, which in turn caused the deadline to be extended on two (2) occasions.

Director Marcelin appealed to members to get involved with SECU Credit Union because even if they are not elected to positions on the Board or Statutory Committees, they can be nominated to serve on subcommittees of the Board.

The membership was also informed that some nominees had not acquired their certificates of good character because of challenges being experienced by the Police Service in providing these on time.

He advised that if subsequent to election to office, individuals are found not to be fit and proper, then in accordance with SECU’s Byelaws those members will be required to demit office.

The following is the list of members who are awaiting their certificates of good character: Board of Directors Mr. Mikhail Moolchan Supervisory Committee Ms. Ann John Ms. Wendy Murray Ms. Althier Alleyne Mr. Balliram Taklal The Meeting recognised member Dillon Hayes who referred to the practice where the Nomination Committee and some other Committees are chaired

by Board Members where most or all of the other members are Board members and enquired whether that is provided for in the Byelaws or constitution.

The Chairman of the Nomination Committee in response stated that certain Committees are extensions of the Board and are so chaired for good governance. The chairmanship of subcommittees of the Board is also entrusted to Board Members. It is not feasible to have non-Board Members as chairpersons of these subcommittees since they are required to report to

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the Board who also meet certain requirements with regard to confidentiality and fiduciary duty. Hence these Board appointed Committees should be Chaired by Board members since they are extensions of the Board.

16.1

Adoption of Nominations Committee Report The Report of the Nominations Committee was adopted by majority vote on a motion moved by Mr. Akilla Bernard and seconded by Ms. Gemma Antoine. Ninety-six (96) members voted in favour, one (1) voted against and three (3) abstained. The motion for the adoption of the Nominations Committee Report was carried due to majority vote.

17.0

3rd CREDENTIALS REPORT: A Credentials Report at 2.50 p.m. indicated that four hundred and eighty-two (482) members were online.

18.0

ELECTION OF OFFICERS The duties of Returning Officer were performed by Mrs. Shelley CharlesWilliams, Co-operative Officer of the Office of the Commissioner for Cooperative Development, Ministry of Youth Development and National Service.

The Returning Officer congratulated SECU Credit Union on hosting its 39th Annual General Meeting and its 2nd virtual meeting and declared registration cease and the meeting portal closed.

The Officer announced the names of the candidates for the Board of Directors, Supervisory and Credit Committees; BOARD OF DIRECTORS CANDIDATES: Brian Beckles Ingrid Carpette Juliet Huggins Mikhail Moolchan Wayne Sargeant Charlene Williams SUPERVISORY COMMITTEE CANDIDATES: Althier Alleyne Angeline Ayow Shanelle McEachnie-Gill Ann John Kenneth Medina Wendy Murray Keron Pujadas Adrian Regis Balliram Taklal

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CREDIT COMMITTEE CANDIDATES: Curtis Alleyne Anthony Brathwaite Sonia Lisa Hoyte Gail James Elizabeth Johnson-Mason Ewart Reyes Kerel Warrick An instructional video of the voting process was shown to the membership and voting ensued.

18.1

Election Results Board of Directors Names

Votes

Tenure

Ingrid Carpette Brian Beckles Juliet Huggins Charlene Williams Wayne Sargeant Mikhail Moolchan

241 177 157 84 (1st Substitute) 69 (2nd Substitute) 31

3 years 3 years 3 years

Supervisory Committee Names

Votes

Angeline Ayow Wendy Murray Keron Pujadas Althier Alleyne Shenelle McEachnie-Gill Ann John Kenneth Medina Adrian David Regis Balliram Taklal

186 173 162 115 (1st Substitute) 106 (2nd Substitute) 79 71 18 11

Credit Committee Names

Votes

Curtis Alleyne Kerel Warrick Sonia Lisa Hoyte Anthony Brathwaite Gail James Ewart Reyes Elizabeth Johnson Mason

217 196 177 174 161 146 (1st Substitute) 136 (2nd Substitute)

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18.2

Destruction of Ballots A motion for the destruction of the electronic ballots was moved by Member Alvin Kamraj and seconded by Member Kia Gibson. The motion was approved by majority vote with ninety-six members (96) voting in favour, one (1) voting against and two (2) abstentions. The motion for the destruction of the electronic ballot boxes was carried due to majority vote.

The Chairman thanked the Returning Officer for her services and offered congratulations to the newly elected Members of the Board, Supervisory and Credit Committees.

19.0

BUDGET 2021 The Treasurer, Director Pascall Marcelin, presented the Budget for the year ending December 31st, 2021. Given the economic outlook for 2021 and in keeping with an attempt to pay out a dividend of 3%, Income was projected at $19.1M, a 0.7% decrease in the figure from 2020; while Expenditure was budgeted at $14.4M, an 8.8% increase over the preceding year; and a budgeted Net Surplus of $4.8M. It is anticipated that SECU will deliver a comparable performance in 2021 to that of the previous year.

The following replies were supplied to questions posed by members:

1)

Question asked by member Samille Hutchins on how much dividends will be paid to shares.

Ans: SECU will be paying a dividend of 3% for the year ended 2020 and a comparable figure is reasonable to work towards during this extremely tight Economic Period.

2)

Question asked by member Sabrina Gomez on whether the 25% of the remaining dividend was paid.

Ans: Yes. The remaining 25% of the dividend was paid following the last Annual General Meeting (2019). As a result of the disruptions caused by the COVID-19 pandemic and the fact that Credit Unions were unable to hold their AGMs in a timely fashion, the Commissioner for Co-operative Development had authorized the payment of seventy-five percent (75%) of the dividend prior to the AGM. Once the membership had approved the Resolution for the dividend, the twenty-five percent (25%) balance was paid.

3)Question asked by Member Kweisi Knutt and Sheriffa Maraj on the commencement of the Construction of SECU Credit Union’s new building.

Ans. The construction of the ‘new building’ was placed on hold by the Board of Directors and this decision will be reviewed at the end of 2021.

Director Marcelin continued that when the presentation regarding the building was first made, the estimated construction cost was $20M. The intention was to utilize $10M of SECU’s funds and $10M in loan. Investment in the building was predicated on two (2) factors:

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1) To provide accommodation for branch operations and 2) To earn additional income through commercial rental.

However, the tender received for construction was in excess of $30M, which did not include internal furnishings and operational costs such as maintenance, utilities, and so on.

Additionally, the COVID-19 pandemic has led to business closures, a shrinking economic market and a fall in demand for commercial rental spaces. The work-from-home policy also allowed some companies to move away from brick-and-mortar type buildings.

4) Question asked by Member Andrew Lambkin on when will dividends be paid Ans: The 2020 dividend will be paid on Monday September 13th, 2021.

5) Question asked by Member Shawnda Alleyne as to whether SECU had a LINX Card and whether the SECU membership Card could be used as an on-line card.

Ans: SECU Credit Union does not have a Linx Card at this time, however discussions with regard to the acquisition of a new Debit Card are in progress.

The SECU Membership card cannot be used as a credit card.

6) Question asked by member Kiel Jaggernath regarding the projected performance for 2021/2022 Ans: The current Budget is for 2021. The new Board will be responsible for the preparation of the 2022 Budget. The projected dividend is 2.75% for 2021 with a surplus of $4.7m (budgeted figures.)

19.1

Adoption of 2021 Budget proposal On a motion moved by Mr. Noel Jones and seconded by Ms. Samantha Guevarra, the 2021 Budget was adopted by majority vote with seventy-five (75) members voting in favour, one (1) voting against and two (2) abstentions.

The motion for the adoption of the 2021 Budget Proposal was carried due to majority vote of 75.

20.0

RESOLUTIONS

20.1

Dividend: Be it resolved that this 39th Annual General Meeting accepts the recommendations of the Board of Directors to pay a dividend of 3.0% on fully paid-up shares, of which 20% will be credited to the members’ Shares and 80% payable by cheque.

The motion to accept was moved by Mrs. Stephanie Rose-Skeete and seconded by Mr. Junior Roger Rawlings.

Eighty-eight (88) members voted in favour, one (1) voted against and two (2) abstained: The motion for the adoption of the Resolution to pay the 3% dividend was carried due to majority vote of 88.

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20.2

Honorarium: Be it resolved that this 39th Annual General Meeting accepts the recommendation of the Board of Directors to pay an honorarium to all elected Officers who served during the 2020/2021 term, of 4.53% of the retained earnings which is equivalent to $270,874.00.

The motion to accept was moved by Mr. Alvin Kamraj and seconded by Mr. Adrian Regis.

Eighty-two (82) members voting in favour, two (2) voting against and eight (8) abstentions: The motion for the adoption of the Resolution to Pay the Honorarium was carried due to majority vote of 82

20.3

Appointment of Auditors Be it resolved that this 39th Annual General Meeting accepts the recommendation of the Board of Directors to appoint R. Ramdass & Company as Auditors for the period ending at the conclusion of the next Annual General Meeting.

The motion to accept was moved by Mr. Kerel Warrick and seconded by Ms. Sharon Gibson .

Eighty-three (83) members voting in favour, four (4) voting against and seven (7) abstentions: The motion for the adoption of Resolution for the appointment of R. Ramdass & Company as Auditors was carried due to majority vote of 83

21.0

4th CREDENTIALS REPORT A Credentials Report at 3.45 p.m. indicated that there were four hundred and fourteen (414) members logged on. However, it was subsequently revealed that only one hundred and forty-two (142) members were live.

22.0

BYE-LAWS AMENDMENT The under-mentioned resolutions to amend the Bye-Laws required the approval of seventy-five percent (75%) of the members present.

Be it resolved that this 39th Annual General Meeting accepts the recommendation of the Board of Directors to amend the following Bye-Laws:

(a)

Bye-Law No. 5 – Admission Clause No. 5 (b) states: Membership shall commence from the date of approval by the Board, payment of a non-refundable entrance fee of Five Dollars ($5.00) and the value of one (1) full share. All entrance fees shall be credited to the Reserve Fund.

Clause 5 (b) to be amended to read: Membership shall commence from the date of approval by the Board, payment of a non-refundable entrance fee of Twenty Dollars ($20.00) and the value of one (1) full share of Twenty Dollars ($20.00). All entrance fees shall be credited to the Reserve Fund.

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The amendment to Bye-Law 5 (b) was approved by majority vote on a motion moved by Mr. Noel Jones and seconded by Ms. Kadeen Warrick.

One hundred and seventeen (117) members voted in favour, zero (0) voted against and one (1) abstained.

The motion for the amendment to Clause 5b was carried due to majority vote of 117 (b)

Bye-Law No. 12 – Shares Bye-Law No. 12 (a) states: Shares shall be valued at Five Dollars ($5.00) each and may be paid for by weekly, fortnightly or monthly installments of Five Dollars ($5.00) respectively.

Clause 12 (a) to be amended to read: Shares shall be valued at Twenty Dollars ($20.00) each and may be paid for by weekly, fortnightly or monthly installments of Twenty Dollars ($20.00) respectively.

The amendment to Bye-Law 12 (a) was approved by majority vote on a motion moved by Mr. Alvin Kamraj and seconded by Ms. Samantha Guevarra.

One hundred and thirty-six (136) members voted in favour, zero (0) voted against and four (4) abstained.

The motion for the amendment to Bye –Law 12a was carried due to majority vote of 136

23.0

OTHER BUSINESS The President provided the following replies to questions posed by members:

a)

Responding to a question from Debra Murray as to how can a member perform an online transfer to their account or do a transfer to their funds, President Carmino indicated that Members who have registered for online banking can transfer funds from their bank accounts to SECU’s FCB account.

Thereafter, a notification from the member’s bank must be sent to SECU Credit Union so that the funds can be allocated accordingly. Direct transfer into a member’s account is not possible at this time.

b)

Responding to a question from Member Betty Ann Chandler about the option to use online banking to transfer funds from a Savings account to SECU Share account.

The President indicated that Members can only transfer funds from their Deposit One Accounts to their Share Accounts. The Ordinary Deposit Account is reserved for members loan payments.

c)

In responding to a question from member Karen Wall as to why there was an increase in premiums for the Group Medical Plan and no increase in benefits.

The President indicated that the insurance provider occasionally reviews the Group Medical Plan and the last review revealed that the influx of claims was

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extremely high, while the payout was substantially higher than the premiums received. As a consequence, the provider increased the premiums. The number of persons currently on the Plan can also influence the premiums.

President Carmino encouraged members who have not yet subscribed to the Plan to do so, since there are a number of benefits to be derived from it. So long as the membership remains low and claims exceed the premiums then the premiums will most likely be high.

d)

Member Delerue Cristopher asked about the use of Linx facility at the offices.

Following which, the President explained this is available at all SECU Credit Union’s Branches and is currently in use. The service has not been interrupted.

e)

Member Dekema William sought clarification with regards to SECU accepting Standing Orders from banks as a means of payment towards shares, loans etc.

The President confirmed that they are an acceptable form of payment at SECU for making payments or purchasing shares.

f)

Members Lyris Murray enquired if a person can apply their shares to their loan even if their shares do not cover their loan.

The President explained members are free to transfer unencumbers shares. Shares pledged to a loan cannot be transferred unless the total loan amount is being settled.

g)

Member Jenelle Eli asked why does SECU retain ten percent (10%) on an unsecured loan when the loan is advertised as unsecured.

The President noted that this is done so as to assist member in having a credit history, building a savings capital and earning dividends while reducing the risk and exposure.

h)

Member Vida Romaine asked how are businesses coping in the pandemic and how is SECU going to assist business owners.

The President explained that SECU Credit Union will continue to assist members with their financial challenges by dealing with each situation on a case-by-case basis, once assistance is sought. Support may be by way of loan deferrals, loan restructuring or other solutions.

i)

Member Judy Wilson enquired about consideration of a trip to the Mediterranean or Holy Land in the next three years.

In response the President explained that a trip to the Holy Land can be considered once Public Health restrictions permit. She continued that ‘A cruise’ was being considered just before the COVID-19 pandemic but had to be was abandoned.

President Carmino reminded that the last two (2) cruises in 2014 and 2017 were extremely successful and enjoyed by those who participated.

j)

Member Gisselle Lewis commented that more is needed in proving promotional information to members.

The President noted that information regarding SECU can be sourced from social media as well as other message platforms. For instance, its website and Facebook page, a quarterly Newsletter (SECU Keeping U in the Loop) which is currently available at the Branches, advertisements on PTSC buses, (Port of Spain to San Fernando route) newly installed billboards, Banners installed at all branches and SMS texts sent to members.

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President Carmino reminded those who have not been receiving SMS texts to visit the office and update their information. k)

Member Michael Cole asked why is it at age 70 the lending procedure changes if there is a standing order in place.

The President explained that Members’ loans and shares are insured with CUNA Caribbean. However, as per the agreement with CUNA, loans granted to members over the age of seventy (70) are not insured and, as a result, those loans are permitted only within shares in an effort to reduce the risk involved to both the member and SECU. That restriction is quite unfortunate, but SECU has no control over it.

l)

Member Kilawattee Ramnarine noted that members need a newsletter.

The President informed that SECU produces a quarterly newsletter (SSECU Keeping U in the Loop), which is available at all Branches as well as on the Facebook page.

m)

Member Eola Evelyn enquired when Tokens will be distributed.

The President announced that Tokens will be distributed by Wednesday September 15th, 2021. Members wishing to collect on another day may call the office to indicate their rescheduled time.

n)

Member Clifton Small enquired if it was possible to open a joint account.

The President explained unfortunately unlike the banking sector, Credit Unions are not currently permitted to have joint accounts.

o) of

Member Nehruan Edwards asked what happens to the funds in the account a deceased member.

President Carmino clarified when a member dies, the beneficiary is entitled to receive $50,000 upfront without submission of any legal documentation.

Also, CUNA insures loans up to $200,000 and once the deceased account is settled by CUNA, the holders of the Letters of Administration or a probated Will can have access to the balance on the accounts in question.

p)

Member Geronimo Paria asked what is the interest rate on a loan.

The President noted that interest rates vary depending on the type of loan.

Some examples are as follows: personal loans, 1%; COVID-19 loans, 1.25%; consumer loans, 1.5%; mortgage loans, 0.5%; tertiary and education loans, 1.2% and unsecured loans, 1.75%. It all depends on the level of risk so the higher the risk factor, the greater the interest rate will be.

q)

Member Junior Rollins asked what are the requirements for the medical plan and whether a medical is needed.

President Carmino indicated that Members wishing to join the Medical Plan are required to fill out a form. The Provider decides whether a medical examination is required before enrollment or not.

There being no other questions from the Membership, the President invited the General Manager (ag) Ms. Marlene Zamore to give the ‘Vote of Thanks’.

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24.0

VOTE OF THANKS The Ag. General Manager, Ms. Marlene Zamore thanked the valued members for their participation and unwavering support without which the 39th Annual General Meeting would not have been possible.

Ms. Zamore also expressed sincere gratitude to SECU’s business partners for the many years of professional service upon which it has confidently relied.

The Ag. General Manager also recognized and acknowledged SECU’s strategic partners such as the External Auditors – R. Ramdass and Company, Attorneys-at-law – Giwar and Deonarine and Integrity Chambers, Bankers – First Citizens and RBC Royal Bank, Insurers – CUNA Caribbean, Sagicor, Colfire and Guardian Life; the Credit Union League of Trinidad and Tobago, and Security personnel – Innovative Security Services.

Heartfelt thanks were also extended to the Board of Directors, past Officers of Statutory Committees, Management, staff and volunteers of Ad hoc Committees. Special mention was also made of In Events – AGM technical facilitator; Mr. Dillon Hamill, Decorator; and Printers – Jhullian Graphics, who have all contributed to SECU Credit Union’s AGM success over the years.

25.0

ADJOURNMENT The President thanked members, providers and stakeholders for another interactive, participative and successful Annual General Meeting and extended best wishes for staying safe with good health until our next Meeting, which she advised will be held whilst recognizing our 40th Anniversary.

The meeting was adjourned at 4.25 p.m.

Respectfully submitted

Brian Beckles (Mr.) Secretary Board of Directors

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REPORT OF THE BOARD OF DIRECTORS OF SECU CREDIT UNION FOR THE PERIOD 2021/2022 The Board of Directors of SECU Credit Union Co-operative Society Limited is pleased to report to its membership at this 40th Annual General Meeting on its Strategic Goals, Objectives, Management and Stewardship, for the period 2021- 2022.

OVERVIEW: The last twenty (20) months have taken us through some intensity due to an unknown virus. Concerns are still present, even though there has been some relaxation to restrictions. The World, Trinidad & Tobago and cascading to commercial entities, domestic households and to SECU Credit Union, continue to try and recover from the ravaging effects of the pandemic, while the return to normalcy seems distant.

Workplaces have shifted to a hybrid model, while there is continued uncertainties about the future. Anxieties are still impacting our workforce culture as we reflect on those members we lost during the period and including one of our Officers, Mr. Curtis Alleyne, who was a stalwart in the Credit Union movement. (Having served as Credit Committee Chairman, Central Regional Chapter President and member of the Board of the Credit Union League and SECU Credit Union.) Mr. Alleyne served passionately and will be remembered for his contribution to the fraternity.

Our commitment to Social responsibility was supported by our charitable expressions to Members, Communities, Institutions, and NGOs which included Food Hampers.

ADHERENCE TO SAFETY PROTOCOLS: The Government in its bid to curtail the spread of COVID-19 cases, launched the TT Safe Zones on 11th October 2021, which permitted the reopening of the Entertainment and Restaurant sector, to fully vaccinated patrons and for which SECU embraced this shared interest by also encouraging its Staff and Officers to be fully vaccinated as well. Currently, restrictions are removed and resumptions to full capacity have emerged, which also impacted SECU to return to full service after a period of ‘staff rotation’ and shorter working hours.

SECU Credit Union remains committed to the welfare and work life balance of our human capital and therefore it was incumbent on the Society to solidify the Health, Safety and Wellness of our Staff, through our Employee Assistance Program (EAP). The Introduction of conversational forums with our Leaders also provided the opportunity for expressions and dialogue.

All remedial measures were applied with the strictest adherence to the Ministry of Health Safety protocols of the 3 W’s (Wash/Sanitize Hands, Wear Mask, Watch social distancing.)

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ASSISTANCE TO MEMBERS While still facing ‘slow growth’ in the loan portfolio, managing the ‘Recoveries portfolio’ was a ‘balancing act’. Several measures were taken to assist the membership through loan deferrals, restructure, financial counseling and the management of disposable income.

GROWTH AND DIGITIZATION Midstream in our Financial Management, we witnessed a welcoming growth in our cash flows, allowing more members to take advantage of the several advertised loans, which were upgraded to four (4) times shares in one regard and access to upgraded ‘Unsecured Loans’ on the other.

Further measures to meet the physiological needs of our members have been and continue to be developed in our review process, for the enhancement of our products and services coupled with the ease of ‘conducting business,’ on our ‘smart phones’ and other digital devices.

The implementation of the ACH platform to make direct deposits to members’ accounts and to reduce the need for cheque payments to members, made life easier for members to access funds and service their loans. The focus on the repackaging of our products and services to suit a more digitized environment, contributed to the gain on time and convenience to members.

HUMAN RESOURCE (RECRUITMENT, TRAINING AND RETENTION) The SECU Family welcomed Mrs. Stephanie James Toussaint as the Finance Manager in April 2021 and Mr. Kris Gobin – IT Administrator in August 2021. Other opportunities are also in the ‘pipeline’ as vacancies arise.

The opportunity for upward mobility for Senior and support staff was provided on the resignation of Mr. David Bazil as General Manager in May 2021.

Cross training was an integral part of the Organizational design to ensure that staff was exposed to continuous training for quality output.

Members of the Board, Statutory Committees, Management, and Staff were provided with professional and personal development training programs in a wide range of areas, facilitated by the Credit Union League of Trinidad and Tobago and other Professionals throughout the period.

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GOVERNANCE AND COMPLIANCE The Board of Directors adhered to the mandates of the Financial Intelligence Unit (FIU) in the areas of Compliance and Control, whilst also being exposed to other training ‘Combating Terrorist Financial Training and Anti-Money-Laundering'. The mandate for prudent Financial Management and good governance with the highest standards of integrity was an evident factor, as we maintain our relationship for consultation, guidance and updates with our Regulators (Co-operative Division), the National League of Trinidad and Tobago and other affiliates.

THE BOARD OF DIRECTORS: The Board of Directors for the 2021-2022 term: Lois Carmino David Trim Pascall Marcelin Brian Beckles Shivaughn Murray Ingrid Carpette Juliet Huggins Peter Bostic Ruthven Goddard

- President - Vice President - Treasurer - Secretary - Assistant Secretary - Director - Director - Director - Director

Net Surplus for the year: As at December 2021 SECU declared a surplus of $6.9M. This surplus shows a 11.29% increase over the previous year. Income decreased by 2.45% over 2020 yet Expenditure decreased by an even greater margin of 8.794%. Therefore achieving an overall net surplus increase.

Total Assets

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The total assets of the credit union as at December 2020 stood at $208.7M with an increase in 2021 to $215.8M and realizing a 3.4% increase. As earlier stated that as the country slowly crawled out of the pandemic so did the Credit Union and the loans to members began to increase.

Loans to Members: Members’ loans (net of delinquency) showed a small increase from $166.8M in 2020 to $169.7M in 2021. An increase of 2.80%. With the country still feeling the effects of the pandemic we welcomed the increase in loans.

2016 160.07 2017 165.45 2018 170.73 2019 174.08 2020 166.79 2021 169.70

Our Fastest moving loans were the unsecured loans

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

Investments Investment Securities increased by 9.4% to $34.9 million in 2021, when compared to the $31.9 million that was held in the portfolio for 2020.

2016 20.3 million 2017 24.7 million 2018 28.1 million 2019 29.5 million 2020 31.9 million 2021 34.9 million

Total Equity and Liabilities Members’ shares and Deposits stood at $168.7M and $18.5M respectively.

This showed an increase of 1.87% in shares and 16% in deposits.

Membership

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

Membershi p As at year end 2021 membership in the credit union stood at 19,218 an increase of 5.59% over the same period in 2020 and endorsing steady growth Branch 2017 Members 2018 Members 2019 Members 2020 Members 2021 Members

CH

4363

4597

4875

5165

5424

HO

6537

6913

7269

7635

7946

PT

3414

3892

4353

4754

5152

TO

370

484

584

646

696

Total

14684

15886

17081

18200

19218

THE FUTURE AS ALIGNED TO OUR MISSION AND VISION STATEMENTS We remain vigilant to the impact of the global disruptions on our national economy, the cost of the ‘food basket’, inflation and the measures for economic recovery.

Uncertain as to what the future holds, we are grateful that despite the harshness of the pandemic over the last two (2) years, which contributed to the closure of some businesses and loss of jobs, SECU Credit Union and by extension the Credit Union fraternity remains operational and strong.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

We remain steadfast and resolute in our mission and drive towards the continued functionality of our operating core, strategic management, talent and skills, with the rationale for building relationships and achieving new goals and objectives.

The Board of Directors wishes to express our appreciation for the support given and confidence shown to us by Management and Staff, Fellow Officers, along with other Stakeholders during the period of Leadership and Governance.

A special depth of gratitude to our treasured membership, who continue to remind us every day of the importance of their trust, loyalty and pride in our Leaders and Organisation.

General Activities Due to the Covid-19 Pandemic a lot of the activities planned has to be postponed.

The Co-operative Credit union league who plans activities for Credit union month in October also had to cancel their activities for this time.

The Board of Directors would like to extend condolences to all members who have lost a family member or relative during the past year.

To our varying partners in the business of our mutual benefit and interest, our deepest appreciation for your continuing contribution to our success story .... To the Executive and Board colleagues, members etc, my sincerest appreciation and thanks for your unwavering support.

Our Stakeholders: Co-operative Development Division Attorneys-at-Law :

Girwar and Deonarine Integrity Chambers

External Auditors:

R. Ramdass and Company

Bankers:

First Citizens – Pt Lisas, Chaguanas, Princes Town and Tobago RBC Royal Bank (Trinidad and Tobago Limited – Couva and Chaguanas

Investment Brokers:

First Citizens investment Services Ltd JMMB

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

Insurers:

CUNA Caribbean 21st Century Insurance Colfire

Co-operative Credit Union League of Trinidad and Tobago (CCULTT) Couva/Pt Lisas Chamber of Commerce Chaguanas Chamber of Commerce

Respectfully Submitted

Lois Carmino

Finance, Risk and Compliance Committee Report During 2021, this committee comprised: Name Mr. Pascall Marcelin

Title Chairman

Posi�on Director Treasurer

Mr. Kerel Warrick Ms. Shivaughn Murray Ms. Marlene Zamore

Secretary Commi�ee Member Commi�ee Member

Credit Commi�ee Member Director General Manager (Ac�ng)

Ms. Karen Lightbourne-Demming Commi�ee Member Ms. Stephanie Toussaint Commi�ee Member

General Manager (Ac�ng) Finance Manager

The committee met a total of nine (9) times to analyze the finances of the credit union and manage the financial risks. In 2021 the committee had to navigate the financial impacts of the ongoing COVID-19 pandemic which posed various challenges including reduced borrowing and staggered investment returns. Given these challenges the committee focused efforts on managing branch cash flows, reviewing and proposing sound investments and updating existing loan products.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

Given increased liquidity due to reduced borrowing, the committee saw it fit to propose investments into safe financial instruments with steady returns. Overall the equity portfolio saw an increase of approximately 9.3% however the investment income for the period was approximately 18% lower than the previous corresponding period. The reduction was due mainly to some of the large companies having reduced profits resulting in lower dividend declarations as a result of the pandemic.

The growth in new investments were mainly in the following areas: ⧫ Home Mortgage Bank Bond

⧫

Guardian Financial Holdings Shares

⧫ TTMF Bridge Loan Facility

⧫

Clico Investment Fund

⧫ Agostini Holdings Limited Shares

⧫

Scotia Bank of Trinidad & Tobago Shares

⧫ Unilever Caribbean Limited Shares The committee oversaw an increase to the personal loan offering, with members now able to borrow up to four times (4x) share amounts less $10,000, three times (3x) share amounts between $10,000 and $50,000, two and three-quarter times (2.75x) amounts between $50,000 and $100,000 and two and one-quarter times (2.25x) amounts over $100,000. These loans encourage members to build their shares and helps to grow the asset base of the credit union through large loan offerings.

Attendance of the committee was as follows: MEMBER

PRESENT

PASCALL MARCELIN

9

KEREL WARRICK

9

SHIVAUGN MURRAY

9

MARLENE ZAMORE*

3

KAREN LIGHTBOURNE- DEMMING**

5

STEPHANIE TOUSSAINT

9

*Vacation effective February 2022 **Assumed position effective February 2022

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EXCUSED

1

40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

Bye-laws and Policy Committee The Bye-laws and Policy Committee takes pleasure in presenting its report for the period October 2021 to June 2022.

The Bye-laws and Policy Committee comprised the following persons: Ms. Ingrid Carpette

-

Chairman

Ms. Marlene Zamore

-

General Manager (Ag)

Ms. Karen Lightbourne

-

General Manager (Ag.)

Mrs. Maimoon Ali-Balkaran -

Operations Manager (Ag.)

Ms. Misty Chichester

-

Branch Manager (Chaguanas)

Ms. Charlene Williams

-

Member

The committee continued its work towards ensuring the fulfillment of a mandate which would continue to guide SECU’s operations.

During the period the committee worked on the following policies: � Sexual Harassment Policy � Work from home Policy � Repossession Policy � Standard Operating Procedures for Cash Handling � Covid-19 Policy (to be updated as the Ministry releases new guidelines) � Record Management Policy � Gate Pass Policy � Delinquency Policy � Marketing/Advertising Policy � The compilation of amendments to the Bye-laws as approved at past Annual General Meeting 2019/2020. (Awaiting approval from the Co-operative Division)

From the list provided above, six policies were completed and forwarded for approval by the Board of Directors and three policies have already been approved.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

In addition to the policies highlighted above, the Committee successfully completed a Terms of Reference for its governance and an Appendix to the Loans Policy specific to the Mortgage Loan Agreement. These two documents sought to codify already established practices as the Committee strives to ensure greater standardization in the operations of the Credit Union. Term limits for the Board of Directors and Credit Committee members were forwarded as a recommendation to the Board of Directors for their consideration; however it was not approved.

In furtherance of our objective, the Committee made a point of ensuring that all policies and standard operating procedures that were approved by the Board of Directors were placed on a shared folder and also in binders so as to be readily available for all staff members and officers to view.

Attendance

NAME

PRESENT

EXCUSED

Ingrid Carpe�e

10

-

Marlene Zamore

3

Vaca�on

Karen Lightbourne

7

3

Misty Chichester

8

2

Maimoon Ali-Balkaran

5

-

Charlene Williams

9

1

The composition of the Committee varied over the period identified because some members proceeded on leave. Those members were replaced by persons acting in their positions during the period.

DELINQUENCY CONTROL COMMITTEE In 2021 /2022 the Credit Union continued to be negatively affected by the impact of the COVID-19 Pandemic. With members continuing to be terminated or suffer reduced income which resulted in the Delinquent Ratio fluctuating between 13.06% in July 2021, to 13.57% in April 2022 (of which an average of 2% of the portfolio impacted negatively).

The charge off portfolio has maintained a constant gradual decline during the period. Despite the challenges faced during this period amounts recovered totaled $ 8.4M for the period July 2021 to April 2022.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

There were seventeen (17) Judgments awarded by the Co-operative division totaling $ 915,220.47 during the period under review.

SECU continues to aggressively pursue its recovery actions and through the engagement of services of a Private Collection Agency for hard core delinquent accounts.

There is also consideration of a Collection Software that would considerably reduce human error, reduce manpower, increase productivity and provide innovative collections technique.

The Attendance register for the Delinquency committee members are as follows:

NAME Shivaughn Murray Rona Bertrand Karen Lightbourne Steve Khadaroo Gail James Keith Gibson Cur�s Alleyne Misty Chichester

PRESENT 9 1 (Vaca�on Leave) 4 (No Longer on Commi�ee) 9 7 6 1 8

EXCUSED -

3 1 1

MEMBER RELATIONS COMMITTEE The Committee consists of the following: Juliet Huggins

- Chairperson

Chantell Primus- Mc Gregor

- Secretary

Sandie Ramnarine

- Member

Elizabeth Johnson-Mason

- Member

Shanelle Mc Eachnie-Gill

- Member

Kaylon Webb

- Member

The committee met virtually and planned events, but challenges of the pandemic limited us to execute the following: a.

Décor your Christmas tree competition for all SECU branches. b.

Installation of greeting banners c.

Distribution of food hampers/vouchers to SECU members in need. d.

Coordinate the activities related to the Hybrid Annual General Meeting.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

Attendance Record

Name Juliet Huggins Chantel Primus-Mc Gregor Cur�s Alleyne Elizabeth Johnson-Mason Sandie Ramnarine Shanelle Mc Eachnie-Gill Kaylon Webb

Present 9 8 1 9 7 9 8

Excused 1 Deceased 2 2

40TH ANNIVERSARY COMMITTEE The 40th Anniversary Committee was formed and comprised of: Juliet Huggins -Chairperson Ingrid Carpette -Member David Trim Claudette Phillip Marlene Zamore Karen Lightbourne The committee met once a month and planned events such as: a. A virtual interfaith service for all members in order to give thanks for all our achievements throughout the years. b. A 40th Anniversary Art Competition for members of SECU children between the ages 4-15 years.

Attendance Record

Name

Present

Absent

Excused

Juliet Huggins

8

-

-

Ingrid Carpe�e

8

-

-

David Trim

5

3

Claude�e Phillip

7

1

Marlene Zamore

2

6 (Vaca�on)

Karen Lightbourne

6

2

Both the Member Relations and the 40th Anniversary Committee wish to thank the Board of Directors for their continued support in allowing us the opportunity to serve our members.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

INFORMATION TECHNOLOGY COMMITTEE The year 2021 was very eventful for the Credit Union. In the height of the Covid pandemic, the IT Department was required to facilitate measures that would ensure the safety of our members and staff.

To minimize the risk of exposure due to close contact, all meetings were to be conducted online and a work from home policy for key staff members was implemented.

The required equipment and services procured to enable this were as follows: a. 9 Microsoft Surface Pro 7 tablets were purchased for the board of directors. b. A Soft phone system was implemented that allowed staff members to handle calls from home. c. 6 HP laptops were purchased for staff to work from home. d. An online membership application procedure was created to reduce the volume of traffic to the office. e. Online banking enrollment was promoted so that members had access to their accounts from home.

During the year, the IT Department conducted necessary upgrades and equipment replacement as necessary.

Our Microsoft exchange server was near obsolescence and was migrated to MS Exchange server 365 (online).

The following equipment was purchased: DRS server replacement 5000VA UPS Replacement Security Cameras at the Tobago Branch.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

NEW STAFF MEMBER: The Department was pleased to welcome the addition of Mr. Kris Gobin to its ranks in the position of IT Administrator in August 2021. Mr. Gobin brings additional skills and capability that will bolster the IT department.

IT Committee Attendance Record

Ruthven Goddard

9

-

-

Shivaughn Murray

8

-

1

Kris Gobin

8

-

1

David Jaggernauth

8

-

1

Cli�on Whitehall

5

4

-

Maurice Gomez

8

1

-

Kern George

6

3

-

Rohit Nandlal

9

-

-

HEALTH AND SAFETY COMMITTEE HSE COMMITTEE MEMBERS Peter Walter Bostic

-

Chairman/Director

Ingrid Carpette

-

Director

Marlene Zamore

-

Member

Rona Bertrand

-

Member

Karen Lightbourne-Demming

-

Member

Ewart Reyes

-

Member

Maimoon Ali-Balkaran

-

Member

Misty Chichester

-

Member

The Health and Safety Committee continued to monitor and ensure that all its members and stakeholders conducts business in a safe environment as COVID-19 pandemic remains a public health emergency and a recognized workplace hazard.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

SECU continues to assess COVID-19 and its challenges as it continues to evolve.

This depends on the amount of diseases in the community, how close workers are to others and whether the worker or others they interact with are vaccinated or unvaccinated. As such, SECU adjusts its preventative measures as deemed necessary.

The facility is fully clean, disinfected, sanitized and equipped for maintaining safe conditions adhering to all the Covid-19 protocols guidelines implemented by the Ministry of Health.

The HSE committee continued as mandated to conduct its monthly meetings via ZOOM and Teams platforms.

Toolbox meetings were carried out throughout all the branches encouraging safety and interactive communications.

The monthly inspection of the fire extinguishers continued and were serviced as required. There were no major incident/accidents reported by any of the branches.

The following is the attendance register for the HSE committee members:-

NAME

PRESENT

EXCUSED

PETER BOSTIC

9

0

INGRID CARPETTE

8

1

EWART REYES

7

2

*MARLENE ZAMORE

2

2

*RONA BERTRAND

1

0

*KAREN LIGHTBOURNE-DEMMING

3

0

*MAIMOON ALI-BALKARAN

5

0

MISTY CHICHESTER

9

0

*Ms. Marlene Zamore proceeded on vacation leave effective February 2022. *Mrs. Rona Bertrand proceeded on Vacation leave effective November 2021. *Mrs. Karen Lightbourne-Demming is no longer on HSE committee effective February 2022. *Mrs. Maimoon Ali-Balkaran commenced HSE committee meetings effective February 2022.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

Facilities Management Committee Report Chairman/Director

Ruthven Goddard

Director

Walter Bostic

Secretary

Premnath Jaipaul

Member

Dillon Haynes

Member

Donald Cooper

Member

Brian Beckles

Member

GM Marlene Zamore/ Karen Lightbourne

Member

Adrian Regis

The Committee, through the Board, was successful in the erecting a new fence on the eastern side of the building. The Committee also planned to upgrade the northern, southern and western fences.

There was some minor flooding at Head Office due to heavy rains and strong winds.

The Committee therefore took some preventative measures by building barriers around the building, and a new box drain to accommodate a larger volume of runoff into the main drain.

Glass partitions were installed in front of employees’ cubicles in the Accounts Department as a safety measure against COVID-19.

A decision was taken to look at the feasibility of extending the Couva office to accommodate more space.

A new pedestrian exit and entrance gate with wheel chair access was constructed at the SECU Zebra Crossing at the Couva Head Office. The vehicle entrance and exit gate, was replaced with a modern one displaying our logo.

Maintenance works were carried out at the Princess Town and Chaguanas offices.

A preventative maintenance programme was instituted at SECU and continues to be a work in progress.

Mr. Dillon Haynes resigned from the committee in 2021.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

FACILITIES MANAGEMENT COMMITTEE ATTENDANCE

NAME

PRESENT

EXCUSED

RUTHVEN GODDARD

8

1

BRIAN BECKLES

9

0

PETER WALTER BOSTIC

9

0

MARLENE ZAMORE

3

6 (vaca�on)

KAREN LIGHTBOURNE

6

3(new on commi�ee)

PREMNATH JAIPAUL

9

0

ADRIAN REGIS

6

3

DONALD COOPER

8

1

MARKETING COMMITTEE REPORT 2021/2022 The Marketing Committee team for the period 2021/2022 comprised of the following eight (8) members : David Trim Donna Marie Peters- Nelson Lois Carmino Ruthven Goddard Sonia Lisa Hoyte Ann John Omer Marcelin Geneiva Baldeo-Balkaran

- Chairman - Secretary - Member - Member - Member - Member (Liaison Officer) - Member - Member

THE MARKETING DYNAMIC: The Marketing team was entrusted to continue the efforts in marketing SECU’S Brand, keeping abreast of changing trends and engaging in evolving techniques to boost and keep our Brand memorable.

The process of Brand sustenance in a competitive fraternity called for ‘unification of our Brand’ which we continue to massage for ‘Brand Fame’.

We take immense pride in exposing our approach to Corporate, Consumer and Talent Audiences by being ‘bold and creative’ in a digital, physical and virtual world, while embracing the alliance of these conductors to produce a lasting and impacting effect.

We are guided by our audiences (potential members and existing), to balance and strengthen our ‘organic’ and paid content, to ensure the pathway to our Website is a

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

simple one, via our Search Engines and drawing attention to our Face book page.

Both of these elements are filled with important information required to make informed decisions towards securing your Present and Future Financial positions with other potentials and validated by our numbers.

MEDIA MONITORING AND ANALYTICS: Image 1.3 Below shows the total views on the page for period Dec 2021 -Apr 2022

BUILDING RELATIONSHIPS AND CONNECTIONS: Our ‘paid content marketing’ supports these initiatives in the several advertisements we have been placing on the Print and Electronic Media. You would have either heard or seen these Advertisement and Promotions over the period on I95.5FM, 105.1FM, Radio Tambrin 92.7 FM (Tobago) CNC3, CCNTV6 on Prime Time.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

This gave exposure to our upgrades on goods and services (varying loans, Insurances and other Consumer services). Stationary Advertisements would have also been observed on our Bill-Board, Bench Ads (located at Couva, Chaguanas and Tobago) Newsletters, Business Supplement, moving contents on the PTSC Buses , as well as our Promotional location Banners and verbal advertisement or ‘tell a friend’.

SECU is also maintaining its Marketing presence on the professional platform of ‘LinkedIn’.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

INFLUENCERS AND REIMAGING OUR DIGITAL PRESENCE: We continue to be driven to keep our HANDPRINT visible in a changing dynamic for maximum exposure of relevant content (viewed on our Facebook Page and aided by our joint stakeholder – Strategic Business Management Agency).

We are also embracing the ‘Instagram’ platform to court the millennial grouping. The re-imaging of our Website is also in progress to incorporate movement and to allow for parallel scrolling.

PERFORMANCE: Whilst there have been constraints during the year under review, due to the presence of the Global pandemic and which would have impacted on our ‘Member Orientation Physical Training Sessions’, the Marketing Committee is pleased to report that we have reaped accomplishments despite this setback as highlighted with Members, Officers and Staff and by extension the wider community: Some of these highlights included: � Mother’s and Father’s Day Observances � Valentine’s Day wine and toast � Increased subscription to our Discount Card Provider � Monitoring of our Talent Management portfolio � Medical Plan Provider Provisions � Newsletter – SECU Keeping U in the Loop � Increased monitoring of our ‘Marketing Dashboard’ for our Facebook page � Commemorative Calendar � Freebees and Tokens � Offsite Promotional Presentations and shared interests FUTURE DESIGN: While we continue to stand on the principles of the 4 P’s of Marketing, it also compels us to stare into the future with new lenses to welcome the 4 E’s of Marketing, ( Engagement, Exclusivity, Emotions and Experience) as we continue to evolve into the stratosphere and mix our Products and Services, to achieve the blend of a ‘Trusted and infectious’ Brand supported by a Quality Customer Service.

Our storyboard continues to reflect our presence as we maintain our market share in the development of new products while reviewing existing ones to repackage.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

WITH THANKS: The Marketing Committee wishes to extend our appreciation and thanks to the Board of Directors, Management & Staff and other In- bound and Out Bound Customers, who shared this interest with us and provided the assistance to explore these opportunities.

It is our aim to connect with audiences of varying talents and supported by great ideas to un-box the response to the emotional needs, stay connected and enjoy an ‘experience of a lifetime’ in doing Business with SECU Credit Union…#The Financial Institution of Choice.

MARKETING COMMITTEE ATTENDANCE

NAME

PRESENT

EXCUSED

DAVID TRIM

10

0

LOIS CARMINO

10

0

RUTHVEN GODDARD

6

4

ANN JOHN

8

2

SONIA HOYTE

9

1

DONNA MARIE PETERS-NELSON

8

2

OMER MARCELIN

10

0

GENEIVA BALDEO BALKARAN

10

0

Page Page5454

40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

THE REPORT OF THE EDUCATION AND TRAINING COMMITTEE FOR THE PERIOD 2021/2022 The Education Committee comprised of the following members: Peter Bostic

Chairman

Donna Marie Peters- Nelson

Secretary

David Trim

Member

Brian Beckles

Member

Gail James

Member

Kerysse Hoyte

Member

Their attendance at meetings held during the period 2021/2022 was as follows: NAME

PRESENT

EXCUSED

Peter Bostic

7

2

David Trim

9

0

Brian Beckles

9

0

Gail James

9

0

Donna Marie Peters-Nelson

8

1

Kerysse Hoyte

9

0

The current Covid 19 global pandemic continues to limit physical interactions.

OCTOBER 2021: Internal Audit and Officers Training

FEBRUARY 2022: The Nominations Committee received training on their roles and functions. This was facilitated by the Cooperative Credit Union League.

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40 YEARS OF EXPERTISE YOU NEEDED AND SERVICE YOU DESERVED

FEBRUARY 2022: The 2020 Bursary Award ceremony was held virtually on Thursday February 3rd, 2022 with a subsequent physical photo shoot and awarding of bursaries on Monday February 7th, 2022. The 2021 Bursary Awards will be held after the Annual General Meeting.

APRIL 2022: Elected officers participated in their annual Anti Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) training respectively in April 2022.

Respectfully Submitted

Peter Bostic Chairperson Education Committee

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SECU CREDIT UNION SUPERVISORY COMMITTEE REPORT REVIEWS CONDUCTED SEPTEMBER 2021 TO JUNE 2022 Introduction: The Supervisory Committee is pleased to present its report on its operations from September 2021 to June 2022. The said report has been prepared and is presented in accordance with the requirements of SECU’s Credit Union Bye-Laws 38 (f) (ii) make an annual report of its audit and submit the same to the annual general meeting of members. The Supervisory Committee members elected at SECU’s 39th AGM held on Saturday 11th September 2021 were Angeline Ayow, Keron Pujadas and Wendy Murray, with two (2) elected alternates being Shanelle Mc Eachine -Gill and Althier Alleyne.

At the Committee’s inaugural meeting of 2021 September 23rd, the matter of the Committee’s structure was addressed with reference to the SECU’s Byelaws Section 38 (c) which is titled “Operational Structure” and which states that The Committee shall consist of three members Chairman, Secretary and one ordinary member. “A Chairman and a Secretary shall be chosen by and from the Members of the Committee at their first meeting after each annual general meeting”. Therefore, in an effort to be compliant with same, the structure for the 2021-2022 term was unanimously agreed for the Chairmanship to be assigned to Angeline Ayow Secretary to Keron Pujadas and ordinary member as Wendy Murray.

Activities that engaged the focus of the Supervisory Committee: 1. Obtaining an Understanding of The Committee’s Operational Guidelines The Committee conducted am interactive meeting/workshop so that all members including alternates elected at the AGM were appraised of or made familiar with the SC’s duties and obligations as contained within SECU’s Credit Union’s Bye-Law 38 (f) (I) to (v) and 38 (g).

2. SC Terms of Reference and Supporting Standard Documents Terms of Reference (ToR) draft terms were developed during this term, given that none existed previously. The draft terms were presented to the Board of Directors for their review and approval prior to its implementation. The ToR terms includes measures for interfacing and reporting to Board of Directors and Management, formalities regarding requesting business records/transactional documents and handling of same, handling members and staff request & complaints, handover to next committee, meetings and attendance , types of meetings and activities that are allowed, conflict of interest, development of meeting agendas, enterprise risk assessments and reporting.

Attaching documents for this ToR include (i) standard document request, (ii) meeting attendance register, (iii) SoP Evaluation template, (iv) Standard Query Form and (v) Meeting Agenda.

3. Meetings Conducted and Attendance by members 2021 Sept. – 2022 June The Supervisory Committee (hereinafter called SC) met a total of twenty-three times of which thirteen were face to face and ten (10) were virtual. SECU’s sub-offices, were visited during the review period except for the Tobago Branch. The attendance by SC members is contained in tables A & B below.

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Table A VIRTUAL MEETINGS (10) MEMBER’S NAME

PRESENT

ABSENT

EXCUSED

Angeline Ayow

10

0

0

Keron Pujadas

9

0

1

Wendy Murray

10

0

0

Table B FACE TO FACE MEETINGS (13) MEMBER’S NAME PRESENT ABSENT Angeline Ayow Keron Pujadas Wendy Murray

13 1 (via Zoom) 13

EXCUSED

0

0

0

12

0

0

4. Focus/Review Areas for 2021 September to 2022 June One of the major duties of the SC is spelt out by Byelaw # 38 (g), whereby one member is required to attest the Financial Statements monthly and the balance that is to be submitted to the Commissioner. Additionally, it has been the practice for one member of the committee to sign off the “Statement of Management’s Responsibility” that accompanies the Audited Financial Statements. The Committee in an effort to support these requirements reviewed a number of areas that are deemed pertinent to this requirement, some of which are detailed below: i. Review of SECU’s System of Internal Controls – whereby the committee sought to ascertain SECU’s Internal Control System construct. The SC’s approach was to enquire what are the established policies and procedural documents for all identified processes, Board Minutes management to ascertain how any new directives/decisions that may result in change to established controls are rolled out, administration of External Auditors Management Letter to determine management’s action matters raised regarding areas of exposure identified and recommendations, interface with training modules within SECU’s operational software to establish the electronic processing steps.

Additionally, as part of the System of internal controls review, a walkthrough review was conducted of two major processing areas within the organisation’s processing software SHARETEC. Walk through was done for the processing of Loan Application and Fixed Assets Management. Management was appraised of the areas where the processing flow within SHARETEC appeared to differ to that of process flow or SECU’s prescribed treatment as documented within the SoPs. These items are currently being reviewed and addressed by Executive Management. ii. Risk Assessment of SECU’s Processes: Given that SECU at this juncture, does not have an internal audit unit to conduct an annual enterprise risk assessment, the SC conducted one in an effort to develop its program of activities for the 2021 – 2022 term. The methodology employed for the risk assessment was that of the Institute of Internal Auditors (IIA) which is internationally recognized body for the certification and regulation of the internal auditor profession. The assessment took the form of a workshop and elected alternates of the committee were included for training purposes.

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iii. Review of Standard Operating Procedures & Guidelines (SoPs) The Committee reviewed documented SoPs that are directly related to SECU’s mega/major operating processes i.e. Procurement Policy, Human Resource Management Policy, New Members Application Process to name a few. The approach for this incorporated the use of a best practice guideline for same with the intent/purpose of ascertaining whether the existing SoPs were designed to ensure compliance with industry, legal and other regulatory requirements. The results of this review were shared with the board and executive management who are currently actively pursuing the implementation of improvement measures. iv. Review of Loan Applications i.e. actual loan application files were reviewed for compliance with the established requirements for granting of loans. Any application that appeared not to be in compliance was queried with management or the specific loan officer. v. Review of Financials along with supporting records and control ledger reports The Committee reviewed major processes and business activities that are relevant to the compilation and auditing of SECU’s financial statements. Matters/issues observed were noted and discussed with the Executive management to obtain management’s perspective on same, and then reported to the Board for their consideration. We are pleased to advise that all such matters raised and areas of improvement suggested are being aggressively pursued by the Management, with oversight of the Board and with monthly update provided to the committee. Most of the matters involved the updating of policy and procedures for the daily operations and financial year end close. vi. Fixed Asset Physical Count The exercise was conducted at two units i.e. Princes Town and Chaguanas. Given that the observations and actual results of this activity at both locations were similar, the committee made a decision to defer the count at other locations, and to allow management the time to review and resolve the issues raised regarding fixed assets management and reporting.

Other Activities that engaged the Committee and were conducted all virtual included � Credit Union League Training on 2021 October 12 i.e. Internal Audit Officers and Supervisory Committee responsibilities. In attendance were Wendy Murray & Angeline Ayow, � Response to External Auditors’ Questionnaire – 2022 February � Thanksgiving Interfaith Service commemorating SECU’s 40th year of operation on 2022 January 22. In attendance were Wendy Murray & Angeline Ayow, � AML refresher program held on 2022 April 12. In attendance were Keron Pujadas, Wendy Murray & Angeline Ayow.

Conclusion: We the members of the Supervisory Committee take this opportunity to express our gratitude to the Board, Executive Management, and all the staff for their support and courtesy extended to the Committee. We also wish to thank the members of SECU for having confidence in electing the Committee to seek their interest

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REPORT OF THE CREDIT COMMITTEE FOR THE PERIOD 2021 2022 At the 39th Annual General Meeting, which was held virtually on Saturday 11th September 2021, the following members were elected to serve on the Credit Committee.

Gail James

Chairman

Kerel Warrick

Secretary

Sonia Hoyte

Member

Anthony Braithwaite

Member

Ewart Reyes

Member (Originally 1st Alternate)

Elizabeth Johnson

2nd Alternate

Curtis Alleyne

Former Chairman now deceased

MEETINGS A total of 20 formal sittings were held for the processing of loan applications and meetings with members if the need arose. We were also quite active during this period carrying out a substantial amount of site visits

ATTENDANCE NAMES

PRESENT

EXCUSED

Gail James

19

1

Kerel Warrick

20

Anthony Brathwaite

20

Ewart Reyes

13

2 (Originally Ist Alternate)

Sonia Hoyte

18

2

Curtis Alleyne(Deceased)

4

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OVERVIEW The Credit Committee is privileged once more, to report to the general membership for the period 2021 – 2022 Despite the challenges with COVID 19 and the downturn in the economy SECU was still able to offer to our members the following products which they took full advantage of: � New Vehicle Loan up to $300,000 - Zero Down Payment (0.5% Interest rate) � Roll on Roll Off Vehicle Loan $180,000 – No Down Payment (0.9% interest rate) � Second hand Vehicle Loan - 10% Down Payment (0.9% interest rate) � Mortgage Loan - $1.2 Million with an increase tenure from 20 years to 25 years and an Interest rate (0.5%) � Tertiary Education Loan - from $60,000 to $100,000, with an increased payment tenure up to 7 years and a reduced (Interest rate from (1.2% to 0.75%) with no down payment � Unsecured Loan Amount – Increased from $55,000 to $75,000 and the Loan period increasing from 4½ years to 5 years

�

All loans interests, are calculated on a reducing balance

LOAN TYPE PERSONAL VEHICLE UNSECURED MORTGAGE COMPUTER EDUCATION CHRISTMAS CONSUMER COVID RELIEF

ALL BRANCHES TOTAL 2022 2,727,810.26 175,500.00 1,232,150.00 1,377,700.00 -

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ALL BRANCHES TOTAL 2021 748,910.00 424,380.00 14,000.00 -

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Distribution of Loans

CONDOLENCES The Credit Committee was plunged into mourning with the untimely passing of our long standing and committed member Mr. Curtis Alleyne, who at the time of his passing was the Credit Committee Chairman. Words cannot express the deep sorrow and loss we felt at his passing. Mr. Alleyne was a dynamic member of our committee for several years and he would be greatly missed. May his Soul Rest in Peace

CONCLUSION The Credit Committee would like to thank the Board of Directors, General Manager, Operations Manager, Branch Managers, and Staff for their continued support.

A special thank you to all our Loan Officers for the support rendered and for working diligently to assist us in the execution of our duties.

To our members – The Credit Committee is always willing to serve you with absolute honesty and therefore we encourage members to save wisely and develop responsible borrowing habits.

Gail James Chairman

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FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021

Contents Statement of Management's Responsibilities

64

Independent Auditoris Report

65

Statement of Financial Position

68

Statement of Comprehensive Income

69

Statement of Changes in Members' Equity and Reserves

70

Statement of Cash Flows

71

Notes to the Financial Statements

72

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STATEMENT OF MAMAGEMENTS RESPONSIBILITY

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AGM NOMINATIONS COMMITTEE REPORT 2022 The Nominations committee consisted of the following persons: Pascall Marcelin Chairman/Treasurer Brian Beckles Secretary Shivaughn Murray Ass’t Secretary Marlene Zamore General Manager Ag Karen Lightbourne General Manager Ag The committee had poor responses to Nominations which necessitated the use of various media on separate occasions to attain the desired number of nominees.

PUBLICATION In order to attain the desired number of Nominees for the various statutory committees, the committee engaged the services of various printed media houses and Social Media. Publications were made during the period March –April 2022.

CATEGORIES Nominations were received for the three Statutory Committees as follows: � Board of Directors 6 � Supervisory Committee 6 � Credit Committee 7

NOMINATIONS POLICY In accordance with the Bye laws # 33 (a0, and in tande with the transparency of the process, members were directed to the nominations policy, which was posted on the website for ease of reference, and also made available at SECU’s Head Office.

INTERVIEWS AND NOMINEE ORIENTATION The nomination committee conducted interviews on each of the new nominees The orientation seminar for all successful candidates will be held after the AGM in preparation for assuming office.

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THE DEMOCRATIC PROCESS At the Annual General Meeting, the election process would be facilitated by the Officers of the Co-operative Division. Descriptive data on the Nominees would be available to the membership for ease of selection. The computerized counting of ballots would ensure that results would be available in the shortest possible time.

ATTENDANCE NAME Pascall Marcelin Brian Beckles Shivaughn Murray Marlene Zamore Karen Lightbourne

PRESENT 7 7 7 1 6

EXCUSED Vacation -

OUTGOING OFFICERS BOARD OF DIRECTORS SUPERVISORY COMMITTEE CREDIT COMMITTEE Lois Carmino Wendy Murray Gail James David Trim Angeline Ayow Kerel Warrick Ruthven Goddard Keron Pujadas Anthony Brathwaite Sonia Lisa Hoyte Ewart Reyes

The nominations committee wishes to sincerely thank all contributors to this Nominations process and extend best wishes to all outgoing officers and new nominees.

Respectfully Submitted

Pascall Marcelin Chairman

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NOMINEES FOR AGM 2022 BOARD OF DIRECTORS LOIS CARMINO PROFESSION :INTEGRATED MANAGEMENT PROFESSIONAL ACCOMPLISHMENTS/TRAINING: Pursuing Doctorate degree in Business Administration.

Masters of Science-Human Resource Management (UK) LLCC – Marketing Management (Licentiate )–Fellow (UK) Psychology (University of the West Indies) Adv. Dip – Marketing (University of the West Indies) Law and Criminology (University of the West Indies) Health & Safety (UK) Other: IT, Supervisory Management, Auditor Lois is an Integrated Management Professional, tutor, Governance and Policy Formation co-ordinator and motivational speaker. As a Bilingual Ms. Carmino gives of her time and talent as a Mentor and Coach.

With several years’ experience in Credit Union Business, Lois has held various positions on the Board of Directors and made passionate contributions serving as President, Vice President, Secretary, and Assistant Secretary. Her Marketing as well as Health & Safety and Management background has also allowed her to be Chairman of the Marketing, Health & Safety Committees while providing support in other Committees and launching the Marketing initiative ‘Golden Achievers- Back to the Future tours.’

Lois Carmino’s goal is to establish high performing teams at SECU Credit Union, providing effective leadership with a continuous quality service and to realize maximum returns to members of 4% and more by prudent financial monitoring and investments.

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NOMINEES FOR AGM 2022 BOARD OF DIRECTORS RUTHVEN GODDARD PROFESSION: BUSINESSMAN EDUCATION/ACCOMPLISHMENTS: Diploma(Radio College of Canada) Certificate-Computer Applications- UWI Institute of Business Certificate-Numerical control lathe-IKEGAI and FANUC (Japan) Certificate-Installation and Nuclear Radiation Safety Certificate-Management Development Centre in College Former Director of Trinidad and Tobago Airport Authority Mr. Goddard has devoted several years to SECU Credit Union where he has served passionately as Secretary and Treasurer on the Board of Directors. He currently holds the position of Chairperson of the Information Technology and Facilities Management Committees.

Ruthven Goddard’s goal is to take the Credit Union into the digital age of E-commerce and investment as well as to encourage members to save and to take advantage of all our products and services.

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NOMINEES FOR AGM 2022 BOARD OF DIRECTORS FARLEY JOSEPH PROFESSION: TEACHER 111–TABAQUITE SEC. SCHOOL EDUCATION/ACCOMPLISHMENTS: MA Music Business and Technology (NYU) PG Dip. Education (UWI) Level 7 PG Dip. Business Management (ABE) Mr. Joseph has been a member of SECU Credit Union since 2012 and has served as a member of the Education Committee for two consecutive terms. (2017-2019).

During his tenure, Mr. Joseph proposed the Digital Marketing Workshop for members as well as the Digital Etiquette Workshop for the Junior Executive.

Farley Joseph’s goals are to engage in a greater use of technology to engage with members in the post-Covid environment, as well as training and development of staff and members in Financial Technology and Intangible Asset Backed Financing.

WAYNE SARGEANT PROFESSION: RETIREE EDUCATION/ACCOMPLISHMENTS: Secondary School Education

Mr. Sargeant has been a member for over 30 years and is eager to offer himself for service to the organization. As a former Shop Steward and Trade Union Executive, Wayne continues to bring his negotiating talent and skill set to the Society.

Wayne Sargeant’s goal for SECU is to build and maintain a strong customer base, while ensuring that the membership achieves financial stability and independence

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NOMINEES FOR AGM 2022 BOARD OF DIRECTORS DAVID TRIM PROFESSION: BUSINESSMAN EDUCATION/ACCOMPLISHMENTS: Secondary School Education Mr. Trim has been a member of SECU since 2009 and has served as a member of the Junior Executive Mentorship Program and further elevating into the Education Committee.

As an enthusiast Mr. Trim has also served diligently as Vice President, Secretary and Assistant Secretary to the Board of Directors and represented SECU in various conferences.

His winsome personality has also served him well as Chairman of the Marketing Committee along with being a Director at the Central Regional Chapter.

CHARLENE WILLIAMS PROFESSION: ATTORNEY – OFFICE OF THE OMBUDSMAN EDUCATION/ACCOMPLISHMENTS: LLB Law (Hons) Certificates in: Legal Education Counter Finance Terrorism Procurement Law Industrial Relations Anti-Money Laundering Corporate Finance Judicial Research & Writing Ms. Williams has served as the President of SECU’s Junior Executives, Assistant Secretary of the Board of Directors in 2012 as well as a member on the Marketing Committee.

Her legal acumen has positioned her well on the Bye Laws and Policy Committee where there is active participation and contribution.

Charlene Williams’ goal for SECU is increased financial literacy for all members, sustainable growth and development, member involvement and participation.

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NOMINEES FOR AGM 2022 CREDIT COMMITEE ANTHONY BRATHWAITE PROFESSION: RETIREE EDUCATION/ACCOMPLISHMENTS: Training in: Anti-Money Laundering Customer Service Credit Evaluation Techniques Credit Control Management Wealth Creation Mr. Brathwaite has been involved with SECU for over 25 years and has been actively involved in the Credit Committee where he has previously held the position of Secretary and played an integral role in the granting of loans to members. As a former Liaison Officer, he has successfully represented SECU in the various Tobago activities of Blue Food Festival, Heritage and the Marketing initiative of the Golden Achievers 50+ tours.

Anthony Brathwaite’s goal for SECU is to assist the Credit Union in its transformation process.

SONIA LISA HOYTE PROFESSION: LIBRARY ASSISTANT 11 NATIONAL LIBRARY AND INFORMATION SYSTEM AUTHORITY OF TRINIDAD & TOBAGO (NALIS) EDUCATION/ACCOMPLISHMENTS: BSc – Information and Library Studies Associate degree in Library and Information Sonia has been a loyal member of SECU Credit Union for several years and has motivated several family members and friends to become members.

With a background in ‘Information and Research’ and being results oriented, Ms. Hoyte has participated vigorously in the team’s initiatives and contingency plans, towards the development of greater visibility for the Society .

Sonia Hoyte’s goal is to ensure that the quality of service offered to its’ members are kept at a high level as well as to maintain the profitability of the Credit Union.

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NOMINEES FOR AGM 2022 CREDIT COMMITEE GAIL JAMES PROFESSION: RETIREE EDUCATION/ACCOMPLISHMENTS: APV Diploma – Business Administration (ABE) Training in: Credit & Recoveries / Control Management Anti-Money Laundering Management Ms. James has several years of experience in the Credit Union movement. She has served with passion on the Credit Committee as Chairperson, as well as participated in the Member Relations, Education and Delinquency Committees while supporting other initiatives of the Society.

She is a former Treasurer of the Central Regional Chapter Board and currently serves as a Director.

LESLE-ANN LEMO PROFESSION: DELIVERY OFFICER - TTPOST EDUCATION/ACCOMPLISHMENTS: Secondary School Education

Ms. Lemo has been a loyal member of SECU Credit Union for several years, during which she served as a member on the Health and Safety Committee.

Lesle-Ann Lemo is determined that with diligent work she can see this Credit Union grow into one of the leading financial institutions not just in the country but also in the Caribbean MICHELLE MCLEAN PROFESSION: RETIREE EDUCATION/ACCOMPLISHMENTS: Secondary School Education Training in: Clerical and Supervisory

Ms. McLean has been with SECU for a short period of time but is eager to play her part in enhancing our steadily dynamic organization.

Ms. McLean’s goal is to encourage positive direction and service the Credit Union membership.

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NOMINEES FOR AGM 2022 CREDIT COMMITEE EWART REYES PROFESSION: SAFETY ADVISOR EDUCATION/ACCOMPLISHMENTS: BSc. – Occupational Health, Safety and Environment Certificate – Supervisory Management Certificate – Computer Literacy Mr. Reyes has supported SECU Credit Union for a number of years and having previously served as Credit Committee Chair, he continues to contribute on this Committee.He has been an active participant in the organization’s marketing and other initiatives and has also provided tremendous service while supporting the Health and Safety Committee, in the capacity of health, safety and environment.

Ewart Reyes’ goal is to ensure that SECU achieves tremendous financial growth which will result in greater benefits to our members and all stakeholders.

KEREL WARRICK PROFESSION: BENEFIT ANALYST – CARDEA BENEFITS LIMITED EDUCATION/ACCOMPLISHMENTS: BSC Actuarial Science Associate of Society of Actuaries Accreditation (Currently pursuing) Mr. Warrick has been a loyal member of SECU Credit Union over 20 years and is currently serving as President of the Junior Executives, while also serving as a member of the Credit Committee. With a background in risk management, he currently lends his knowledge base to the Finance & Investment Committee in the determination of making sound financial decisions and monitoring the risk analysis.

Kerel Warrick’s goal is for SECU to become a leading financial institution in Trinidad and Tobago both in terms of membership and returns through the use of digital platforms, prudent risk management and community outreach.

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NOMINEES FOR AGM 2022 SUPERVISORY COMMITEE ANGELINE AYOW PROFESSION: COMPLIANCE OFFICER MAIBROL INSURANCE BROKERS CO. LTD. EDUCATION/ACCOMPLISHMENTS: Diploma in: Insurance IAS Accounting Anti-Money Laundering Ms. Ayow has contributed over 35 years at SECU Credit Union, having not just served, but given tremendous support to the Credit, Supervisory and Marketing Committees. She is also a member of the Central Regional Chapter.

As an experienced Compliance Officer with her wealth of knowledge in Auditing and Compliance, Angeline has served as Chairperson of the Supervisory Committee with determination, purpose and enthusiasm.

Angeline Ayow’s goal is to see the Credit Union become one of the best run, financially stable and customer oriented organizations of its kind

ANN JOHN PROFESSION: CHECKER -TOBAGO HOUSE OF ASSEMBLY EDUCATION/ACCOMPLISHMENTS: Secondary School Education Ms. John has a passion for Credit Unionism and has been involved in the Supervisory, Credit and Marketing Committees of the Society.

She also continues to serve in the capacity of Tobago Liaison Officer for SECU Credit Union and has been instrumental in the Outreach/Community presentation with involvement in several Marketing initiatives between the two islands. Ms. John continues to represent SECU at the Heritage and the other festivals in Tobago.

Ann John’s goal for SECU is to make SECU Credit Union a credit union with a difference.

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NOMINEES FOR AGM 2022 CREDIT COMMITEE ELIZABETH JOHNSON-MASON PROFESSION: RETIREE EDUCATION/ACCOMPLISHMENTS: Certificate – Computer Literacy Mrs. Johnson-Mason has several years of experience with SECU Credit Union and has served as a member and Secretary on the Credit Committee in the consideration of loans. A loyal supporter of the Institution and its initiatives Elizabeth has also served on the Supervisory Committee of the Central Regional Chapter and is currently a member of SECU’s Member Relations Committee.

Elizabeth Johnson-Mason’s goal is to continue to maintain a steady growth in assets and membership despite the challenging economic climate SHANELLE MCEACHNIE-GILL PROFESSION: PROJECT ANALYST – NATIONAL INSURANCE BOARD EDUCATION/ACCOMPLISHMENTS: Bsc in Project Management Certificate in Facilities Management

Mrs. McEachnie-Gill has been a member of SECU Credit Union since 2011 and brings with her years of experience in administration, events planning and management, which she is prepared to offer to the membership. She currently serves as an alternate on the Supervisory Committee and is part of the Member Relations Committee.

Shanelle McEachnie-Gill’s goal is to assist the organization in becoming the first choice of Credit Unions in Trinidad and Tobago.

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NOMINEES FOR AGM 2022 CREDIT COMMITEE WENDY MURRAY PROFESSION: RETIRED AUDITOR / ACCOUNTANT EDUCATION/ACCOMPLISHMENTS: Masters in Forensic Accounting and Fraud Detection ICM Diploma – Management of Works and Cost ICM Diploma – Management of Investment Products AAT – Accounting Technician ACCA – Chartered Certified Accountant Certificate in Risk Management With more than 35 years as an experienced Auditor / Accountant ,Ms. Murray has contributed significantly to the facilitation of auditing, governance and leadership in the financial domain. A professional with a background in consultancy in forensics and fraud detection, she continues to initiate and conduct training programmes in the varying disciplines.

Wendy Murray’s goal is to assist the organization in the improvement of its governance and internal control systems so that it can and will be viewed as one of the best managed Credit Unions.

ADRIAN DAVID REGIS PROFESSION: QUANTITY SURVEYOR TECHNICIAN WELCH, MORRIS AND ASSOCIATES LTD. EDUCATION/ACCOMPLISHMENTS:

Certificate holder from San Fernando Technical Institution Certificate in Microsoft Office (UWI) Introduction to OSHA (Cipriani College of Labour) Mr. Regis has been a member for many years and has served on both the Marketing and the Facilities Management Committees. He remains passionate in his commitment to succeed in whatever he endeavours.

Adrian Regis’s goal for SECU is to assist in achieving proper communication and service to all members and the general public at large.

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SECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED PROJECTED CONSOLIDATED OPERATIONAL BUDGET FOR THE YEAR 2022 Income Interest on loans 17,583,100

Income from investments

622,500

Other Income

724,200

Total Budgeted Income

18,929,800 Expenditure Personnel costs 5,770,000

Professional Services

589,600

Occupancy costs

2,062,200

CUNA insurance

1,742,200

AGM expenses

150,000

Advertising and promotions

369,000

Insurance

161,299

Bad debt expenses

650,000

Depreciation

700,099

Member related events

30,000

Board and committee expenses

596,300

Office expenses

636,300

Bank Charges

147,870

Financial costs

57,300

Other expenses

314,700

Total Budgeted Expenditure

13,976,868 Net Budgeted Surplus

4,952,932

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RESOLUTIONS SECU Credit Union Co-operative Society Limited utilizes all the options available to recover bad debts or delinquent loans, however all efforts to recover from past officers valued at $110,168.00 have been exhausted and proven to be futile.

1. Be it resolved that this 40th Annual General Meeting accepts the recommendation of the Board of Directors to write off the sum of $ 110,168.00, which represents stipend payable from Eight (8) past officers for the period.

2. Be it resolved that none of these Eight (8) officers be eligible for election to any office unless the equivalent amount of their written off stipend repayable is paid to SECU Credit Union Co-operative Society Limited.

3. Be it resolved that this 40th Annual General Meeting accepts the recommendations of the Board of Directors to pay a dividend of 3.0 % on fully paid up shares, of which 20% will be credited to the members shares and 80% payable by cheque.

4. Be it resolved that this 40th Annual General Meeting accepts the recommendations of the Board of Directors to pay an honorarium to all elected officers who served during the 2020/2021 term of 4.53% of the retained earnings which is equivalent $ 304,807.00.

5. Be it resolved that this 40th Annual General Meeting accepts the recommendations of the Board of Directors to appoint Maharaj Mohammed and Company as Auditors for the period ending at the conclusion of the next Annual General Meeting.

SECU Credit Union Co-operative Society limited utilizes all available o options to recover bad debts or delinquent loans, however all efforts to recover 22 accounts valued at $537,091.30 have proven futile 6. Be it resolved that this 40th Annual General meeting accepts the recommendation of the Board of Directors to have 22 accounts valued at $537,091.30 written off during the 2023 financial year against the provision for delinquent loans. Collection efforts will still be made even though write offs have occurred.

Note � Uncollectible – Members are unemployed, have migrated and/or are not in possession of the means/assets from which the debt can be settled. � Deceased – There are no means/assets or insurance policy from which the debt can be settled

STATUS Uncollectable Deceased TOTAL

NO OF ACCOUNTS 20 2 22

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LOAN BALANCE $ 479,065.13 $ 58,026.17 $ 537,091.30

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Notes

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HEAD OFFICE Address: 101 Southern Main Road California, Trinidad, W.I. Phone: 1-868-226-SECU (7328) Fax: 1-868-679-3293 Website: http://secucredituniontt.com Email: info@secucredituniontt.com BRANCH OFFICES Chaguanas

Princes Town

Tobago

Address: Level 2 Ramsingh’s Plaza 18 Southern Main Road Edingburgh 500626 Chaguanas Trinidad, W.I. Fax: 1-868-665-3131

Address: 95 High Street Princes Town Trinidad, W.I. Fax: 1-868-655-6479

Address: 19 Dutch Fort Scarborough Tobago, W.I. Fax: 1-868-660-7559