Dear Editor,
I welcome Mr Trevor Benn’s comment in the Sunday Stabroek of 18th August 2019 that the IMC he chairs is soon to hold an AGM for the Guyana Public Service Co-operative Credit Union Ltd.
However, I believe that this credit union is a victim of its own successes. It is now a three billion dollar organisation and serves over 7,500 active members, with half of them having refinanced or successfully processed a loan in the past three years.
The building housing the credit union has long now been renovated and modernised from a cottage to a complex with computers and boardroom facilities.
The major stakeholder is the GPSU, the founder organisation, which rightfully and justifiably wants to have a say in how the credit union is managed. The GPSU had quite a few senior members serving as directors on the previous Committee of Management.
However, the composition of the membership are not only union members and the very Modernisation Committee that Mr Benn spoke about did conduct a membership survey to find out from members, the areas in which the credit union can help them in the future. The response was good; members wanted to see the credit union venture into such activities as housing, entrepreneurial development, consultancy ventures, as well as have a branch in every region of the country. I, for one, will like to see these having currency in the future.
The regulatory agency, as had to be done in Trinidad and Tobago, should update the laws governing term limits for directors; it is ancient. Alternatively, members should pass a motion at the upcoming AGM for this credit union to implement term limits.
The challenges to solve issues alluded to are tremendous and you cannot have committee members serving for 20 to 25 years as was the previous case.
Thank you IMC, but it is time for the members to take their credit union back.
Yours faithfully,
Ivelaw Henry
