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POSTPONED - Special General Meeting

  • Member Governance
18 Mar 2020
POSTPONED - Special General Meeting

update - 18 mar 2020

In light of the existing COVID-19, Coronavirus situation, and in compliance with the Cayman Islands government's requirements to limit public and social gatherings, the Credit Union has postponed the Special General Meeting previously scheduled for 2 April 2020. We will reschedule this SGM for a later date once it is safe to do so and once we determine that new date, we will be sure to keep all Members informed.


Original post - 28 Feb 2020

Location: Sir Vassel Johnson Hall, UCCI, Olympic Way, George Town near Truman Bodden Sports Complex.
Time: 5:30pm

On Thursday, 2 April 2020, the Credit Union will host a Special General Meeting for members to formally vote on the proposed revisions to the Credit Union Rules. It is an important opportunity for Members to exercise their membership rights and be a part of an event during which the decisions on the Credit Union Rules will be made.

This vote derives from the The Board of Directors decision in 2018 to review the Credit Union Rules (2012 Revision) with these primary objectives:

  • To ensure that the Credit Union remains a viable, attractive, financial institution that continues to grow in a profitable, sustainable manner so that our members have access to financial serivces that help them to improve their quality of life;
  • Modernize the Rules to effectively and efficiently manage the Credit Union with best practice policies and procedures;
  • To strengthen the governance framework.

While all Rules will be reviewed,  the Board determined that before proceeding to this formal vote, further research was required on four specific Rules. As such, an informal member survey was conducted in November 2019 to gather feedback on these four Rules to ensure that when presented for a formal vote, Members would have a clear, fair understanding of the proposed changes. These four Rules are as follows:

  • The name of the CICSA Cooperative Credit Union.
  • Membership - eligibility to join.
  • Implementing Board of Directors and Committee member compensation. (This was approved by members at the November 2019 AGM.)
  • Board of Directors and Committee member nominations process.

Members that attended the 44th AGM on 27 Nov 2019 discussed these Rules and the survey results summary. Please view/download the Rules and survey results on our website.

Stay tuned for further information on any proposed changes to the Credit Union Rules and the Special General Meeting on 2 April 2020.