Page 40 - Kildare CU 2022 AR

REPORT OF THE
BOARD OVERSIGHT COMMITTEE
It is with pleasure that we present the annual report of the Board Oversight Committee to the members of Kildare Credit Union.
The role of the Board Oversight Committee is as follows:
• to assess whether the Board of Directors has operated in accordance with parts IV and IV A of the Credit Union and Co-operation with Overseas Regulators Act (the “2012 Act”).
• to notify the Central Bank of any concern that the Board of Directors may not have acted in accordance with the requirements as laid down; and
• to report to the members at the Annual General Meeting and, if it thinks fit, at a Special General Meeting on whether the Board has operated in accordance with the requirements of the Act.
The Board Oversight Committee is elected by the Members at the Annual General Meeting and is independent of the Board of Directors. The purpose of this is to ensure that the members’ rights are protected.
Activities of the Board Oversight Committee included overseeing the election of the Principal Officers after the AGM and attendance at all Board Meetings. The Committee met frequently during the past year and met the Board of Directors separately on four occasions during the year to assess their performance and to confirm that the Board of Directors was acting in accordance with the relevant regulations. Following such meetings, the Committee issued written reports to the Board outlining its findings and making recommendations where necessary.
In the course of their work, the Board Oversight Committee considered and reviewed important aspects of the Credit Union which included the management of risk and the internal audit function as well as the governance and operation of Board meetings. In discussions with the Nomination Committee, the issue of the shortage of volunteers was raised and it is felt that this is a matter of concern for the future of Kildare Credit Union. This is an issue that is shared by many organisations at this point in time.
A committee member was present at all car draws held during the year. A member of the Committee was present at the presentation of the Chris Kelly Educational Bursary award.
The Committee is satisfied that the Board of Directors has operated in accordance with Part IV and IV A of the Credit Union and Co-operation with Overseas Regulators Act 2012 (“the 2012 Act”).
Ms Paula Kavanagh, a member of the Board Oversight Committee retired during the year. The Committee would like to thank Paula for her excellent service to the Committee and Kildare Credit Union over many years
The Committee wishes to thank the Board of Directors and the members of the various constituent Committees, all of whom give their time voluntarily for Kildare Credit Union. We would also like to thank the Management and Staff for their co-operation and assistance throughout the year.
Committee Members:
Noel McLoughlin, Patricia Kelly, Aidan McKeown
For the year ended 30 September 2022
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