Page 93 - MCCU

MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LTD.

SUPERVISORY COMMITTEE REPORT

T he Jamaican atmosphere has been one of instability, uncertainty,

and we continue to operate within a hostile financial climate. Despite the
demands of the Bank of Jamaica Regulation and the IFRS9
implementation Manchester Co-operative Credit Union continues to
implement successful strategies to encourage membership and to ensure
that our members’ interests are paramount.
The Supervisory Committee is charged with responsibility to safeguard
the interest of the members of Manchester Cooperative Credit Union by
ensuring that the Organization is pragmatically managed. The
Committee’s ultimate objective is to ensure that the Board of Directors
and the Management team serves the interest of the members as well
as safeguard the resources entrusted to them. To achieve its mandate,
the Supervisory Committee oversees the Internal Audit functions and
ensures that the internal controls, policies and procedures, and applicable
CLAUDETTE GAYLE-FOSTER
Chairman external regulations, are adhered to. Good corporate governance fosters
stability of any organisation. In executing our responsibilities we serve
in a monitoring role to ensure that the Organization’s practices adhere to the applicable Laws and
Regulations. The Committee facilitates the Board of Directors with monthly activity reports to aid in
transparent decision making.

The Supervisory Committee along with the Internal Audit Department has been intricate in ensuring that
the integrity of the Organization is maintained. In an effort to achieve the given mandate, the Committee
embarked on various activities which include a series of independent and objective audits that assess
the reliability and authenticity of the financial and operating functions.

During the period, January to December 2017, fifteen (15) regular Committee Meetings were held. The
table below outlines the attendance of the members.

Members Meetings Meetings Excused Absent
Held Attended
Claudette Gayle-Foster 15 12 3 0
Michelle Douse 15 11 4 0
Ann Julette Rowe 15 14 1 0
Elaine Bailey 15 13 2 0

Dahlia Brown-Dawson 15 14 1 0
Ruthan Smile-Smikle 15 14 1 0
Claudette Griffiths-Mckenzie 15 11 4 0

Barbara Chamberlain 15 10 4 1

*
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“Where Service Exceeds Expectation”