Minister of Trade, Industry and Commerce George Hutson is calling for transparency in the appointment of directors to sit on credit union boards.
Speaking during a thanksgiving service to mark the 25th anniversary of the Barbados Workers Union Co-operative Credit Union Limited (BWUCCUL) at the St Michael’s Cathedral on Sunday, the minister said the board must be adequately sized, and its members equipped with the commitment and technical knowledge to discharge their responsibilities.
More importantly said Mr Hutson, board directors should not only implement procedures to independently verify and safeguard the integrity of the company’s financial reporting, but also disclose material matters relating to the organisation in a timely fashion.
The minister also advised credit union leaders not to loose focus of its primary objective while at the same time, respecting the rights of its members.
“Credit unions must strive to attain and maintain their primary objective, that is, the economic empowerment of its members. In today’s economy our credit unions must not only be profit driven, but must be customer oriented.”
On the issue of effective management of resources, Mr Hutson said this could be achieved if credit union directors kept abreast with changes in the movement.
Ultimately, said Mr Hutson, this would lead to greater governance and accountability of credit unions and pointed out: “the economic health of a nation depends substantially on how sound and ethical businesses are.”