2007 – Delivered at March 2008 AGM

Transcription

In Memoriam
Mr. William W. (Bill) Brown
Bayview Credit Union
Director of the Board
On January 1 of this year, Bayview Credit Union lost one its most loyal supporters with the passing of
Bill Brown at the age of 79. Bill had been a member of Bayview’s Board of Directors for over 20 years
including positions on various Bayview committees. During his tenure on the Bayview Board,
Bill was instrumental in our expansion to seven branches and to over $225 million in assets.
“He was a very caring person” his wife of 57 years, Virginia, said. “He would always think of others before he would think of
himself. Bill was a good-living Christian man who loved his Lord, his family and his many friends.”
Bill had 3 children (Susan, David and Carolyn) and five grandchildren, all of whom meant the world to him.
After many years in banking and many location transfers from city to city for him and his family, Bill switched careers
to work for Fawcett’s lumber and then became the meat manager for Howatt’s Foods in Petticodiac.
In 1978, Bill went to work at the Sussex Save Easy. He retired from there in 1992.
Bill dedicated much of his retirement to his church (as deacon, Sunday School teacher, youth leader and secretary treasurer)
and to the co-op movement including the Boards of Bayview Credit Union, Fundy Funeral Home and
Credit Union Central of New Brunswick.
Fellow Bayview Credit Union board member and Bill’s good friend, John Clarke said, “Bill’s dedication to
the credit union/co-op movement was unquestioned. While Bill could be outspoken he was easy going and very highly
respected for being fair in his decisions”.
Bill always had a kind word of encouragement for Bayview’s staff and management. He was a strong believer in
Bayview and in the good it could do in the community. Bill Brown will be sorely missed.
Bayview Credit Union Annual Report 2007
Bayview Credit Union Limited 70th Annual General Meeting
March 26, 2008
1. Call to Order
11. Question Period
2. Opening Remarks
12. Memorial for William (Bill) Brown
3. Moment of Silence
13. Greetings from Credit Union Central of New Brunswick
4. Quorum Report
14. Results of Election of Directors
5. Approval of the Agenda
15. Adjournment
6. Introduction of the Board of Directors & Visitors
7. Minutes of the 69th Annual Meeting
8. Election of Directors
9. Reports:
a. Report of the Board of Directors
b. Report of the Chief Executive Officer
c. Report of the Credit Committee
d. Report of the Audit Committee
e. Dividend Payment for 2007
f. Report of the External Auditor
Patronage Payment for 2007
10. Other Business
a. Appointment of Representatives to Federation for 2008
b. Appointment of External Auditor for 2008
c. Board Remuneration for 2008/2009
d. Proposed Changes to By-laws
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Bayview Credit Union Limited
69th Annual Meeting Minutes 2006
The Annual General Meeting of
Bayview Credit Union Limited was held at
Branch 69 Legion, West Saint John on Tuesday,
March 20, 2007 at 7:40 p.m.
Norma Kelly, President, presided over the meeting.
APPROVAL OF MINUTES OF THE 68TH
ANNUAL MEETING
Moved by Bernard Beukeveld and seconded by Brenda Cobbett to
accept the minutes of the 68th Annual Meeting as written.
Motion Carried
President Norma Kelly welcomed members and guests. Members
were advised that if they had any questions they wished to raise they
could bring them up under Agenda Item #11, Question Period.
ELECTION OF DIRECTORS
The Nominating Committee Report was presented by Chairperson
Lois Vincent who advised there were three (3) positions vacant on
the Board of Directors, each for a three-year term of office. Five (5)
members submitted their names for consideration: John Clarke,
Shirlee Coleman, Michael (Mike) Hunter, David Lutz, QC, and
Frank Jopp. Lois Vincent called for nominations from the floor
three (3) times. There were no further nominees.
A period of silence in memory of deceased members was observed.
A quorum was established with 201 voting members present and
14 guests.
APPROVAL OF THE AGENDA
Moved by Peter Kelly and seconded by Donna Miller to cease
Motion Carried
nominations.
President Kelly called for any amendments to the agenda as
presented.
Three visitors were appointed as Scrutineers: Sandra Hamilton,
General Manager, Prosper Credit Union, Rick Verge, Investment
Specialist, Credential and Brian McCullum, President, Co-op
Atlantic. Carolyn MacPherson, Marketing Officer, Bayview Credit
Union was appointed to assist the Scrutineers.
Moved by Rose Ann Yorke and seconded by Carmen Cruickshank
to accept the 69th Annual General Meeting Agenda as presented. Motion Carried.
INTRODUCTION OF THE BOARD OF
DIRECTORS AND VISITORS
REPORTS
a. REPORT OF THE PRESIDENT
David Brown, Parliamentarian
Judy Jewett, General Manager, NB Teachers’ Association Credit Union
Jackie Jardine, Assistant Manager, NB Teachers’ Association Credit Union
Corey Bowes, Commercial Account Manager, Omista Credit Union
Sandra Hamilton, General Manager, Prosper Credit Union
Darrell Evasuk, Manager Atlantic Canada, Concentra Financial
Brian McCullum, President, Co-op Atlantic
Rick Verge, Investment Specialist, Credential
Gary Morrison, Auditor, Thornton Van Tassel
Paul Paruch, VP, Operations & Development, Credit Union Central of
The President’s Report for the fiscal year ending December 31, 2006
was read by President Norma Kelly.
Moved by Owen Craig and seconded by Bernard Beukeveld to
accept the report as read.
Motion Carried
New Brunswick
Rejean Leger, Commercial Account Manager, Rexton Credit Union
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b. REPORT OF THE ACTING CEO
OTHER BUSINESS
The Acting CEO Report was read by Anna Florczynski, Acting
Chief Executive Officer.
a. DIVIDEND PAYMENT FOR 2006
The Board of Directors recommended to the membership that
Moved by Bernard Beukeveld and seconded by Rick Stewart to
accept the Acting CEO Report as read.
A dividend of 3% be declared and paid on all membership shares
as at December 31, 2006, with a dividend not being paid if it is less
than $1.00.
Bernard Beukeveld requested the naming of the Health, Safety and
Wellness Committee be amended to read the Joint Health and Safety
Committee as defined under the Occupational Health and Safety
Act. The Joint Health and Safety Committee can strike a Wellness
Committee which would report back to the Joint Health and Safety
Committee.
Moved by Al Brun and seconded by Peter Kelly to accept the Board’s
recommendation.
Motion Carried
b. PATRONAGE PAYMENTS FOR 2006
Moved by Bernard Beukeveld and seconded by Rick Stewart to
accept the Acting CEO Report as read with the noted change. Motion Carried
The Board of Directors recommended to the membership that
A patronage rebate of 4% be declared and paid based on the interest
paid in 2006 on all personal loans and mortgages, a patronage
bonus of 4% for interest received in 2006 on all personal deposits,
including Registered Savings Plans and Registered Income Funds,
and a patronage rebate of 4% on personal services fees paid in 2006.
c. REPORT OF THE CREDIT COMMITTEE
The Credit Committee Report for the fiscal year ending December
31, 2006 was read by Shirlee Coleman, Chairperson.
Moved by Leo Maloney and seconded by Ann Burns to accept the
Board’s Recommendation.
Motion Carried
Moved by Ann Burns and seconded by Leo Maloney to accept the
Report of the Credit Committee as read.
Motion Carried
c. APPOINTMENT OF REPRESENTATIVES TO
FEDERATION FOR 2007
d. REPORT OF THE AUDIT COMMITTEE
The Board of Directors recommends to the membership that
The Audit Committee Report for the fiscal year ending December
31, 2006 was read by Norma Kelly, Chairperson.
The Board be allowed to appoint the representatives to the
Federation for 2007.
Moved by Al Brun and seconded by Pat McPhee to accept the Audit
Committee Report as read.
Motion Carried
Moved by Bernard Beukeveld and seconded by Shawn Leonard to
accept the Board’s recommendation.
Motion Carried
e. REPORT OF THE EXTERNAL AUDITOR
d. APPOINTMENT OF EXTERNAL AUDITOR
FOR 2007
Gary Morrison, C.A, Thornton VanTassel, presented the Auditor’s
Report as at December 31, 2006. He thanked staff for their
assistance with the audit and those members who filled in and
returned the confirmation letters mailed out to them. Income
before patronage rebate and income taxes was $1,121,017 and the
retained earnings balance increased to $10,984,810. Bayview had
another very successful year with significant growth, a good return
to membership and a strong equity level of 8.1%, well above the
legislated 5% provincial requirement.
Thornton VanTassel be retained as the company’s external auditor for
2007.
Moved by Shirley Jones and seconded by Scott McGee to accept the
Board’s recommendation.
Motion Carried
Moved by Larry McPhee and seconded by Mike Hunter to accept
the Auditors’ Report as at December 31, 2006. Motion Carried
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e. BOARD REMUNERATION FOR 2006/2007
Member Rick Stewart: The media has reported that the Provincial
Government has recently provided a large bail out to the Shippagan
Caisse Populaire. Can you shed some light on this?
This was originally approved at the December 2003 Annual General
Meeting and will be presented to the membership each year for their
review and approval. The recommended remuneration remains
unchanged from previous years.
President Norma Kelly: We know as much as you know in reading
the newspaper. Shippagan’s annual general meeting will be held on
March 26th and they will be reporting to their membership first.
We may learn more about this matter at Credit Union Central of
New Brunswick’s AGM being held the last weekend in March in
Saint John. Shippagan was placed under supervision by the Risk
Management Agency some time ago.
Directors to receive a per diem of $50.00 per meeting and
Committee members to receive $25.00 per meeting
Moved by Mike Biggar and seconded by Rose Anne Yorke to accept
the Board’s recommendation.
Motion Carried
RECOGNITION OF PAST PRESIDENT
QUESTION PERIOD
On behalf of the Board of Directors, staff and members, VicePresident Elizabeth Chisholm, presented Past President Rick Stewart
with gifts in appreciation of service given to Bayview Credit Union.
Rick served 15 years on Bayview’s Board, was President in 1981 and
sat on the Building Committee for many years. Rick was a dedicated
community volunteer. Rick was President of the Association of New
Brunswick Land Surveyors, Commodore of the Rothesay Yacht
Club and a Boy Scout Leader.
Member Al Brun: What happened to the CEO and where can I go
to find that out? I would like to know where we are going.
President Norma Kelly: The CEO’s contract was terminated and the
proper process is being followed to hire a new CEO. You have to do
the best thing for the Credit Union and that is what we have done
and will continue to do.
Director Tom Bishop: The CEO’s contract was terminated
last August. The Board struck a CEO search committee and a
professional search company was hired to begin the process. We
hope we are nearing the completion of this process. As our Credit
Union has over $200,000,000 in assets, we must ensure we have the
best possible person for the position. As we continue with the search
process to get the best possible person, we cannot go into particulars.
RECOGNITION OF MEMBERS WITH OVER
50 YEARS OF MEMBERSHIP WITH BAYVIEW
On behalf of the Board of Directors, staff and members, Shirlee
Coleman was proud to recognize and thank member guests with
over 50 years of membership with Bayview. Fifty-two members were
mailed a 50-year pin in appreciation of their valued support. The
names of the 23 members present at the meeting were read out. A
group photo was taken following the meeting.
Member Al Brun: The Board of Directors act on our behalf, correct?
Director Tom Bishop: Yes
Member Al Brun: I do not know the man. I only met him once,
but I question what is going on? It looks like we are stagnated. What
are the terms of the contract? This time next year will we have a new
CEO?
Director Tom Bishop: Review of our employees’ contracts is
confidential. According to our external auditor, the Credit Union
is progressing and performing very well. We have suggestion boxes
in every Branch strictly for our members’ questions and suggestions.
The Board reviews them at every Board meeting and we respond to
them. We will continue with the current process in place to bring
the CEO issue to a successful conclusion.
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MEMORIAL FOR ROY MACKIN
RESULTS OF ELECTION OF DIRECTORS
On behalf of the Board of Directors, staff and members, Director
John Clarke welcomed the family of Bayview’s former CEO, Roy
Mackin and gave tribute to a much beloved family man, leader and
friend. Roy Mackin was the Chief Executive Officer and guiding
light of Bayview Credit Union from 1978-2003. He epitomized the
credit union and co-op ethics and worked tirelessly and diligently
to mould the credit union into what he knew it could be: not an
“alternative to the banks” but a force in its own right offering people
a way to control their own destiny and support not only themselves
but their community. Under his tenure Bayview Credit Union
grew from two to six branches and from $3 million in assets to the
staggering distinction of being one of the top 100 credit unions in
Canada with $152 million in assets and 22,000 members. John
put into words the heartfelt feeling of so many who were privileged
and honoured to know Roy: “You may be gone but you are not
forgotten. So long buddy.”
Lois Vincent reported the members elected to the Board of Directors
for a three (3) year term of office were:
John Clarke, Shirlee Coleman and Frank Jopp.
Moved by Bernard Beukeveld and seconded by Karen Sullivan to
destroy the ballots.
Motion Carried
ADJOURNMENT
Gail Eastwood moved for adjournment.
Meeting adjourned 9:25 p.m.
Respectfully submitted,
GREETINGS FROM CREDIT UNION
CENTRAL OF NEW BRUNSWICK.
Norma Kelly, President
Board of Directors
On behalf of Credit Union Central of New Brunswick, Paul Paruch,
Vice-President of Operations and Development, congratulated
Bayview on the attendance of over two hundred voting members.
Bayview has completed another successful year and having had the
opportunity to work with Bayview’s strong management team, there
is a solid and bright future ahead.
PRESENTATION TO RETIRING DIRECTOR
On behalf of the Board and members, Shirlee Coleman recognized
Randy Allaby for his many years of dedicated service to Bayview.
Randy served on the Board of Directors and various committees
in the 1980’s and 1990’s before moving away in 1997 upon his
retirement. Returning to the Saint John area, Randy ran and
was again elected to the Board in 2005 and served on the Audit
Committee. Shirlee Coleman presented Randy with a gift of a
painting of the Saint John Regional Hospital.
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2007 Service Awards
2007 New Staff
Bayview Credit Union is pleased to announce
that the following employees have received awards
for dedicated years of service to the credit union.
In 2007, Bayview continued to grow,
hiring 7 new staff including a new Operations
Manager and six new Member Service
Representatives (MSRs).
Five Years
Beth Leonard
Randy Curnew, Operations Manager
Dean Rhyno
Wendy Carr, MSR
Ginny Hourihan
Wendy Linton, MSR
Karen Meijering
Pam Johnston, MSR
Kelly Arsenault
Michelle Lockhart, MSR
Wanda Ellis
Jennifer Burns, MSR
Ten Years
Krista Rochon, MSR
Andrea Arseneau
Bev Gallant
Shirley Persaud
Debbie Stanton
Mary Weston
This past November, Shirley Persaud
retired from the position of Retail
Services Supervisor. Shirley had
been employed by Bayview since
1990 when she came to Saint John
from Saskatchewan. She started her
career here as a Loans Officer but also
worked as an Acting Branch Manager. She took the position of Retail
Services Supervisor in 2002 after
the retirement of Connie Hanson. Shirley was always a dedicated
employee who cared a great deal about the credit union. While we
will miss her very much, we all wish her well in her retirement.
Paddy Ferguson-Bent
Shelley Coakley
Fifteen Years
Donna Adair
Donna Lizotte
Karen Sullivan
Terry Craig
Twenty-five Years
Anna Florczynski
Joan Murphy
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Board of Directors
Back row from left to right: John Clarke; Tom Bishop (Board Vice President); Frank Jopp, Shirlee Coleman (Board Secretary) and Larry Gallant.
Front Row, left to right: Lois Vincent; Norma Kelly (Board President) and Elizabeth Chisholm.
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Bayview Credit Union Limited-Risk Management Overview
As a financial steward we must manage the risks
associated with business transactions and the
general environment in which we operate.
This process is termed risk management.
The effects of risk are considered in terms of their
impact on income, asset values and liabilities.
Among the risks we actively manage, the four
principal groups are: credit risk, position risk,
liquidity risk and operational risk.
functions adhere to the credit union’s policies and guidelines. The
Credit Committee reviews, at least monthly, the condition of our
loan portfolio to ensure that the lending function is managed within
industry standards and that items such as delinquency and loan
write-offs are kept to a minimum. The Audit Committee will review
on a monthly basis the level of our allowance for credit losses to
ensure that all perceived losses are accounted for.
Position Risk management strives to maintain an asset/liability
match that produces a stable level of earnings, regardless of the
direction of interest rates. To monitor its asset/liability mismatch,
Bayview Credit Union staff produces a monthly GAP report of all
its assets and liabilities and reports it to the Audit Committee. The
asset/liability report provides details of the dollar and percentage
amounts of mismatches in the various term categories, for the terms
from one month to five years. If the cumulative mismatch for
categories up to one year of non-interest, rate-sensitive funds exceeds
fifteen percent (15%) of total assets, the Credit Union immediately
undertakes corrective action. The GAP report should also indicate
the change in Bayview Credit Union net income due to immediate
changes in interest rates by 100 basis points in a one-year period.
Credit Risk:
Credit risk is the risk that we will incur a loss due to the failure of a
borrower to meet his/her contractual financial obligation.
Position Risk:
Position risk is uncertainty as to the impact on future earnings
arising from volatility in interest rates. Interest rate risk is the
risk that net interest income will decrease because of an adverse
movement in interest rates.
Liquidity Risk:
Liquidity Risk management ensures sufficient funding to meet all
short term liquidity demands by maintaining access to cash through
the establishment of a line of credit with the Credit Union Central
of New Brunswick. The Audit Committee monitors our regulatory
liquidity requirements on a monthly basis by reviewing the liquidity
report supplied by management. The review of our regulatory
requirement for liquidity is also a function of our external auditors
annually.
Liquidity risk is the risk of being unable to meet financial
commitments, under all circumstances, without having to raise
deposits at unreasonable prices or sell assets on a forced basis.
Operational Risk:
Operational risk is the potential for loss (including the adverse
impact on our reputation) as a result of a breakdown in
communications, information or transaction processing, due to
systems, or procedural failures, error, natural disasters or criminal
activity.
Operational Risk is managed by a system of internal controls that
requires segregation of duties, appropriate recording of transaction
processing, financial and managerial reporting, and insurance
coverage. We emphasize ongoing training to constantly improve the
skills of our workforce. In addition, we maintain contingency plans
for systems failure or catastrophic events.
How Specific Risks are
Managed:
Credit Risk management stresses prompt recognition of problem
accounts and their transfer to specialists skilled in managing such
accounts. All problem accounts are subject to formal monthly
review. An independent inspection group, the Risk Management
Agency, reviews the management processes to ensure that our line
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President’s Report
December 31, 2007
Other highlights from Bayview's 70th year are:
• the completion of the governance manual, which provides a
framework for governing the activities of the credit union
• that six $1,000 scholarships for continuing education were
distributed to either members or their children. These scholarships
have been renamed in memory of our previous long term CEO
Roy Mackin
Bayview Credit Union is celebrating its 70th annual
general meeting. Seventy years ago a group of dedicated
credit union members got together and opened
Bayview on a part-time basis. Today Bayview Credit
Union was once again recognized as one of the top
100 credit unions in Canada and one of the top 101
companies in Atlantic Canada. The financial results
will be presented in the external auditor's financial
report.
• suggestion boxes were installed in each branch, providing the
Board with feedback from the membership. The Board wants to
encourage the members to continue sharing their concerns and
suggestions through this avenue.
In keeping with Bayview's Mission "To provide banking and related
services on a co-operative basis to the expressed satisfaction of our
members." the Board has established the following 2008 strategic
plans:
• sustain employee growth, through a workforce that is informed,
developed and inspired
This year we experienced great sadness with the loss of
one of our dedicated long term Board members, Mr.
Bill Brown who passed away after a short illness. Bill
served several terms as a board member and also served
on several committees as well as representing the credit
union on the New Brunswick Credit Union Central
Board. His involvement and contributions will be
sorely missed.
• improve internal process, through effectively allocating resources
• broaden the membership experience, through emphasizing our
strong personal service and competitive pricing on products and
services
• increase membership value, through growth of the credit unions
financial position
In closing, the Board of Directors would like to thank our staff and
committee members for a job well done.
In Apri12007 the Board appointed Anna Florczynski,
as Chief Executive Officer (CEO). Anna has held the
previous management positions of Acting CEO as well
as the Manager of Finance & Administration. Anna is
a long term, dedicated credit union employee.
Norma Kelly, CMA CIA
President
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CEO’s Report
December 31, 2007
and two for 25 years. We also said goodbye to a retiring employee, Shirley
Persaud, who had been with the credit union for 18 years. This longevity
of staff employment is a testament to Bayview's employment practices and
excellent working conditions.
Bayview's Joint Health and Safety Committee met regularly in 2007 and
initiated many "Wellness" projects including general health and flu shot
clinics for staff, discounted fitness club memberships and incentives, a
nutrition seminar and lots of training including: robbery prevention, first
aid and CPR. There were no "lost time" accidents.
I am extremely proud and honoured to be the CEO that celebrates
Bayview Credit Union's 70th Anniversary with you. It was on March 22,
1938, in Stella Maris Church that Bayview's first Board of Directors was
elected and deposits of $39 were collected on the first day of business. I
doubt that first Board would have ever imagined that Bayview would grow
to include seven branches, with its own ATM network, and in excess of
$225 million in assets. And yet here we are.
Our Commitment to Co-op Involvement
Bayview has always been active in the Co-op Movement. We have
continued to assist the Fundy Funeral Home and other local co-ops. In
2007 our involvement expanded dramatically as our Consumer Lending
Manager was selected as one of a group of ten credit union professionals
to participate in the Uganda/Malawi Coaching Program. This involved
traveling to Africa to provide on-site coaching and assistance to primary
credit unions.
This past year has seen many changes to our staff and to the overall
financial industry. The market has been in decline due to global issues and
interest rates have tumbled, following suit. Despite this Bayview continues
to thrive. We experienced 10.25% in asset growth, which comes to $21
million. Our income before patronage rebates and income taxes was
$1 662 791, an increase of 48.3% from last year. Furthermore our equity
level, which stands at 7.7%, continues to exceed the· legislated 5%
requirement. As impressive as our financial achievements evidently are, I see
them as only one type of measure of our success.
Our Commitment to the Community
Bayview has always been a strong supporter of the community and
continued this fine example of the co-operative principles in 2007.
Bayview awarded six $1000 Roy Mackin Memorial Education Awards in
2007 for post secondary studies. These awards were renamed last year in
honour of the late Roy Mackin, former Bayview Chief Executive Officer.
We are very proud of the many young people we have helped over the years
with these scholarships.
As always Bayview continues to be committed to its staff, members,
community, and coop principles. Our success is dependent on our
commitment to all these elements.
Bayview also provided a $2000 scholarship to NB Community College.
This was our second of 5 annual scholarships awarded to this institution.
Our Commitment to Our Staff
Bayview is committed to the continuing education and development of
its staff. Many staff members take courses every year in order to improve
performance in their current jobs and to prepare for advancement. Our
entire staff took refresher courses in Privacy ("It's a Matter of Privacy") and
"Preventing and Detecting Money Laundering".
Our staff raised a considerable amount of money for various local
charities and events in 2007. Over $29 000 were raised and donated to
the Rally of Hope, Hampton Relay for Life, the Juvenile Diabetes Walk,
the United Way, Christmas for local families, Animal Rescue League,
Homeless Women's Shelter, the Boys and Girls Club, the Fundy Bay
Festival, Special Olympics, Saint John Regional Hospital and many other
worthy organizations, not to mention the many auctions for those in
need to which we donated promotional items and the many sports teams
we supported with program ads. This does not even begin to scratch the
surface of all our community participation in 2007. We were proud to
support them all and hope to do as much if not more in the future.
Each and every member of our staff, both our front line people who
deal directly with the members and those who work behind the scenes
supporting the front line, are the reason that "There is a Difference"
between Bayview and other financial institutions. They are our most
important asset and, therefore, our Board of Directors actively involves
them in the credit union's development. In July, the Board surveyed our
staff for the third year in a row to gather opinions on the credit union and
its future. Furthermore, Bayview continues to recognize excellence in its
staff with the "Catch a Co-worker" Initiative where staff members "catch"
examples of excellence demonstrated by their fellow staff.
Bayview, once again, organized the VON Flu Shot Clinics this past
November for the benefit of our members by subsidizing the cost of flu
shots.
Our biggest and most ambitious project was introduced to the community
in December, 2007. We want to know "Who Makes a Difference in your
Continued on page 14
In 2007, we proudly honoured eighteen staff members who received their
Long Service Awards- six for five years, six for ten years, four for 15 years
13
Continued from page 13
Life". We want to spread the good word by giving both members and
non-members a voice to say "thank you" to those who have influenced
their lives. This is a project we hope to continue month after month and
year after year, providing continuing good news and encouragement to our
community.
In business as in life, the only guarantee is change. Bayview is well prepared
to not only meet these future changes and challenges but to excel. This is
only possible because of the support of our excellent staff, management,
Board and Committees. I wish to thank them all for their dedication and
commitment.
Our Commitment to our Members
In conclusion, I would like to point out the important role of our Board
members. They give so much of their time and expertise month after
month to Bayview's continuing success. Without their consistent and
tireless enthusiasm, Bayview would not be where it is today.
Our members are the backbone of the credit union and everything we do is
dictated by our desire to follow our Mission Statement:
"To provide banking and related services on a co-operative basis to the expressed
satisfaction of our members".
Respectively submitted,
Bayview has shared over $7 million in profits with its members since the
patronage rebate program began in 1993. This profit sharing is one of
the core elements that distinguishes the credit union from other financial
institutions. This year we will share an additional $796 511 with our
members.
Anna Florczynski
Chief Executive Officer, Finance & Administration Manager
Bayview Credit Union Ltd. proudly received, for the fifth year, the
distinction of being one of the top 101 companies in Atlantic Canada, as
awarded by Progress Magazine.
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Credit Committee Report
December 31, 2007
In 2007 loans increased by approximately 8%, almost $15 million,
to $183,613,798.00. This total represents an increase of almost $8.1
million in personal mortgages that now total $85.5 million. Personal
loans increased to $70.2 million, also a $3.8 million increase.
Within the personal loan portfolio are the Dealer Plan loans which
have proven to be a popular member service. These loans now total
$23.8 million, an increase of $6.3 million since 2006.
All credit unions are required under current
legislation to have a Credit Committee appointed
by the Board of Directors. The Committee is
responsible for ensuring that the lending functions
adhere to the New Brunswick Credit Unions
Act and Regulations.
Business loans increased by $1.9 million to $27.8 million and the
outstanding balance of the Global Payment MasterCard account was
$445,884.00 at year end.
Delinquency is an ongoing concern in the finance sector. We
are in the loan business and risk is a byproduct. In 2007 we had
$583,000.00 in write-offs and our delinquency rate was .62%.
This is better than industry standard and below the more stringent
benchmark set by Board policy at .75%. We continue to support
our specialist staff in their collection efforts by reviewing their reports
monthly.
The Committee met monthly to review the
condition of our loan portfolio and ensure that
all lending functions are managed within the
benchmarks of the finance industry and the more
stringent standards of the credit union
in particular.
I would like to thank committee members and resource staff for their
co-operative attitude and work ethics and would like to introduce
them so that you can join me in an expression of appreciation.
Tom Bishop, Kevin Hughes, Mike Hunter, Larry Gallant and Lois
Vincent and resource staff Anna Florczynski and Patty Healy.
The Committee also is charged to review the
standards set out in Bayview Credit Unions’ Loan
Guidelines and recommend necessary changes to
the Board for consideration.
Respectively submitted,
The provincial Risk Management Agency
responsible for inspecting credit unions, stresses
the timely identification of problem accounts and
the Committee reviews, monthly, the details of
security and activity on all accounts
delinquent over 60 days.
Shirlee Coleman, RT, MSR
Chair Credit Committee
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Audit Committee Report
December 31, 2007
Some of the other Committee functions were to;
• meet with external auditors and inspectors to discuss the scope
and results of their audit and to report the findings to the Board
of Directors,
• examine the level of the allowance for credit losses to ensure that
all potential losses were provided for,
The Audit Committee of Bayview Credit Union
is established in accordance with Credit Union
Regulations, Section 13.1 - 13.2, and is required
to perform the duties as listed in these Regulations.
• evaluate the Audit Committee’s roles and responsibilities to
ensure that the committee is in compliance with the current
audit standards,
• report to the Board of Directors any concerns related to
operational risk and the controls needed to mitigate those risks.
The Audit Committee met on a monthly basis
in 2007 (except for July) to analyze the monthly
financial statements and related reports.
The Committee also performed other functions to
meet the obligations of the Credit Union Act
and the Board of Directors of
Bayview Credit Union Limited.
In closing, I would like to thank Bayview staff members for
preparing the reports and activity updates for the Committee each
month. I would also like to thank the following members of the
Audit Committee for their contributions:
Randy Allaby Bill Brown
Ann Burns Elizabeth Chisholm
John Clarke Frank Jopp
Dan LaMorre
Respectively submitted
Norma Kelly, CMA, CIA
Chair Audit Committee
16
Dividend Payment
for 2007
The Board of Directors recommends
to the membership - A dividend of 3%
be declared and paid on all membership shares
as at December 31, 2007, with a dividend not
being paid if it is less than $1.00.
Patronage Payments
for 2007
The Board of Directors recommends
to the membership - A patronage rebate of 4.5%
based on the interest paid in 2007 on all personal
loans and mortgages, a patronage bonus of 4.5%
for interest received in 2007 on all personal
deposits, including Registered Savings Plans and
Registered Income Funds, and a patronage rebate
of 4.5% on personal services fees paid in 2007.
17
Managements Responsibility
for Financial Information
Management is responsible for the preparation,
presentation and consistency of financial
information and discussion contained in this
Annual Report.
The financial statements and accompanying notes,
prepared in accordance with generally accepted
accounting principles, are considered by the
Board and Management to be fairly presented.
In preparing the financial statements,
management has exercised judgement in the
selection of significant accounting policies and the
determination of reasonable estimates which are
reflected therein.
The Audit Committee of the Board of Directors meets periodically
with the Credit Union’s Management and external auditors to review
matters relating to the quality of financial reporting and internal
accounting controls and the nature, extent and results of the audits.
In addition, this committee recommends the engagement of external
auditors and reviews and reports on the Credit Union’s financial
statements to the Board of Directors.
The Board of Directors oversees management’s performance of its
financial reporting responsibilities and meets monthly to approve the
Chief Executive Officer’s report containing the financial statements
and other financial information.
The Risk Management Agency performs periodic inspections of
Bayview Credit Union Limited to ensure compliance with the Credit
Unions Act and Regulations.
Independent external auditors, appointed by the members of the
credit union, examine our financial statements in accordance with
generally accepted auditing standards and their report appears
next. The auditors have free and independent access to the Audit
Committee and meet with the committee and with management to
consider matters relating to financial statement presentation, internal
controls and audit procedures.
Management has developed and maintains the
necessary systems of internal controls to provide
reasonable assurance that transactions are
authorized, assets safeguarded and proper records
maintained.
Anna Florczynski
Chief Executive Officer, Finance & Administration Manager
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
Nominating Committee Report 2007
Nominations Required
The Nominating Committee will be presenting a list of nominees at
the meeting and will be accepting nominations from the floor.
Directors now in Office
Name
Thomas Bishop
Director Consecutive Current
Since Years on Board Term Ends*
2005
3
Dec. 31, 2007
Larry Gallant
2005
3
Dec. 31, 2007
Lois Vincent
2002
6
Dec. 31, 2007
Bill Brown
2006
2 (Deceased)
Dec. 31, 2008
Elizabeth Chisholm
2003
5
Dec. 31, 2008
Norma Kelly
1999
9 (Max Term)
Dec. 31, 2007
John Clarke
2004
4
Dec. 31, 2009
Shirlee Coleman
2004
4
Dec. 31, 2009
Frank Jopp
2007
1
Dec. 31, 2009
John Clarke
Chairperson
* See Article 4, Section 10 & 114.10 Subject to Sections 4.8 and 4.9, a director is eligible for re-election but is
not in any case eligible to serve as a director for more than nine consecutive years.
4.11 Only time served after the proclamation of the Credit Unions Act
(January 31, 1994) shall be taken into consideration for the purposes of Section 4.10.
37
Volunteers 2007
Board Of Directors
Credit Committee
Norma Kelly
Tom Bishop
Elizabeth Chisholm
Shirlee Coleman
Shirlee Coleman
Larry Gallant
Frank Jopp
Kevin Hughes
Tom Bishop
Mike Hunter
Bill Brown
Lois Vincent
Karen Fennell
Marketing Committee
John Clarke
John Clarke
Larry Gallant
Bill Brown
Lois Vincent
Education Awards Committee
Audit Committee
Randy Allaby
Randy Allaby
Elizabeth Chisholm
Bill Brown
Shirlee Coleman
Ann Burns
Nominating Committee
John Clarke
Elizabeth Chisholm
Frank Jopp
John Clarke
Norma Kelly
Frank Jopp
By Law Committee
Norma Kelly
Tom Bishop
Dan LaMorre
Shirlee Coleman
38
Other Business
a. Appointment of Representatives
to Federation for 2008
Representatives to the Federation represent Bayview at Credit
Union Central's Annual General Meeting and vote on by-law and
regulation amendments as well as Credit Union Central's and Risk
Management's Board members. As in previous years the Board
of Directors recommends to the membership that - The Board be
allowed to appoint the representatives to the federation for 2008.
b. Appointment
of
External Auditor for 2008
The Board of Directors recommends to the membership that Grant Thornton LLP be appointed as the company's external auditor
for 2008.
c. Board
Remuneration
for 2008/2009
Board remuneration was originally approved at the December 2003
Annual General Meeting and will be presented to the membership
each year for their review and approval. Since then the Directors have
received a $50 meeting per diem and Committee members have
received a $25 meeting per diem.
With the increased demands on Directors time and accountability,
especially in regards to board governance, training sessions and added
fiduciary responsibilities the Board believes that the per diems should
be increased to appropriately reflect the value of the work.
Therefore the Board of Directors recommends to the membership
that - Directors to receive a meeting per diem of $100 and Committee
members to receive a meeting per diem of $50.
39
Bayview Credit Union Limited
Proposed By-law Amendments
Resolved, That By-law 2.17 and the Articles be amended as
follows:
(a)
(b)
(c)
(d)
(e)
(f)
Bayview Credit Union Limited By-law Amendments
Whereas, The Credit Union By-laws refer to the manager of the Credit Union as the “General Manager”;
Subject to Subsections 35(1) and 50(1) of the Credit Unions
Act, the Credit Union shall not redeem Surplus Shares
except under the following conditions:
A member closes all of his accounts with the Credit
Union and is no longer a resident of the Province of New
Brunswick.
When the member reaches the age of 60, application may
be made to the Chief Executive Officer or a designate to
redeem Surplus Shares. No application will be accepted
until the individual has been a member for at least 5 years.
In the event the member dies.
In the opinion of the Chief Executive Officer or designate,
the member is facing a case of hardship or extenuating
circumstances.
The Board of Directors may declare a redemption of Surplus
Shares. Payment of such redemption is subject to the
approval of the membership at the Annual General Meeting.
In the event a member closes all of his accounts with the
Credit Union, the funds in the Surplus Shares Account will
become available to the member:
(i) if the balance of the account is greater than $25.00 but
less than $100.00, five (5) days after receipt of a written
application;
(ii)if the balance of the account is greater than $100.00, one
(1) year after receipt of a written application.
Whereas, In fact the position of the manager of the Credit
Union is more aptly described by the term “Chief Executive
Officer” (commonly referred to as the “CEO”);
Whereas, To modify the Credit Union’s By-laws for greater
certainty and clarity, therefore be it;
Resolved, That the By-laws of Bayview Credit Union
Limited be amended so that whenever the term “General
Manager” is used, it is replaced with the term; “Chief
Executive Officer”.
Notwithstanding the above six (6) conditions, Surplus Shares
shall not be redeemed:
(i) if the equity of the Credit Union is, or would be after
the payment, less than that required under Section 55 of the
Credit Unions Act and the Regulations to the Act,
(ii)the amount is less than $25.00.
40
2007 Staff Listing
Senior Managers
Anna Florczynski
Greg Pinfold
Patty Healy
Ginny Hourihan
Randy Curnew
Greg Holteen
Administration
June McLaughlin
Mary McLeod
Carolyn MacPherson
Greg Merzetti
Pat Palmer
Julie Crilley
Michael Biggar
Kelly Arsenault
Shawn Cripps
Lisa Rumson
Chief Executive Officer
IT Manager
Credit Manager
HR Manager
Operations Manager
Properties Manager
Administrative Officer
Executive Assistant
Marketing Officer
Accounting Officer
Accounting Officer
HR Co-ordinator
Communications Officer
Retail Services Supervisor
Accounting Officer
Project Officer
Credit Department
Marsha Damon
Shirley Jones
Wade Beck
Scott McGee
Cheryl Nolan
Al Smith
Mary Weston
Marta Zaze
Consumer Lending Manager
Administrative Assistant
Commercial Account Manager
Commercial Account Manager
Credit Administrator
Dealer Plan Manager
Credit Officer
Credit Officer
Doris Jesso
Clearing Officer
Lynda Abric
ATM Administrator
Kevin Murphy
Network Administrator
Dean Rhyno
Dariusz Szweda Electronic Services Administrator
David Thompson
Arthur Campbell
Glenna Richardson
Hospital
Michael Bartlett
Wanda Ellis
Gloria McHugh
Heather Wannamaker
Heather Hanson
Sherry Sutton
Carolyn Dickie
Shelley Coakley
Andrea Arseneau
Robin Floyd
Lesley Leverick
Debbie Stanton
Katie Cameron
Cheryl McCormack
Wendy Carr Beverly Gallant Pamela Johnston
Karen Wilson
Linda Kinney
Wendy Linton
Yvonne Baxter
Tax Department
Pamela Boyce
Shelley Eleuterio
Sarah Rose Werner
Mary Cossaboom
Sharon Galbraith
Jennifer Folkins
Jason Howe
Wayne McBride
Charlie Palmer
Darlene Smith
Karen VanWart
West Saint John
IT Department
Property
East Saint John
Joan McGarvey
Patty Hoyt
Karen Sullivan
Paddy Ferguson-Bent
Karen Swagerman
Beth Leonard
Laura McAdam
Krista Whitaker
Stephanie White
Branch Manager
MSO
MSO
MSO
MSO
MSR Supervisor
MSR2
MSR2
MSR
MSR
MSR
MSR
MSR
MSR
CAM MFIS
Tax Manager
Tax Auditor
Tax Auditor
Tax Receptionist
Tax Consultant
Tax Consultant
Tax Consultant
Tax Consultant
Tax Consultant
Tax Consultant
Tax Consultant
Branch Manager
MSO
MSO
MSR
Loan Clerk
MSR2
MSR
MSR
MSR
Elevator Operator
Elevator Operator
Kennebecasis Valley
Brian Thorne
Lisa Lennox
Donna Lizotte
Rochelle Andersen
Kathie Horgan
Shelley Gorjizadeh
Member Service Center Mary Anderson
Vesta Bishop
Sharon Clarke
Belinda Forbes
Oak Hall
Cathy Barry
Joan Murphy
Carolyn Johnston
Nancy Lirette
Darrel Hitchcock
Michelle Lockhart
Christine Von richter
Hampton
Shawn Leonard
Nicole Doiron
Cindy Payne
Krista Kelter
Karen Meijering
Gail Powell
Krista Whitaker Sussex
Terry Craig
Kirsten Johnston
Jean Brown
Tracy McLaughlin
Donna Adair
Carmen Cruickshank
Shelly McAlary
Sandy Howe
Kim Losier
Part Time/Float Branch Manager
MSO
MSR Supervisor
MSR
MSR
MSR
Donna Bettle
Jennifer Burns
Marlene Dupuis Krista Rochon
Graham Shave
MSO - Member Service Officer • MSR - Member Service Representative • MSA - Member Service Agent
Branch Manager
MSO
MSR Supervisor
MSR
MSR
MSR
MSA
MSA
MSA
MSA
Branch Manager
MSO
MSO
MSR Supervisor
MSR
MSR
MSR
Branch Manager
MSO
MSR Supervisor
MSR
MSR
MSR
MSR
Branch Manager
MSO
MSO
MSR Supervisor
MSR
MSR
MSR
MSR
MSR
MSR
MSR
MSR
MSR MSR

2007 – Delivered at March 2008 AGM

Transcription

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