The Guyana Agricultural and General Workers Union Cooperative Society Limited (known as the GAWU Credit Union) held its 28th Annual General Meeting (AGM) on December 08, 2023 at the Society’s registered office, 59 High Street and Wights Lane, Kingston, Georgetown. The meeting brought together credit union members from across the country in the various entities where workers subscribe to save a part of their earnings with Society.
The AGM examined the Society’s financial statements for year ended 2020. The Credit Union faced many extraneous challenges in finalizing its accounts for the year. However, through consistent efforts and representation, the Society managed to have the external auditors, appointed by the Cooperatives Department of the Ministry of Labour, concluding their work. It was pleasing to report that the auditors did not detect any adverse situation and gave the Society’s financial and accounting arrangements a clean bill of health.
The Society’s Secretary, Sattie Basdeo in her report noted that 2020 was a challenging year from several fronts. The COVID-19 pandemic coupled with the elections imbroglio which lasted from March to August, 2020 restricted the Society’s operations and constrained investments and associated income. It was noted too that the state-owned GuySuCo also delayed the timely submission of workers savings which also impacted income. The Secretary noted since then the Society has made efforts to improve its functioning and operations and she was pleased to record steady improvement. She shared that she anticipated that further advancements in the coming period as the Credit Union is taking steps to consolidate its position and enhance its financial standing.
The audit of the Society for the year revealed a surplus of approximately one million, eight hundred thousand dollars. Following statutory deductions to the Audit and Supervision fund of the Ministry of Labour and the Society’s Statutory reserve, the remainder was distributed to members as at December 31, 2020 in the form of interest rebates and dividends. The AGM also elected an eleven (11) person Committee of Management comprising Gaietri Baron, Sattie Basdeo, Seepaul Narine, Aslim Singh, Harvey Tambron, Rikhiram Shrikishen, Julius Nurse, Bickram Singh, Porandatt Narine, Taramattie Dyal, and Gordon Thomas who will be charged with managing the Society’s affairs until the 29th AGM. A three (3) person Supervisory Committee comprising Kavita Bishun, Raywattie Persaud, and Sasha Ruhoman are tasked with the responsibility of examining the Society’s record keeping and financial accountability and to draw any concerns to the Committee of Management’s attention.
The Credit Union is pleased to have concluded its AGM and takes great pride in its record of accountability and transparency. It is heartened to record positive financial performance which proceeds will be distributed to the Society’s membership.
