1 week ago
6
Despite remaining under administrative oversight, the Corozal Saint Francis Xavier Credit Union is reporting significant financial improvements as it continues its path toward full member-led governance. The credit union, which has been under administratorship since March of 2023 following intervention by the Central Bank of Belize, has undergone extensive reforms aimed at strengthening governance, improving accountability, and restoring confidence among its membership. According to Administrator Marlowe Neal, those efforts are now producing measurable results. Speaking at Sunday’s Annual General Meeting, Neal said one of the most encouraging indicators has been the substantial growth in members’ shares. He credited that increase to the implementation of stronger internal controls, improved governance structures, and strict adherence to policies and procedures designed to safeguard the institution and its members’ investments.
Marlowe Neal, SFXCU Administrator: “I think it was the support from the membership has been overwhelming and that is evidenced by our position. I mean we had a very good surplus this year, our membership numbers are up and our liquidity is up which means that people trust the institution still. The echoes that we’re hearing and the sentiments of the membership for the most part is that they would like to maintain the structures that have been put in place. I was quite surprised and relieved the reception that the report received because the members appreciate the time and the energy that went into the different changes that we implemented in terms of the management structure, in terms of the governance, the physical infrastructure, the buildings that we have renovated and the systems that we have put in place. So I think, yes, it was the right decision on my part to not rehash the past. That is done. We need to move forward as an institution. It is still a great institution, as I mentioned to the membership, the foundation of the institution is there. It is strong. However, the situation was such that the registrar found it necessary to put it under administration. That has been ventilated in the courts and my position to those few, the minority of members that have their own agendas and that brought up that matter was that we are not going to to re-litigate what has already been litigated through the courts. The court has found that the registrar was right, did follow the law and provide due process and for natural justice to take place for the institution to go on the administratorship and for the boards and the committee’s members to be removed. So I simply mentioned, I will not go down that road. If we keep going down that road, my belief is that we cannot move forward as an institution. So I simply made that point. I think I did so perhaps in hindsight a little bit too forcefully, but the membership applauded and I was grateful for that because I think there is a larger faction that wants us to move forward than the ones that want us to anchor to the past.”
The positive report comes despite the credit union failing to elect a new Board of Directors due to a lack of quorum at its Annual General Meeting. While more than eight hundred members attended the gathering, the institution’s bylaws require at least one thousand registered members to be present before elections can proceed. Even so, Neal has maintained that the credit union remains on solid footing and continues to make progress under the framework established during the period of administrative oversight. Since Central Bank’s intervention more than three years ago, new governance mechanisms, financial controls, and operational procedures have been introduced to address concerns related to governance and financial management.
English (US) ·