1 week ago
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The Corozal Saint Francis Xavier Credit Union remains without an elected Board of Directors tonight after a planned election during yesterday’s Annual General Meeting could not proceed due to a lack of quorum. Hundreds of members gathered at the Corozal Community College Auditorium for what was expected to be a pivotal moment in the institution’s recovery, as the credit union continues its transition from administrative control back to member-led governance. However, under the credit union’s bylaws, at least one thousand registered members were required to be present for elections to take place. When registration closed shortly after one o’clock in the afternoon, attendance stood at just over eight hundred members, falling short of the threshold needed to proceed. Before the meeting concluded, Administrator Marlowe Neal outlined the election process and explained that any successful candidates would still require approval from the Central Bank of Belize before assuming office.
Marlowe Neal, SFXCU Administrator: “The idea behind the elections and a transition is that following the elections the selection of the members for the board, the board then meets to determine their composition, who is the chairman, who is the secretary and the treasurer and so on and so forth, after which the board would then seek the approval of the Central Bank to affirm the members of the board as fit and proper. And then the idea would be for the Credit Union to remain under an administratorship for three months in the first instance and as we move along with the board, myself as the Administrator and the Board, I give them an orientation of where the Credit Union is, the structures that we have put in place, the policies that we have in place and the new governance structures so that they can have an appreciation of how the Credit Union is running and operating since it has been under administratorship. And the idea would be for them to adopt those changes and to continue to improve upon those. So this transition period of about three months is for us to do just that. To acclimate, to orient the board in terms of what has been done and to chart a future along with the board for the credit union to maintain those systems. And as we move throughout the transition period we have it scheduled what occurs in month one, two, three, and I as administrator will cede some of my powers and responsibilities to the board and to the committees so that they can assume control and the running of the institution. So that is the idea, following the elections we will have a transition period of three months within which I would cede my powers to the board as they come along and understand and appreciate those structures that we have in place.”
The failed election means the credit union will remain under administrative oversight for the time being, extending a period of supervision that began more than three years ago.
The Central Bank first intervened at the institution in March 2023 after reporting concerns about serious governance and financial management issues. An administrator was appointed to stabilize operations and protect members’ funds amid allegations of mismanagement, poor loan administration, and suspected misappropriation of funds. Subsequent audits and reviews led to the establishment of new governance frameworks, while court proceedings later upheld the legality of the intervention and the actions taken by regulators. With the election unable to proceed, Neal is now expected to announce a new election date within the next seven days. Once a quorum is achieved and a board is successfully elected and approved, the Saint Francis Xavier Credit Union will move closer to ending one of the longest periods of administrative oversight in its history.
English (US) ·