COB president condemns group’s actions

The leadership of City of Bridgetown (COB) Cooperative Credit Union says it will not be drawn into public rancor with a small group of disgruntled members who it accused of attacking and undermining the institution.

Instead, president of the island’s second largest credit union Adlai Stevenson said in a release Thursday that COB will be responding to the members using the prescribed forum at a special general meeting scheduled for Saturday morning at the Lloyd Erskine Sandiford Centre.

His comments followed allegations by member Damani Parris, who reportedly leads a group identifying itself as the Committee of Concerned Credit Union Members and is seeking to bring a no confidence motion against COB’s directors.

Stevenson added: “It is most regrettable that in recent times, our credit union has been the subject of virulent attacks in the newspapers and social media by a small group who have chosen this damaging approach rather than utilising the well-established organs provided by the overarching regulations of the Cooperative Societies Act and our Credit Union’s bylaws which are not in conflict with each other.”

The COB president blasted the tactics used by the group which he argued not only undermined COB with over 65 700 members, but all credit unions. He said COB was “built on a platform of 37 years of integrity, inclusiveness, commitment to members and employees, and a focused solid leadership”.

Stevenson said the Board of Directors sent an email to the author of the resolution responding to the matters raised and the process used.

“Our CEO and the Supervisory Committee engaged with Mr Damani Parris, who has every right to raise concerns and receive responses. We sought to address his concerns and will continue to do so, within the established guidance of our organisation,” he said.

“We do not discourage dissent. We welcome it because it guards against complacency.  However, we will not seek to respond to allegations and concerns at this time and in this forum. That is not the way the majority of our members would want us to conduct our affairs.

“We abhor the innuendoes, the bent facts and the release of some members’ confidential financial information. This is wrong and it is bad business as it undermines COB and every credit union owned by ordinary Barbadians.  We choose to utilise the appropriate forum,” he said.

At the same time, the COB president pointed to the positive performance of the credit union over the last financial year which included an increase in membership and the assets under management, rising deposits and members’ loans, and a significant turnaround in the net surplus for distribution to members.

He added: “Our brand new, state-of-the art COB complex in St Philip is on the verge of completion on time and within budget. Our international debit and prepaid cards as well as our innovative merchant services, which will see us provide unparalleled access to electronic payments to previously untapped markets, will be in the wallets and business places of our members, as well as smaller credit unions and persons in the MSME sector within the next thirty days.”

Stevenson also urged members to attend the special meeting on Saturday morning to hear for themselves more details surrounding the issue. (IMC1)