What is a Annual General Meeting and why should you attend

A credit union’s Annual General Meeting (AGM) is a significant event for both the organisation and its members. But what exactly is an AGM and what can members expect when they attend? Let’s break it down.

What Is a Credit Union AGM? 

An AGM provides members with the opportunity to hear reports from the Board of Directors, this includes Non-Executive Directors and Executive Directors. In our case the Executive Directors are senior managers in the Credit Union. The reports cover the achievements and work of the organisation over the year. Members can also vote on key matters such as proposed changes to the rulebook, elections or re-elections to the Board of Directors, and the dividend to be paid. This highlights the credit union’s member-focused, democratic structure.

What usually happens at our AGM:

1. 1. Presentation of Reports:

• • Financial reports: A review of the credit union’s financial performance for the year.

• • Board reports: A summary of the credit union’s activities and achievements throughout the previous year.

• • Audit and Risk Committee report: A report detailing how the Audit and Risk Committee has fulfilled their responsibilities throughout the year, including, but not limited to, risk management, compliance, and internal controls.

• • Audit report: Presentation of findings from the independent external auditors, including the audited financial statements.

2. 2. Election of Directors: Members will vote on the election or re-election of directors to the Board of Directors.
   3. Approval of Resolutions: Members will be asked to vote on any proposed resolutions, including amendments to the rulebook or other significant matters requiring approval.
   4. Question and Answer Session: An open forum for members to ask questions, raise concerns, and provide feedback on matters related to the credit union’s activities, financial performance, and future plans.
   5. Strategic Insights and Announcements: The leadership team may share strategic plans for the upcoming year, including potential new services, community initiatives, or other key developments for the credit union.

Please note that the above information provided is a general overview of what usually takes place at an AGM and is not an exhaustive list of all potential agenda items. To give you an idea of what typically occurs at our very own AGM, click here to view the upcoming 2024 agenda.

Why should members attend?

Attending an AGM can help credit union members too:

• Stay informed: Learn about the credit union’s financial health and future plans.
• Exercise your vote: Play a role in electing leaders and approving key decisions.
• Connect with the community: Build relationships with other members and the credit union’s leadership.
• Hold leaders accountable: Ensure that the credit union operates in your best interest.