Who is in charge - Board of Directors

Each credit unions is run by its members. They elect a Board of Directors and other Committees at Annual General Meetings. At the AGM the Directors are elected for a three year period, ensuring that one third of them are rotated annually, this to maintain the experience. At their first meeting following the AGM the Directors then elect the following posts:

Chairperson
Vice Chairperson
Secretary
Assistant Secretary
Treasurer
Assistant Treasurer

An Annual General Meeting must be held within 6 months of the end of the financial year that runs from 1st October - 30th September. We hold our AGM generally in February each year.

Caledfryn's rules permit a maximum of 15 and a minimum of 5 directors. Our rules have been developed from guideance received from ABCUL, our trade association and accepted by the FSA. All are members, unpaid volunteers and from the local community. They are also provided with appropriate training in order to discharge their responsibilities as highlighted below:

Act as guardians of member funds and interests.
Serve the needs of members
Make decisions
Develop the Credit Union

Credit Committee

A maximum of 6 and a minimum of 3 members are permitted by our rules. They are elected at the AGM. They are members who are volunteers and unpaid. Their primary duties are:

Consider loan applications
Report regularly to the Board of Directors
Make recommendations on loan policy to the Board.

Supervisory Committee

Our rules state that there must be 3 members which constitute this committee. They are elected in the same fashion as described for the Board of Directors and Credit Committee. Their primary duties are:

To investigate and check policies and procedures (internal audit)
To monitor the Union's operations (internal control system)
To advise and report to the Board of Directors regularly

The Caledfryn Credit Union has amassed a great deal of knowledge and experience both before and since its existence in February 2000. You can be assured your savings are in safe hands.