Dear members,
Given the present situation around Coronavirus, and the current government advisories on social distancing and unnecessary travel, the AGM has been postponed until further notice.
The board are actively managing the public health crisis to ensure that Stockport Credit Union remains operational and in its unique position to support the members. As such, the board have opted not to agree a later date until more information is known on any upcoming social restrictions that may be mandated, as well as expected time horizon for those.
The FCA and PRA are aware of this issue as it impacts a number of Credit Unions which tend to have a year end which is September. We are in dialogue with the regulators on the notifiable next steps and keeping them informed of our plans.
In respect of the AGM we have outlined below the statutory business under our rules (and how this will be dealt with until the AGM can be rescheduled:
| Matters for the AGM under Rule 80: | Actions being taken |
|---|---|
| (a) The receipt of the accounts and balance sheet and of the reports of the Board of Directors and the auditor (if any); | The board will make available the financial statements of the SCU on the website, including the Auditors Report. The report of the Board of Directors will be postponed until the rescheduled AGM as it may need to be updated due to current events. |
| (b) The appointment of an auditor (subject to rule 140); | The formal appointment of the auditor will be postponed until the AGM is rescheduled. We continue to engage with the regulator on steps that may be needed if the AGM cannot be rescheduled within the required timescale. |
| (c) The election of the Board of Directors or the results of the election if held previously by ballot; | The board will continue to recruit and co-opt Directors to fill vacancies as is permitted by the Rules and the formal elections will be postponed until the rescheduled AGM |
| (d) The application of surplus; | The recommendations on application of Surplus are being reviewed by the board and will be postponed until the rescheduled AGM. |
| (e) The transaction of any other business included in the notice convening the meeting. | The main business covered in the notice relate to proposed rule changes submitted by a member and these will be postponed until the rescheduled AGM. |
The safety of our staff and members is our primary concern in addition to maintaining the continuity of service for our members.
We wish all our members good health and wellness at this important time.