An AGM enables many aspects of a Credit Union, and as a member of DCB, YOU have the right to hear & understand!
- AGM enables members to hear reports from the Board of Directors for an understanding of the performance & achievements of their credit union
- Electing Board members
- Decisions on Rule Changes
- Approve the financial accounts
- Approve the auditor
- Agree the dividend
- An AGM should be held within 6 months from the end of the financial year.
- 14 and not more than 30 days notice should be given to members. This should include the date, time and place.
- If you hold an email address for a member you can use this rather than post
- Notice sent via post is deemed to have been served 48 hours after it’s posting.
- Each member holds one vote.
- Members cannot vote by proxy however postal votes may be used at the discretion of the Board for the nomination and election of Directors, Supervisory Committee and Credit Committee (if applicable).
- Chairmen can vote if the votes cast are equal.
- Nominees are required to be members and at least 18 years old
- Nominations to be received in writing at least 14 days before the AGM
- Nominations to be signed by proposer and seconder who are also members of the credit union, as well as the nominee.
- If there are vacancies at the time of the AGM, nominations may be taken from the floor (subject to the above).
Rules and Quorum
- A quorum is 10% of your membership or 15, whichever is the lesser number.
- No business can transacted unless a quorum is present.
- If there is no quorum the meeting must adjourned until a later date within 30 days. No quorum is then required.
Follow the Agenda
A generic Agenda may include:
- Welcome & thanks, confirm quorum and approve previous minutes.
- Accounts and reports from the board of auditors
- Reports from sub committees such as supervisory and Credit.
- Appointment of Auditor
- Elections for directors
- Application of dividend
- Any other business such as changes to rules
- Q & A
- Evaluate AGM and feedback at the next Board meeting
- Ensure the agreed rule changes are sent to the FCA
- Review and actions or questions
- Thank members for attending
- Share outcomes on the website such as the dividend
- Start thinking about the elections for the following year