hi,
Ive just been to my local CU and I enquired about the AGM and I also asked about dividend etc.
I was told that the recommendation from board and auditors is for 1.5%, but ONLY if the regulator approves it.
Why the heavy hand of regulation on the little guy's money and/or is it the same in the banks
Or perhaps the taxpayers' money - yet again?Why the heavy hand of regulation on the little guy's money
and the directors and their auditors dontBecause, in the words of the regulator "... directors will .. be required to strike a balance between dividend distribution policy and the retention of reserves to protect members’ savings and the future of their credit union."
aj
In the letter the regulator says he will be requesting the movement as part of the year-end audit, to place particular emphasis on the adequacy of the bad debt provisions in the 2010 accounts.
It also makes clear that units of the movement will be required to make a submission in relation to the payment of a dividend.
Those credit unions which have to make a submission on the payment of a dividend have been instructed in the letter not to set a date for their Annual General Meeting and that they should not print the annual accounts for circulation to members until agreement has been reached with the regulator on the dividend payment question
and the directors and their auditors dont
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