MINUTES OF 35 TH ANNUAL GENERAL MEETING OF WANAANGA SACCO SOCIETY LIMITED HELD ON 15/4/2016 AT KENYA MATEROROGICAL DEPARTMENT HEADQUARTERS IMTR

Transcription

1 MINUTES OF 35 TH ANNUAL GENERAL MEETING OF WANAANGA SACCO SOCIETY LIMITED HELD ON 15/4/2016 AT KENYA MATEROROGICAL DEPARTMENT HEADQUARTERS IMTR HOSTEL DINING HALL DAGORETTI CORNER, NGONG ROAD, NAIROBI. PRESENT BOARD MEMBERS 1. S. M. GACHARA CHAIRMAN 2. PETER A. OMENY VICE CHAIRMAN 3. CHRISTOPHER M. MUSUNDI TREASURER 4. NICHOLAS MAINGI SECRETARY 5. EDWARD MURIUKI MEMBER 6. CHARLES M. NGUNJIRI MEMBER 7. CHRISTINE AMBENJE MEMBER 8. MARTIN O. OLOO MEMBER 9. COLLINS CHERUIYOT MEMBER 10. VINCENT ROTA CEO/TAKING MINUTES SUPERVISORY COMMITTEE 1. JOHN NGUYO CHAIRMAN 2. HENRY SESE SECRETARY 3. CLAUDIUS OGUNDU MEMBER COUNTY CO-OPERATIVE OFFICE S REPRESENTATIVES 1. PHILIP ULUMA DCO S DAGORETTI 2. ROSALINE MASITSA DCO S OFFICE 3. MARGARET OCHIENG DCO S OFFICE REPRESENTATIVES FROM OUTSTATIONS 1. Kennedy Abongo Lodwar 2. Vincent Aduol Kitale 3. Edward Magunga KCAA-Kisumu 4. Victor Agawo Suba 5. Joseph Aluku KCAA- Malindi 6. Nathan M.Kimatu Nakuru 7. James Wambudo Lamu 8. Jared Abuti Kakamega 9. Harold Amukhuma Kisumu (MET) 10. Kephers Ondigo Mombasa(MET) 11. Maurice Otiato Malindi(MET) 12. Joseph Mwagandi Moyale 13. James Aunga Kericho 14. Joseph Amollo Mombasa(Port)) 15. John Manyonyi Eldoret(MET) 16. Cosmas Kioko Wajir 17. Jonathan Ngayai Msabaha 18. Peter Kyule Mtwapa 19. Bousted Mukolwe Kisumu 20. Joseph Ndirangu Nanyuki 21. David Mwangi Kihato Voi

2 22. Ezekiel Wanje Mombasa(KCAA) 23. Peter Wasike Eldoret(KCAA) 24. David Nthia Machakos 25. Benjamin Mbugua Machakos 26. Michael Suter Garissa 27. Joseph Muturi Kabarak 28. Angelo Mathiu Meru 29. Charles k. Kiragu Mandera 30. Matthew Ndungo Makindu 31. Charles Wambugu Nyeri 32. Alfred Kanyue Embu 33. Alex Lijodi Narok 34. Philip Tobun Kisii 35. James Ndambiri Kirinyaga 36. John Muigai Nyahururu 37. John Kirigwi Marsabit 38. Stanley Mulei Kitui AGENDA 1. Reading of the notice and agenda of the Annual General Meeting. 2. Adoption of agenda. 3. Confirmation of Minutes of34th Annual General Meeting held on 15/4/ Matters Arising from the Minutes of 34 th Annual General Meeting. 5. Receive Reports from both the Chairman Board and Chairman Supervisory. 6. Consider and Adopt the Audited Accounts of Consider and Adopt the Proposed payment of dividends, rebates on deposits and honoraria 8. Consider of the Society s audit Consider and Adopt budget Elect three Board Members and one Supervisory Committee Member. 11. Any Other Business. The meeting was called to order at 10:20am by the chairman, prayers were offered by one of the board member Edward Muriuki. MIN 1:0 READING OF THE NOTICE AND ADOPTION OF AGENDA OF THE ANNUAL GENERAL MEETING The notice and agenda of the 35 th Annual General Meeting of Wana-Anga Sacco Limited was then read by Honorable Secretary. Note All MIN 2:0 ADOPTION OF AGENDA The Agenda of the meeting was adopted as presented after being proposed by Odhiambo Otieno M/No. 138 and seconded by Peter Kyule M/No

3 MIN 3:0 CONFIRMATION OF MINUTES OF 34 TH ANNUAL GENERAL MEETING HELD ON 10/4/ The minutes were confirmed as true records of the proceedings of 34 th Annual General Meeting after being proposed by Vincent Aduol M/No and seconded by John Manyonyi M/No MIN 4:00 MATTERS ARISING FROM MINUTES OF 34 TH ANNUAL GENERAL MEETING HELD ON 10/4/ Wanaland Plots in Kisumu The chairman reported that court had ruled in favor of Wana-Land and Mr. Malonza, the lawyer is pursuing the matter to ensure the refund was made. 4.2 Capital Adequacy Members were informed that capital adequacy was usually a ratio of the SACCO s share capital against the total assets thus since funds are contributed continuously increasing the ratios would continue changing. Members were encouraged to increase their share capital regularly or the SACCO would continue retaining the funds from profit made to meet the capital adequacy. Act: All. 4.3 Guarantorship Members raised the concern that the issue of guaranteeing had become a challenge. The Board was requested to come up with ways of accepting collateral as another means of security. 4.4 Agency The meeting were informed that Wana-Anga was a MPESA agency which allowed it to have agents operating anywhere in the country. Members were encourage to assist in getting more agents to operate MPESA outlet through Wana-Anga 4.5 Interest Rate The Board was requested to look at ways of reducing the rate of interest and increasing the payment period. Act: Board 4.6 Rebranding of the Society Members felt that it is long overdue, hence the society needs to rebrand, change its bylaws to accommodate new status e.g. the long term loans. 4.7 Long Term Loans It was noted that many members have gone to the Bank to get loans which had pinned them for a long period. Members requested the Board to develop long term loans with affordable interest rates so that they can come back home. 4.8 Land Purchase Members requested the Board to help them to acquire land. Some members had identified some chunk of land and they need to be facilitated to get loans for the purpose.

4 MIN 5:0 REPORTS FROM BOTH THE CHAIRMAN BOARD AND CHAIRMAN SUPERVISORY 5.1 Chairman s Report The chairman presented his report covering year under review. He thanked members for attending the Annual General Meeting in large number, this showed serious commitment they have to know how the society was performing. He said the society had recorded growth of 86.2% from the year 2015 whereas deposit mobilization and lending of resources was not as vibrant as was expected. Member s deposits rose by 4% while on the other hand loan to members increased by 2.71%. The society had embraced the use of ICT fully, mobile baking is operational, and ATM services are VISA compliant Membership and Shares Drive The society realized growth of fully paid membership by 4.5% bringing the number to With this kind of increased membership the society managed to raise additional capital to cushion minimum requirement of capital adequacy WANAMECO It was noted that there was decline in members contributions for the last three years and he promised the members that the Board will look for ways to improving this product in order to meet high hospital bills. Act: Board Exit Benevolent Fund (EBF) The meeting was informed that the board is in the process of reinsuring this product so that members can reap maximum benefit during times of retirement and when is bereaved Education and Training The meeting was informed that Members of the Board and Management Team were taken to various training and seminars organized by Apex bodies and other institutions where they were trained in fraud detection, prevention and matters of quality governance Proposed Amendments to the Society by Law and Loaning Policy i. Normal Loan: Loan is pegged on member s deposits, the board proposed that the loan be repaid within a period of 48 months and deposits be multiplied by three times while interest rate remains 1% reducing balance. ii. Normal Loan Instant: It is a loan granted to all members and it is pegged on member s deposits, the repayment period was agreed at 72 months at an interest rate of 1.25% per month. The loan is multiplied 5 times the deposits. A member cannot have both Normal loan and Normal Instant loan at the same time iii. Front Office Loan: This is granted to all members and is not pegged on the deposits; the loan is to be repaid within 72 months at rate of 14.5% straight line. iv. College Fees Loan: This loan granted to members and is pegged on deposits. Its payment period is 24 months and interest rate is reducing and a commission of 3% upfront. The amendments were approved by members after being proposed by Johnson Barasa M/No. 1260, seconded by Vincent Aduol M/No Act: Board

5 5.2 Report of the Chairman Supervisory Committee The chairman Supervisory committee thanked all members who attended the meeting,. On their report, the following areas were touched in regard to Sacco performance. The Supervisory committee noted with much delight that the total revenue for year 2015 went up by 6.4% after tax and this made dividends grow by KES. 2,543,522. The Sacco total assets increased by over 78million, while during same period Sacco expenditure went down by KES. 2,991,784 which was about 6%. The committee also noted that one of the key SASRA requirements was the capital adequacy ratio which has been fully met and therefore request members to keep on buying more share capital for sustainability of this achievement Loan Disbursement and Recovery It was noted that the society faces challenge of competition from other finances institutions which had led to reduction of the loans disbursed to members leading to high liquidity of 61% against the requirement of 15% required by SASRA, therefore supervisory has recommended to board to come up with some new long term products and policies which the member can access these loans ATM and Mobile Banking Supervisory committee noted that members were slow to adopt the technology which had made banking transactions easier. Member were urged to apply for ATM cards Next of Kin Forms The committee appealed to members to take keen notice on the issue of next of kin, as it becomes a major issue when a member passes on and the form is not upto date. An appeal to all members was made to take initiative on updating the forms Reactions from members The board was commended for working hard in reducing the loan defaulting, however he had realized some members are paying loans which have stayed over longer period. It s also worthy to note that the board has taken steps to register with CRB and society s has hired lawyer to pursue these cases. MIN 6:0 CONSIDERATION AND ADOPTION OF THE AUDITED ACCOUNTS FOR THE YEAR 2015 Kibiego Kiptum and Co. the SACCO s external auditor presented the audited accounts for the year under consideration 2015 which was adopted after being proposed by Mr. Vincent Aduol M/No and seconded by Joseph Amolo M/No The members questioned why there was high tax provision compared to the previous year. The Auditor explained that it was due to high investment in banks which attracted a lot of income and was subjected to tax. MIN 7:0 CONSIDERATION AND ADOPTION OF PROPOSED PAYMENTS OF DIVIDENDS AND REBATES ON DEPOSITS

6 Mr. Wanyonyi M/No.1152 proposed that dividends and interest on deposits be shared amongst members. This was seconded by Vincent Aduol M/No MIN 8:0 CONSIDERATION AND ADOPTION OF THE BUDGET FOR THE YEAR 2017 The Treasurer presented the budget for year 2017 for consideration. It was adopted as proposed by Stella Nyamweya and seconded by Martin Olunya M/No Members proposed that more marketing be done to increase resource. 8.2 Budget Compliance The members requested the Board to comply with the budgetary provisions. 8.3 Vetting It was noted that Wana-Anga was incurring a high expenditure financing the vetting process yet it is duty of the members to choose the directors of the board from amongst members whom they know better. The meeting was informed that vetting is being conducted in Wana-Anga as approved by AGM. MIN 9:0 CONSIDERATION OF AUDITORS FOR YEAR 2016 Members unanimously agreed that the Auditor firm of Kibiego Kiptum and Partners be given another chance, this was proposed by Vincent Aduol M/No seconded by Ngayai M/No MIN 10:0 ELECTION OF THREE (3) BOARD OF DIRECTORS AND ONE SUPERVISORY COMMITTEE MEMBER The elections process was led by Mr. Philip Uluma assisted by Miss Rosaline Masitsa and Miss Margaret Ochieng The Returning Officer invited Madam Jane Muhia on behalf of vetting team to explain to meeting the process of vetting. The members were informed that the candidates to be presented had been vetted and qualified for the posts. Members we urged to vote for capable and responsible candidates to run the affair of the society The Returning Officer Mr. Uluma informed the members that it was a requirement for each candidate to have a proposer and a seconder to qualify and each was to present his/her agents to monitor the elections since it was secret ballot The Candidates who had been vetted and passed had the following proposers and seconders: Candidates Proposer Seconder 1. Edward Muriuki Bousted Mukolwe(Mno.1229) John Barasa(Mno.1260) 2. Bernard Chanzu Ezekiel Njoroge(Mno1324) Jonathan(Mno2038) 3. Samuel Njue Joseph K.Marios (Mno 2370) Jacton Were(1205) 4. Henry Karanja Maina Ndegwa (Mno5112) Christopher Ambani (Mno931)

7 5. Nicholas Maingi Stanley Mule(Mno2266) Eunice Nyamache(Mno.1887) The results were as follows: Candidate Votes 1. Edward Muriuki Benard Chanzu Samuel Njue Henry Karanja Nicholas Maingi Collins Cheruiyot 296 The three candidates elected were 1. Edward Muriuki 2. Benard Chanzu 3. Nicholas Maingi SUPERVISORY CANDIDATES Candidate Proposer Seconder 1. Henry Sese Vitalis Cosogo (Mno.1182) Elias Odhiambo(Mno.3688) 2. Mary Kurgat Ambrose Odinga(Mno.5076) Anne Kimani(Mno. 1693) 3. Rosemary Mwangi Joyce(Mno.3809) Alice Keiro(Mno. 1931) The results were as follows: 4. Henry Sese Mary Kurgat 259 Rosemary Mwangi 214 The candidate elected as the Supervisory Committee member was Henry Sese MIN: 11.0 ANY OTHER BUSINESS There being no other business, the meeting ended at 7:05pm with a word of prayer from one member of the society. Confirmed; 1. Stansilaus M. Gachara (Chairman) (Signature) (Date) Signed 2. Nicholas Maingi 10/06/2016 (Hon Secretary) (Signature) (Date)