Speech by Ng Joo Hee, Commissioner of Police, at the 83rd AGM of The Singapore Police Co-operative Society Limited, Thursday, 5 June 2013, HTNS-JOM Clubhouse
Chairman, directors and members of the Singapore Police Co‑operative Society,
A very good morning to everyone.
I am happy to join you today at this 83rd Annual General Meeting of The Singapore Police Co-operative Society.
Business Performance 2012
The Co-operative registered another year of good results, delivering a $4.5 million surplus for FY2012.
This good performance is commendable given uncertain conditions and a general slowdown all over the world. The Co-op’s investment options were and continue to be limited by the Registrar of Co-operative Societies to fixed deposits, Singapore statutory board bonds and Singapore Government securities. While very safe, these instruments in a low interest rate environment provide correspondingly low rates of return.
Considering the challenging operating constraints imposed by the Registrar, the Co-op has done really well in the last year.
Dividend Payment 2012
The Co-op handed members a 4% dividend in FY2011. Your Board of Directors has recommended a 3.75% dividend payout for FY 2012. Although this is a small decrease in comparison to the year before, it is an industry-leading return.
I had mentioned on this same occasion last year that the impact of the enhanced prudential and financial requirements imposed by the Registrar would be felt in the coming years. This year’s lower dividend payout is an actualization of this.
Membership
At the AGM last year, I also said that the Co-op needed to attract new and younger members in order to continue flourishing.
I am therefore heartened to learn that the Co-op’s membership has crossed the 10,000 mark this January. 830 new members joined the Co-operative in FY2012. This was more than in the previous two years. Even better, 72% of the new members are below 30 years of age. I congratulate the Board for reaching this important milestone, and encourage it to reach out to even more young officers.
Conclusion
The Co-op’s objectives to encourage thrift, co-operation, self-help and mutual assistance among its members are as pertinent today as at its founding.
The Co-operative must see its work as being central to the improvement of the policeman’s lot. As such, it must continually review and monitor its products, services and delivery channels to ensure that they are relevant to the needs and expectations of its members and prospective members. Only then will the Co-op continue to play a meaningful role in the lives of our officers.
I wish the Co-op every success in its future endeavours. It is my pleasure to declare the Singapore Police Co-operative Society’s 83rd annual general meeting open.
Thank you very much.