The Singapore Police Co-operative Society Limited held its Annual General Meeting on 5 June 2014, at HomeTeamNS-JOM Clubhouse. 155 members were present for the meeting, and the meeting was called to order by Mr Tan Chia Han, Secretary of Police Co-op.
Mr Ang Hak Seng delivered his opening speech and announced to members that the Co-operative had performed well in FY2013 with a profit of S$4.6 million, an increase in comparison to FY2012. He commended the good leadership of the Board of Directors, the Management Team and staff of Police Co-op for being able to achieve such creditable results in spite of the tight financial regime imposed by the Registrar in the aftermath of the Lehman Brothers crisis. He attributed the success of the Co-operative to the faith and trust that members had placed on it.
President, Commissioner of Police (CP) Mr Ng Joo Hee was invited to address the members after Mr Ang’s opening speech. Mr Ng spoke about the incremental net surplus and membership base of the Police Co-op. 1,223 new members had joined the Co-operative in FY2013. He was heartened that the Co-operative is attracting younger members, as 70% of new members are below the age of 30 years. The membership strength as at 31 December 2013 stands at 10,847, as compared to 9,925 in 2012.
On behalf of the Board, Mr Ng proposed the dividend payout for FY2013 to be set at 3.50%, slightly lower than the 3.75% payout for FY2012. He shared with the meeting that payouts were lowered due to a transfer of $1.5 million to the General Reserve Fund as institutional capital. The transfer was done in order to fulfil the minimum 10% Capital Adequacy Ratio (CAR) by 1 July 2014 under the Written Direction issued by the Registrar of Co-operative Societies.
Mr Ng announced the good news that the Police Co-op had received in-principle approval from the Registrar in April 2014 to increase its restricted investment limit from a default of 10%, to 30%. This would allow greater leeway for the Board to strive for higher returns and also offer more attractive rates for members’ savings.
Before closing his speech, he thanked the Board of 2012, which would be ending its 2-year directorship tenure, and appointed seven Directors to the new Board.
More photographs from the AGM are uploaded on our Facebook Page at www.facebook.com/SingaporePoliceCooperativeSociety.
New Board of Directors 2014 – 2016
Under By-Law 7.1(a), the following seven Directors were appointed to the new Board:
- Mr Christopher Ng as Chairman;
- Mr Loy Chye Meng as Vice-Chairman;
- Mr Tan Chia Han as Secretary;
- Mr Abdul Jalil s/o Abdul Kader as Treasurer;
- Mr Alvin Chong as Assistant Secretary;
- Ms Evon Ng as Assistant Treasurer; and
- Mr Nonis Gerard Benjamin as a board member.
Under By-Law 7.1(b), the following eight Directors were elected to the new Board:
- Mr Alvin Moh Tser Loong;
- Mr Balakrishnan Anbarasan;
- Mr Cheong Chee Ming;
- Mr Lim Chee Pheng;
- Mr Lim Chin Tiak;
- Mr Lim Eng Chye;
- Mr Teo Chun Ching; and
- Mr Teo Hoon San.
More details can be found at /our-management/.
Note of Appreciation to the Retired Directors (2012 – 2014)
Mr Ang Hak Seng
Mr Ang stepped down as Chairman of Police Co-op on 5 June 2014. Mr Ang was Honorary Treasurer during the period 26 June 1998 to 16 June 2004. He subsequently assumed the helm as Chairman from 16 June 2004 to 4 June 2014. Under his chairmanship, the total assets of the Society doubled from S$100 million to about S$200 million as at 30 April 2014. Total membership had also increased by 33% since 2004, which augurs well for the future of the Society.
Mr Tan Chong Hee
Mr Tan began his directorship in Police Co-op on 26 June 2006, and was promoted to Chairman of the Audit Committee on 9 October 2006. During his tenure as Audit Chairman, he mooted the idea of getting two members as internal auditors to complement the role of the professional audit firm. While the professional audit firm would provide ad-hoc services to Police Co-op, the two members would conduct monthly audit checks. The proposed resolution was tabled on 23 June 2009 and was accepted by the meeting.
He also served on the Board of Premier Security Co-operative Ltd as a director from 30 June 2010 to 30 June 2012.
Mr Keok Tong San
Mr Keok began his directorship in Police Co-op on 7 June 2012, and was elected as Assistant Treasurer by the Board. He concurrently headed the Membership and Well-being Committee, and was Honorary Treasurer on the Board of Premier Security Co-operative Ltd from 1 July 2012 to 31 May 2014.
Mr Hsu Sin Yun
Mr Hsu began his directorship in Police Co-op on 29 June 2010. He also held the position of Chairman of Choice Decor Co-operative Society Ltd from 30 June 2010.
The Singapore Police Co-operative Society would like to thank them for their invaluable contributions during their directorship, and wish them all the best in their future endeavours.
Interest rates for third quarter of 2014
- Fixed deposit rates
Interest rates for Fixed Deposit remain unchanged. For more details, please visit /fixed-deposits-savings-scheme/.
- Specific Deposit rates
Interest rate for Specific Deposit remains at 0.5% from July to September 2014.