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.