Although Stroud Valleys Credit Union (SVCU) offers financial services, we’re unlike most of the banks and other financial institutions in that we’re a co-operative company. This means that we’re owned by our members and the profit that SVCU makes at the end of each financial year is shared between them (you may not realise, but John Lewis and Waitrose work in a similar way). It’s called giving members a ‘dividend’ and determines what interest rate the savings accounts will receive.
Because we’re a co-operative company, we must report to our members about how the company has performed in the past financial year, both financially and about how it’s been run. We’ve seen some exciting changes to the business operations and have started a publicity campaign which led to SVCU appearing on BBC Points West. We were also featured in the BBC1 series, ‘A matter of life and debt’.
All this information and more is presented to members at the Annual General Meeting (AGM). If you’re a member, details of this year’s AGM and the annual report is here and the Chair of the Board’s overview of the year is here. We look forward to meeting all our members at the AGM and telling you more about all the positive strides forward that we’ve taken and the new ones that are planned.