New Governance Model for ACU

Appointment Supervisory Board

WILLEMSTAD/PHILIPSBURG – The Centrale Bank van Curaçao en Sint Maarten (CBCS) hereby announces that it is currently undertaking a brief intervention for the appointment of a Supervisory Board at General Savings and Credit Cooperative ACU (ACU).

ACU introduced a modernized cooperative governance model in July of 2022. The bylaws, drafted by the ACU's bylaws amendment committee (Commissie Statutenwijziging) in collaboration with a civil-law notary and co-op specialists, were put into effect, and members nominated by ACU for a Nominating Committee were appointed.

The Nominating Committee has carried out its task by proposing candidates to the ACU’s General Meeting for appointment to the Supervisory Board. That Board has the important task of appointing a new Executive Board. However, the appointment of a Supervisory Board in accordance with the new governance model of July 2022 has so far not been realized, neither at the General Meeting of Members held on June 25, 2023.

The CBCS's current intervention opens the way for the appointment of the nominated candidates as members of the Supervisory Board. ACU will be in charge of the further implementation of its governance model, including the appointment of an Executive Board.

With the appointment of a Supervisory Board and a new Executive Board, ACU can focus on a strong future in the best interests of the organization itself, its members, and depositors.