MUST SACCO Holds Successful 2024 Annual General Meeting
The MUST SACCO (Savings and Credit Cooperative Organization) recently convened its Annual General Meeting (AGM) for the year 2024. The AGM, which serves as the supreme authority of the society, was held in accordance with the organization’s by-laws and regulations.
Key Highlights:
- Convening the AGM
- The management committee, the commissioner, or their representatives convened the AGM within four months after the close of the financial year.
- The AGM provides an opportunity for members to come together, review the society’s performance, and make important decisions.
- Business Conducted:
During the AGM, members confirmed the minutes of the previous meeting.
They considered the following:
- Statements of accounts
- Auditor’s reports
- Inspection notes from the commissioner
- Reports from committees on the society’s activities during the past financial year.
2023-2028 Strategic Plan
Strategic Objectives Unveiled
MUST SACCO’s strategic plan for 2023–2028 was presented during the AGM. The plan outlines the society’s vision, mission, core values, and corporate colors.
The SACCO aims to be a premier institution for wealth creation, leveraging pooled resources, savings, and investments by its members.
Governance and Financial Prudence
The AGM emphasized prudent corporate governance. Members discussed strategies to enhance performance. Financial management was a focal point, with efforts to reduce loan delinquency and enforce loan recovery rules.
Marketing and Growth Initiatives
MUST SACCO aims for a 15% annual increase in membership and a 90% retention rate. Marketing plans, promotions, and member education will drive growth. The SACCO’s motto, “Pooling resources together to create wealth,” resonated with attendees.
Human Resource Development
Capacity building and training opportunities for committees and staff were discussed. Team building and benchmarking best practices will enhance performance.
Conclusion
The 2024 AGM marked a significant milestone for MUST SACCO. Members actively participated in shaping the SACCO’s future, reaffirming their commitment to financial empowerment and community support.