Successful Year Reported at HI-Scot Credit Union’s Virtual AGM

By cunews posted 17 days ago


This year, HI-Scot Credit Union embraced the use of technology and held its first virtual AGM, giving members an opportunity to attend from wherever they lived across the Highlands and Islands.

“Usually, our Annual General Meeting is held at several locations across the Highlands, Orkney Islands, Shetland Islands and Western Isles, with members able to attend in their local communities,” said David Mackay, HI-Scot’s General Manager. “For our 2021 AGM, we were supported by the credit union trade association ABCUL to hold a completely virtual meeting allowing our members to tune in and participate from the comfort of their own homes.”

With a good turnout of members, the Credit Union looked back at the past year. Although the Covid-19 pandemic had an impact, as it has across the country, the Treasurer also reported positive trends in savings and a return to expected saving and borrowing activity towards the end of the year.

HI-Scot staff were able to continue offering quality service to their members throughout the year, adapting quickly to government guidance. The team ensured members had access to their money at all times and new services, such as phone loans, were introduced.

Another success came with the news that, in January 2021, after months of hard work from staff and Board members, HI-Scot merged with Highland Communities Credit Union. This merger has resulted in a credit union for the whole of the Highlands and Islands with a membership of almost four thousand. In 2021-22, HI-Scot aims to increase this membership, offering high quality financial services to more members.

“Being run by our members means that there are no external shareholders, no ‘fat-cat’ bonuses and, even in a really difficult year, HI-Scot is able to return profits to our members in the form of a competitive dividend,” said David.

Directors made the unanimous decision to pay a dividend of 0.15%, a rate in line with and, in some cases, higher than rates offered to savers from other sources, such as High Street banks.