Special General Meeting
Outcome of Special General Meeting (SGM)
The SGM was held at our national office at 5pm on Monday 20 February 2023.
There were 50 members who voted (both in person and via Proxy) on the Rule changes, with the final results of:
- 78% of members voted for the Resolution.
- 18% of members voted against the Resolution.
- 4% of members abstained.
The resolution, in accordance with Rule 13 of the Police Credit Union and Section 106B of the Friendly Societies and Credit Unions Act 1982, is therefore passed.
Summary of the proposed changes
- Proposed change 1: redefine "families"
Our current definition of ‘family’ reflects the 1970s when we first opened for business. Whilst mum, dad and the kids were allowed in, there was no room for the likes of, for example, siblings (brothers and sisters) or grandparents. We want to open the definition so a broader group from your family can join us.
|Current family definition||Proposed family definition|
- Proposed change 2: extend our membership to similar organisations
We know from the experience of credit unions globally that sustainable growth happens when we can give members the financial services they need at every stage of their life.
One of life’s biggest events is buying a home, which is why home loans are usually at the heart of a relationship with a financial services provider. For us to continue to grow we need to provide home loans. Offering home loans ultimately leads to benefits for all members, as we then have more to invest to help members be financially successful.
Currently, we provide specialist home loans (reverse and shared equity mortgages), but the numbers are relatively small. We do not provide standard home loans to members because we honour an existing relationship whereby ANZ provides standard home loans through our sister organisation the NZ Police Association. On the rare occasion ANZ can’t help with a standard home loan, sometimes we can step in to help.
With this in mind, we’ve looked at groups that have a very similar ethos to Police to whom we could offer our full range of products, particularly standard home loans, as well as our investment (term deposits), savings and day-to-day products.
Like Police, these proposed new groups are first responders and/or emergency services providers:
- Fire and Emergency NZ.
- NZ Defence Force: Army, Navy, and Air Force.
- St Johns/Wellington Free Ambulance.
These groups will give us the opportunity to keep growing our business carefully which means we can invest in improving what and how we serve you. To ensure we maintain our service levels to existing members, we’ll take our time and approach them one group at a time.
This doesn’t change the fact that our Police family is our number 1 priority and always will be.