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Silent trustee-ship terminated as of July 31 by CBCS.

~Management and Board of Supervision ACU initiate underpinning new governance model~

WILLEMSTAD:--- The Management and the Board of Supervision (RvS) of ACU (Algemene Spaar- en Kredietcoƶperatie) are energetically proceeding to inform the members about the new basis and to strengthen the cooperative ideology while observing the laws and regulations in force.

Through the intervention of the Central Bank for CuraƧao and St. Maarten (CBCS), a three-member RvS was recently established as part of the new ACU structure, which the members (so-called sosios) already agreed to in 2020. In the new governance model, the General Assembly (ALV) remains the supreme body. As of 2020, the CBCS appointed "silent trustees" at ACU to support the implementation of the new governance model. CBCS ended this deployment as of July 31. As part of its duties the Management is responsible for day-to-day operations and for implementing the approved policies in accordance with the outlined strategy. The Management will continue to provide periodic updates to ACU members. The current RvS will oversee the functioning of the ACU Management and takes part in the various ACU committees.

Recruitment and Selection

In order to carry out its supervisory and regulatory duties within a reasonable time, this RvS has already met with various stakeholders in the recent developments around ACU. One of the first tasks of the RvS is to implement the mandate of the General Assembly last June 25 and to start filling the vacancy of two members of the RvS. In addition, for the progress of the operation, the RvS has extended the current contract with the interim Director until the end of this year. Meanwhile, an interim Finance Director is being sought to assist the interim Director.

The recruitment and selection of a Managing Director and a Financial Director is also proceeding apace, and candidates are being sought to serve on the cooperative's statutory committee: the Cooperative Interests Committee.

Together with the members, the ALV, Executive Board and RVS can now shape the future of ACU.

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