Farm Credit Armenia UCO CC held its fourth annual meeting with over 90 member-borrowers attending on February 4, 2010.
During the meeting, management of the cooperative reported on actual results and developments achieved during 2009. Mainly, FCA CEO Armen Gabrielyan announced that the cooperative’s capital increased by $471,000 USD through funds granted by the U.S. Embassy in Armenia. He said that 2009 was the first profitable year for FCA; the portfolio increased by nearly 3 times, and the number of member-borrowers more than doubled. FCA also launched a new financial leasing product which finances agricultural equipment and machinery. The CEO reported that FCA’s web site, in both Armenian and English, is now up to date, as directed by the Central Bank of Armenia.
Financial results of 2009 were presented to member-borrowers by the cooperative’s chief accountant. The COO of the cooperative reported on the developments and future plans of FCA. Meanwhile, member-borrowers voted for a number of important policies, procedures and decisions for FCA.
During the second part of the meeting, the member-borrowers elected board members. Three new members were elected were elected to the FCA board, and three current members were re-elected to the board. As of now, FCA has six board members, each representing one marz of FCA’s membership area. In addition, the board has an outside director, who is elected by the board. The three new board members are: Vahram Harutunyan, Sedrak Sedrakyan and Ashot Zakaryan.
Three policies about proper operations, reporting, and democratic control were adopted by Farm Credit’s shareholders at its fourth annual meeting. Specifically, an annual meeting policy, a board of directors’ policy, and a nominating committee policy were adopted. Shareholders also approved contracting with Baker Tilly Armenia for the 2010 and 2011 external audits. Members also received and approved a report from Baker Tilly Armenia on the 2008 audit reports. During Gabrielyan’s report, the shareholders passed a resolution authorizing the board of directors to prepare a resolution to the RA Government and others in support of FCA obtaining MCA-Armenia funds as capital.
U.S. Ambassador to Armenia Marie L. Yovanovich was a guest speaker, congratulating member-borrowers on their fourth anniversary. She urged them to use true co-ops like FCA to develop agriculture in Armenia.
“If you keep growing and operating successfully, you will be the model for true cooperatives in your country. I urge you – as owners, controllers and beneficiaries of your co-op – to support it and take an active role in its governance. Tell your story here and in the region. The Armenian farmers and agribusiness persons here today give me hope that rural Armenia will become more viable in the future,” said the ambassador.
The general meeting hosted a number of official guests: Fred Johnston, agricultural project coordinator for USDA Caucasus Agricultural Initiative (CADI); Central Bank representatives; and representatives from other cooperative associations; the State Agricultural University of Armenia and the mass media.