Minutes of the Executive Committee Meeting of The

MINUTES OF THE 25th, ANNUAL GENERAL MEETING OF THE

AFRICAN UNION FOR HOUSING FINANCE HELD AT THE GABORONE SUN, GABORONE, BOTSWANA ON THURSDAY SEPTEMBER 23RD, 2010 AT 09:30

PRESENT

Mr R Motswaiso Chairman Botswana

Mr C Coovadia 1st Vice Chair South Africa

Mr G J Dladla South Africa

Mrs. E Matenge-Sebesho South Africa

Mr. M Seetohul Mauritius

Mr. C Chimutsa Zimbabwe

Ms. J Mpofu Zimbabwe

Mr. W Rusere Zimbabwe

Mr. O Sarr The Gambia

Mr S Mbye The Gambia

Mr V Hailulu Namibia

Mr A Ratsauka Zimbabwe

Mr S Mahlangu Zimbabwe

IN ATTENDANCE

Felicity Cawley Secretary to the Executive Committee

Kecia Rust FinMark Trust / CAHF

OBSERVERS

M K Nolapo Lesotho Housing

H S Lehana Lesotho Housing

ABSENT

Botswana Building Society

Barclays Bank Ghana

Savings and Loans Kenya

HFC Kenya

NBS Bank Malawi

Malawi housing Corporation

Union Homes Savings and Loans Nigeria

Rwanda Housing Bank

NHFC South Africa

Swaziland Building Society

NHC Tanzania

1 /

WELCOME

The Chairman Mr Motswaiso welcomed all present. The Chairman called for a proposal to accept the agenda. Proposed by Mr Mbye and seconded by Mr Chimutsa.
2 /

APOLOGIES

Abbey Building Society Nigeria
NHC Kenya
FFH Mozambique
HFC Bank Ghana
FNB South Africa
3 / MINUTES OF THE 23RD, ANNUAL GENERAL MEETING HELD IN MOZAMBIQUE, SEPTEMBER 2010
The minutes were adopted as a true reflection of the meeting. Proposed by Mr Chimutsa and seconded by Mr Seetohul.
4 / MATTERS ARISING FROM THE MINUTES
There were no matters arising from the minutes.
5 / SECRETARIAT / FINMARK
Mr Coovadia explained that a person with experience in housing was required in order to drive the AUHF across the continent. The Exco were expected to perform this role but in light of the fact that all Exco members have busy schedules it was felt that the AUHF should contract an expert. Centre for Affordable Housing Finance (CAHF) through Kecia Rust, was approached and a proposal had been received. CAHF is a unit of FinMark Trust, an organisation that is familiar to the AUHF. Mr Coovadia further reported that the proposal had been accepted by Exco and that a final proposal indicating the role, expectations and time frames would be drawn up by Exco, after consideration of the proposal by the AGM.
Mrs Rust presented the CAHF proposal which is attached as Annexure “A”.
A discussion followed and the main points are as follows:
· Would there now be 2 people employed?
· Would CAHF be able to secure funding for members of the AUHF?
· Would the lobbying role of CAHF be extended to Governments?
The Chairman reported that CAHF has indicated they would be able to perform both the strategic organizational role and the administrative backup role. The Exco thus proposes that the current administrative role fulfilled by Felicity Cawley be terminated. It was agreed Mr Coovadia will meet with Felicity Cawley and Kecia Rust to agree handing-over issues and processes. Mr Coovadia will also finalise all issues related to the termination of the employment of Felicity Cawley. Mr Coovadia reported that the Exco would make all the necessary arrangements to hand the secretariat over to CAHF who assured the Exco that they have secretarial resources available.
Mrs Rust was asked to leave the room and the Chairman requested that the AGM resolve to give the go ahead to Exco to contract with CAHF for one year and then for the proposal to be reconsidered.
Most members felt that the fees presented were too high and at this point Mr Coovadia presented the new budget and cash flow statement attached as Annexure “B and C”.
After further discussion it was resolved that the proposal from CAHF together with the budget and cash flow is adopted. Exco was mandated to manage the cash flow and decide on any increased contribution during the year, if this was needed. Proposed by Mr Chimutsa and seconded by Mr Sarr.
6 / REPORTS
6a / Chairman’s Report
The Chairman outlined the report .which is attached as Annexure “D”
The following points of the report were highlighted:
· Membership fees for the Zimbabwe members to be waived for the 2007/08 financial year as resolved at the Exco meeting in March 2010. The AGM endorsed the resolution unanimously.
· In light of the above it was noted that CABS Zimbabwe were the only member to pay the membership fees for that period and that the relevant amount would be credited to their membership fees for the 2011/12 financial year. This was unanimously agreed.
· Subscription reminders to be signed by the Chairman and the secretariat is to call for a specific person in the financial department of all members to which invoices and reminders are to be sent.
6b / Executive Committee Report

The minutes of the Executive Committee meeting held on September 7th, 2009 are attached as Annexure “E”, for noting.

7 /

ACCOUNTS

7a /

Financial Statements end June 2010

7a.1 / Mr Coovadia presented the accounts for the year ended June 30th, 2010 which had been previously circulated to members. The Exco proposed that the financials be accepted subject to the following changes by the auditors:
· Mr Chimutsa recommended that the wording of “company” in the financials be replaced by “association”.
· It was noted that the AGM expenses and income should be treated consistently in the accounts.
· The accounts currently reflect a gearing ratio of 212% which should be corrected in light of the fact that the AUHF has no borrowing.
· The AGM adopted the accounts subject to the above corrections.
Mr Coovadia recommended that the auditors be changed to GOBODO Incorporated who are a smaller firm and also currently do the audit for The Banking Association South Africa and FinMark Trust.
The AGM agreed with the proposal, subject to the fees being equal to, or lower than those charged by the current auditors. The AGM also agreed quotes be received from 3 audit firms if any change of auditors is contemplated in the future.
Once the final accounts with changes have been received the same should be circulated electronically to all members for acceptance.
7b /

Budget

Budget and cash flow statement attached as Annexure “B” and “C” and discussed under item 5.
8 / ADMINISTRATION
8a / Tax Exemption
This is covered in the Executive report attached and reported by Mr Coovadia as follows:
· The tax exemption from SARS was taking longer than expected and was due to administration back log in the SARS office. Mr Coovadia confirmed that all documentation had been sent to SARS.
9 / MEMBERSHIP
Mr Rusere questioned whether associations or individual members of associations should be members of the AUHF. After discussion it was agreed that both should be targeted. Francophone countries needed to be targeted and Mrs Rust agreed to look into the possibility of translating the monthly news letter into French for distribution. Mr Seetohul suggested that Mrs Rust circulate the book handed out at the conference to all existing and potential members. Mrs Rust suggested that the AUHF look at different levels of membership to the AUHF.
9a / New Members
No new members had been recruited in the year under review.
9b / Unpaid Members
Covered in the Chairman’s report
9c / Pending Members
· Housing Finance Bank Uganda
· Bella Casa Housing Development South Africa
· Lesotho Housing
· Swaziland Housing
9d / Associate and Affiliate Members
No Associate members at present
10 / FUTURE ROLE OF AUHF
The Chairman reported that the future role of the AUHF had been defined in the previous two days at the conference. He further confirmed that a document would be circulated by Exco containing the outcomes of the various sessions together with a full conference report.
11 / DATE AND VENUE OF NEXT MEETING
Mr Dladla offered to host the 2011 AGM and Conference in Mpumalanga during September which was unanimously accepted. The exact dates and venue to be set and circulated to all members by the new secretariat.
12 / ELECTION OF EXECUTIVE COMMITTEE
The Chairman called for nominations to the Executive committee. The following members were nominated:
· Mr R Motswaiso – Botswana
· Mr C Coovadia – South Africa
· Mr C Chimutsa – Zimbabwe
· Mr J Dladla – South Africa
· Mr V Hailulu – Namibia
· Mr M Seetohul – Mauritius
· Mr E Graham – The Gambia
· Mrs E Matenge-Sebesho – South Africa
· Mr A Akuffo – Ghana (in absentia)
13 / ANY OTHER BUSINESS
13a
13b / Mrs Rust reported that the AMCHAD conference on African Housing would be held this year in Mali and it was felt that the AUHF should be represented at this conference. Mrs Rust to circulate all information to members.
Mrs Matenge-Sebesho thanked BHC for a successful Conference.

THERE BEING NO FURTHER BUSINESS THE CHAIRMAN CLOSED THE MEETING AT11:15

______

MR REGINALD MOTSWAISO, CHAIRMAN

AGM MIN 0910 2