Bridgetown, Barbados, March 29 - (www.bcacricket.org) - Following is a statement by the Barbados Cricket Association (BCA) on Cricket West Indies (CWI) annual general meeting:
• On March 5, 2021 the BCA received notice that the 22nd Annual General Meeting (AGM) of Cricket West Indies (CWI) was scheduled for March 28, 2021.
• Article 31 of the Articles of Association of CWI stipulates that notice for the AGM must be given 21 days in advance of the AGM.
• Article 112 of the Articles of Association of CWI stipulates that the Audited Financial Statements must be sent to the Shareholders’ representatives 14 days in advance of the meeting.
Recognizing the lateness of their submission of the Audited Financial Statements to the BCA within the stipulated period as indicated above, CWI sent a request to the BCA on March 19, 2021 for consent to waive the period of notice stipulated in the Articles of Association of CWI for the receipt of the following documents: (1) Comparative financial statements (2) The Auditor’s report and (3) Any further information respecting the financial position of the company. As a goodwill gesture, the Directors of the BCA duly complied with the request by return email on the same day.
At the time we believed that our representatives would still have duly received Notice for the meeting, the Minutes of the last meeting and, most importantly, the Audited Financial Statements shortly thereafter and in time to allow them to properly go through and analyse the documents.
The importance of our review of the CWI Financial Statements cannot be understated given that last year, for the first time, the BCA’s Audited Financial Statements were qualified by our Auditors on account of CWI’s financial position and the resulting uncertainty surrounding the settlement of the large receivable balance due from CWI. We were therefore well within our rights to want to analyse the CWI financials thoroughly before CWI’s AGM.
These documents arrived from CWI on Friday, March 26, 2021, a mere two days before the meeting scheduled for March 28, 2021.
Despite the receipt of the documents at the aforementioned time, it was evident that there was insufficient time before the scheduled AGM to properly analyse the Audited Financial Statements.
We therefore requested a postponement of the meeting so that all procedures could be properly adhered to. Our request for postponement was flatly dismissed and denied by CWI. This was communicated to us on Saturday, March 27, 2021.
The Board of Directors of the BCA considered the matter and determined that the BCA’s Shareholder Representatives should be granted sufficient time to peruse and analyse the documents and therefore should not attend the 22nd AGM of Cricket West Indies.
The Directors of the BCA wish to reassure all cricket stakeholders that as a founding, steadfastly committed member of West Indies cricket, our actions in no way sought to frustrate the process as we had previously responded favourably by consenting to the waiver of the notice period. Our members simply did not have adequate time to appropriately execute their fiduciary responsibility as shareholders of West Indies cricket, and out of a commitment to good corporate practice, felt it necessary to seek a postponement similar to what was done in our own AGM/Elections of 2019.
The Barbados Cricket Association remains wholeheartedly committed to the development of West Indies cricket and the West Indian people.