Fiji Teachers Union Cooperative Thrift and Credit Limited Chief Executive, Chandra Dutt

Fiji Teachers Union Cooperative Thrift and Credit Limited Chief Executive, Chandra Dutt has called the new Credit Union Bill 29 of 2025 timely and essential.

While submitting to the Standing Committee on Economic Affairs, Dutt stated the current 1996 Co-operative Act is outdated and doesn’t reflect how their cooperative operates as a modern commercial entity.

Dutt believes the updated Act should provide clearer provisions for different types of cooperatives and better define the powers and composition of the board, the roles of subcommittees, and managerial authority.

Dutt also highlighted the need for provisions regarding education, capacity building, and digital transformation.

“We have a lot of subcommittees, finance committee, loans committee, non-securities committee, steering committee all these committees exist, but there is nothing in the Act specifying their roles, responsibilities, or authorities. This needs to be clearly spelled out for us to operate effectively.”

Standing Committee on Economic Affairs Chair, Sakiusa Tubuna, questioned the cooperative’s views on board governance, noting it must be approved by the Reserve Bank.

“Something about the bylaws to be created under the Act. (I think there are quite a lot of places in the Act where it is also enforced in terms of governance, regulatory imposition of control by the Reserve Bank of Fiji. But as you are aware, the formal Credit Union Act was formed in the 1950s. It came with bylaws also. In this case, it has been highlighted by some of our members.”

Dutt acknowledged concerns but noted the current Act sets a three-year term for board members.

He believes that due to the FTUCTCL’s multi-million dollar status, a change in board leadership could disrupt ongoing initiative

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