Board Of Directors

While management is responsible for the day-to-day operation of Your Neighbourhood Credit Union (YNCU), the Board of Directors (Board) of YNCU bears ultimate fiduciary responsibility, protecting its members’ rights and financial assets and setting YNCU’s risk appetite. YNCU is a complex, regulated and important financial institution with a duty to safeguard the interest of its members.

Being a director demands a significant investment of time, energy and expertise. It is also a tremendous opportunity to contribute to the success of the credit union.

Composition of YNCU’s Board

YNCU’s Board is currently composed of 13 directors, seven from our trading areas in Southwestern Ontario and six from our trading areas in Northern Ontario. For the next three years, if a vacancy occurs on the Board, the vacancy will be filled with a qualified person who resides within the same trading area (either Southwestern Ontario or Northern Ontario) in which the director that vacated office resided or continues to reside, and who has been nominated by the membership.

Each director will be elected/acclaimed for a three-year term or until their successors in office are elected or appointed. The Board may determine from time to time, that the term of one or more directors to be elected to the Board will be less than 3 years, if the Board’s purpose for doing so is to attempt to achieve an orderly rotation of directors.

Competencies

Generally, we’re looking for directors with a broad range of business knowledge and depth of experience, alignment with the cooperative principles and values of the credit union system, and strategic and innovative thinking.

Questions

If after reading this Nominations and Election Package, you have any questions or concerns about the nominations and election process, please do not hesitate to contact:

John Haines, Chair
YNCU Board of Directors
boardofdirectors@yncu.com

Board Roles and Relationships

Credit Unions are regulated by provincial legislation, (www.dico.com) and each undergoes audits and annual inspections to ensure strict adherence to sound financial practices. The Board of Directors represent the interests of the members, sets policy and overall strategy of the credit union, while qualified staff maintain the hands-on responsibility for the day-to-day operations.

Joining the Board

Each board member is usually elected for a three-year term. Nominations are received prior to the fiscal year end and both nominators and nominees must be a member of YNCU in good standing for a minimum of one year and be at least 18 years old. If you're interested in seeking election to the Board of Directors, please contact the Chair at boardofdirectors {at} yncu {dot} com

Board Elections and Annual Meeting

Elections of the Board of Directors generally take place at the credit union’s annual meeting. Not only a forum for elections, the annual meeting provides an opportunity for the Board to report to members on the activities of the credit union over the past year. Members have an opportunity to discuss matters of concern and can vote on policy decisions and any proposed amendments to the bylaws of the credit union.

Director Training Program

Credit union Directors serve in a volunteer capacity. To help Directors serve members better, credit unions offer the Credit Union Director Achievement (CUDA) program. CUDA is a formal certificate program available from the Credit Union Institute of Canada, the national education training organization for the Canadian credit union system.

 

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