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INFORMATION FOR POTENTIAL BOARD MEMBERS

How do I become a Board member at Key Savings?
Each year at the Annual meeting the credit union elects and reelects new Directors. If you’d like to be considered for nomination to the Board, please contact Wayne Yager at 232-4508 or Doug Glessing at 232-4505 for referral to the Governance Committee. A member of the committee will meet with you to review the qualifications and criteria required for nomination at the Annual General Meeting.  A list of qualifications for the Board are outlined on the next page.

In addition, Bylaws 7.30 & 7.31 allow potential candidates to seek nomination through the following alternative methods:

  1. Approved Nomination Forms endorsed by 5 members in good standing of the Credit Union must be received no earlier than 60 days prior to the Annual Meeting and no later than 5 days prior to the Annual Meeting.
  2. By nomination from the floor at the Annual General Meeting and which nomination has been seconded.

The Nomination Committee is responsible to ensure that all candidates running for election via Bylaws 7.30 & 7.31 have met all eligibility criteria prior to their name being put forward in the election process.

What are the duties of the Board?

The board of directors acknowledges its responsibility for the general management of the credit union, including:

  • Acting honestly and in good faith with a view to the best interests of the credit union at the exclusion of other interests.
  • Agreement with and signing of Charter of Expectations of Board Members (Appendix A).
  • Exercising the care, diligence and skill of a prudent person in directing the credit union’s affairs.
  • Setting and monitoring the credit union’s overall business objectives, by-laws and policies that provide for the needs of members, safeguard the assets of the credit union and meet regulatory requirements.
  • Appointing, defining the duties and responsibilities, and assessing the performance of the Chief Executive Officer.
  • Reviewing senior management succession plans.
  • Reviewing human resources policies, practices, and reports on the general quality and competence of staff, to ensure the recruitment, retention and development of qualified and competent individuals.
  • Encouraging an appropriate board/management strategic planning process promoting the long-term viability of the credit union.
  • Directing the democratic process within the credit union, including the election of directors and the matter of board succession.
  • Delegating, as considered appropriate, to committees of the board and receiving reports from those committees.
  • Responding or causing responses, as appropriate, to inquiries, requests or demands from regulatory agencies, auditors, members or other stakeholders.
  • Ensuring efficient communication with members

Qualifications for the Board

  • Must be a member of the credit union for a minimum of one year
  • Must be, and remain, eligible for fidelity bonding
  • Must not be a member of an immediate family of an employee. For the purpose of this policy the immediate family is defined to include spouse and children, parents, brothers, sisters, grandparents or spouses of same
  • Must not be involved, as an individual and/or in an ownership capacity with any group or company, in any legal action or dispute with the credit union or with any other financial institution
  • Must not be a board member or sales representative of any other financial institution, except as a representative of the credit union
  • Must be able to attend regular meetings of the board of directors
  • Must conduct a significant portion of his/her financial business with the credit union, in order to demonstrate confidence in the credit union

Does the credit union offer courses to help me in my duties?
Yes, the credit union will pay related expenses and remuneration for training and development opportunities.

How much time is involved in sitting on the board?
Each Director is required to attend regular scheduled Board meeting, generally held once a month for approximately 2.5 hours. Additional time spent is in the control of the Director by the number of committees he/she sits on.

For more information, please contact:

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