In 2018, Sharons Credit Union has three Directors whose term of office expires. These three are eligible to stand for re-election at this year’s Annual General Meeting, to be held on Thursday April 19, 2018 at 6:00 PM at the Surrey Branch of Sharons Credit Union. Qualified members in good standing are eligible to stand for election.
According to the Rules of Sharons Credit Union:
4.2 A member in good standing, other than a person disqualified by Rule 4.3 shall be eligible for election as a director.
4.3 No person who:
(a) is a person disqualified from becoming or acting as a Director pursuant to the Business Corporations Act, the Financial Institutions Act or the Credit Union Incorporation Act;
(b) is or becomes a paid employee of the Credit Union or an affiliate of the Credit Union or the spouse, child or step‐child, of a paid employee of the Credit Union or an affiliate of the Credit Union;
(c) was an employee of a Credit Union or an affiliate of a Credit Union during the one‐year period prior to the date that nominations for the office of Director under these Rules closed;
(d) is an employee, officer or director of a bank, trust company, loan company, savings and loan association, deposit‐taking institution, lending institution or another credit union (other than a director of a central credit union) or a subsidiary of any of them except where that person has been requested or authorized in writing by the directors to serve as a director of a bank, trust company, loan company, savings and loan association, deposit‐taking institution, lending institution or another credit union or a subsidiary of any of them;
(e) has not been a member in good standing of the credit union for 24 consecutive months;
is eligible to hold office as a Director and, if holding office as a Director, shall vacate office forthwith.
Directors Must Have Required Skills
A highly engaged Board of Directors, with the right balance of skills and experience, is the cornerstone of effective governance. As a group, the directors must have the required skills and experience to do two things:
- Effectively carry out the Board’s oversight responsibilities on behalf of the membership. This includes ensuring strong management is in place and having policies, systems and practices that manage risk and protect the members’ assets; and
- Provide insight to management to guide and approve Sharons Credit Union’s strategic plan and process.
This includes understanding the business, its environment and its future opportunities.
“To be an innovative credit union devoted to the members and the community”
Integrity ‐ We will operate with the utmost of integrity. Ethical management of members’ entrusted wealth is a crucial key point for our prosperous growth.
Innovation ‐ We will provide an innovative array of products and services to remain relevant to our members.
Tradition ‐ The roots of our organization are deeply embedded in the Korean community and we are proud to serve this community. At the same time, our mission to provide optimum financial advice and solutions is extended to all communities.
Prosperity ‐ We will assist our members in achieving financial well‐being through sharing financial advice and our knowledge in order to lead them toward prosperity.
Cooperative ‐ We instill cooperative thinking in our staff and members. We are stronger together as one.
Devotion – We exist to exert our best effort to build a credit union that best accommodates the needs of the members and the community. Our ultimate goal is to make Sharons a credit union of the members, by the members and for the members.
Since 1988, all new directors elected or appointed to a credit union in British Columbia are required to complete mandatory director training.
The highly respected Credit Union Director Achievement program has been designed to meet the needs of new directors who want a better understanding of their role and of the business for which they are accountable. This integrated, three‐level governance program, is comprised of online courses and facilitated workshops which can be delivered in‐house to the board or as “open” sessions with other directors.
Each director who is elected or appointed must complete the mandatory portion of the program within 12 months of the date of their election or appointment. Any director who previously served on the board of directors of a credit union but left the board and is now returning for a new term is also required to complete the training within 12 months.
New directors have 12 months to complete the “Foundations of Governance” (Level A) of the Credit Union Director Achievement Program (CUDA) delivered by CUSOURCE Knowledge Network. This component of the CUDA Program consists of seven online modules and a one‐day workshop.
The Report of the British Columbia Credit Union Governance Task Force, Advancing Governance recommends that “(all) board members have a basic financial literacy, including the ability to interpret the credit union’s financial statements, or commit to acquiring these skills through education or training within the first year of service.”
Background & Regulatory Compliance Checks
If elected to the Board of Sharons Credit Union, you will be subject to Regulatory Compliance checks. Sharons Credit Union is required by the Financial Institutions Commission (FICOM) to submit a Personal Information Return (PIR) to them prior to a Director taking office. The PIR must be accompanied by further background checks, which include name‐based criminal checks, bankruptcy and credit checks, and the submission of a current resume. If elected, we will assist you with completing the forms and outlining the steps necessary for the Regulatory Compliance checks.
If you have any questions on this material, or on the Director Election process, please call Joanne Choi, Corporate Secretary of Sharons Credit Union at 604-873-6490.