Overview of the 2019 Director Nomination and Election Process

Board and Elections

The 2019 Director Nomination and Election Process has commenced, with the nominations period having closed on November 30, 2018. Two positions will be filled through the election process in April 2019. General information on Director Eligibility and Requirements and Director Competencies can be found below.

Director Eligibility and Requirements

Pursuant to section 7.13 of the Charter By-Laws, an individual is not eligible to be a director of CUA if any of the following parameters exist:

  • anyone who is less than nineteen (19) years of age;
  • anyone who is not an individual;
  • a person who has the status of an undischarged bankrupt;
  • a current employee of CUA, or any immediate family member of the employee or anyone who, in the past three (3) years has been an employee, or is an immediate family member of a former employee of CUA, Atlantic Central, League Savings & Mortgage Company or the Nova Scotia Credit Union Deposit Insurance Corporation
  • an auditor of CUA or a member (whether a partner or employee) of the firm of accountants of which the auditor is a member;
  • a solicitor of CUA, or a member (whether a partner or employee) of the firm of solicitors of which the solicitor is a member;
  • a person who is in breach of any policy of CUA;
  • a person employed in the Civil Service whose official duties are concerned with the affairs of credit unions; and,
  • a person who has a loan with CUA that is more than forty-five (45) days in arrears.
Pursuant to section 7.14 of the Charter By-Laws, a director may apply for a position as an employee of CUA but is not in any case eligible to apply for such position while he or she is an active director or for a period of three (3) years after having ceased to be a director of CUA.  No immediate family member of a Director shall be eligible for employment or any position with CUA during such time as the director remains an active director of CUA.

Director Competencies

CUA has a robust corporate governance framework intended to facilitate the effective conduct and operation of the Board.  As part of this framework, the Board considers the individual and collective competencies required to fulfill its mandate and reviews this information on an annual basis.  In addition to meeting the Director Eligibility Requirements (noted in the above section), directors are expected to have the ability to act in the best interest of CUA, to operate "as a team" at the Board level and to be able to "speak with one voice" once a full discussion has been undertaken and a decision has been made by the Board in accordance with its governance framework.

As a community-based banking institution, directors are expected to develop an understanding of the cooperative principles and values that govern CUA, and have a good cultural fit with a member-owned business.  Behavioral competencies are critical to the overall strength of the Board.  Directors must be collaborative, engaged, respectful and comfortable in making sound decisions with due consideration of the various factors that are relevant to the issue.  Directors must also be prepared to commit the required time and energy to serve on the CUA Board, including the commitment to maintain up-to-date knowledge of industry standards and global trends impacting CUA.

Each year and in advance of the nomination and election process, the Board identifies the specific skills, experience and competencies required on the Board as a whole.  In identifying these areas, the Board assesses the environmental landscape in which CUA operates as well as considers the future strategic direction of the organization.  It then reviews the current skills on the Board and determines if there are any gaps that should be filled in the upcoming director election process. 

Based on its recent assessment, the following competencies have been identified as providing the best complement to the existing skill sets on the Board (in alphabetical order):
  1. Banking industry expertise; and,
  2. Marketing.
This information is being provided to prospective candidates, as well as to the membership, in order for these skills to be known as part of the process. CUA values the diversity of the communities it serves and encourages nominations from all qualified candidates including women, indigenous persons, visible minorities and persons with disabilities.

Overview of the 2019 Director Nomination and Election Process

The remaining key activities and related timing are as follows:

  1. Nominations Committee recommends to the Board the slate of recommended candidates (February 19, 2019)
  2. All candidates are contacted and advised of their status (February 26, 2019)
  3. Candidates name, Candidate Statement and photograph of each eligible candidate disseminated to members via CUA's website, branches and Corporate Office. Information on the election communicated through all channels, including social media (March 11, 2019)
  4. Voting is available in two ways: 1. paper ballot at the branches and Corporate Office during branch hours between April 8-19, 2019 and from 6:00 – 7:00 p.m. on Tuesday, April 23, 2019, prior to the AGM; and 2. electronic voting between 9:00 a.m. on Monday, April 8, 2019 and 5:00 p.m. on Friday, April 19, 2019. (April 8-19, 2019 at branches and Corporate Office during branch hours and electronic voting, and April 23, 2019 between 6:00 – 7:00 p.m., one hour before the AGM at the AGM location by paper ballot).
  5. Results of the election are announced (April 23, 2019 at the AGM)
  6. Contact made to all candidates to advise of the outcome of the election (April 24, 2019)

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