Overview of the Director Nomination and Election Process

 

Mandatory Director Criteria

All Directors must meet the minimum stated requirements outlined in the Credit Union and Caisse Populaires Act of Ontario, as amended from time to time.

To be most effective, Directors should:

• Understand the principles behind and share the shared vision of the Credit Union and have the ability to reflect the values and commitments of the Credit Union as well as acting in the Credit Union's best interest at all times.
• Demonstrate the ability to bring a perspective of external business, finance, and social issues to Board deliberations.
• Understand corporate governance and accept the fiduciary duties, role and responsibilities of the Board as a whole and an individual Director of a Credit Union, including willingness to ask probing questions and challenge management within the governance framework.
• Understand the importance of credit unions in their communities.
• Demonstrate the ability to provide leadership and be an effective communicator.
• Uphold the values of teamwork demonstrating the ability to operate as a “team” at Board level and “speak with one voice” once full discussion has been undertaken and a decision made by the Board.
• Demonstrate personal integrity and high ethical standards.
• Have a working knowledge of financial statements and auditors' reports.

 

Voting

Voting is a unique advantage of credit union Membership. At FirstOntario Credit Union you are a Member and a shareholder – you have a stake in our future. As a Member, you are empowered and encouraged to participate; this is what makes FirstOntario Credit Union unique.

 

Announcement of Election Results

Communication of the election results will occur at the Annual General Meeting in December.

 

Director Orientation Program

The Board acknowledges that new Directors require orientation programs that will bring them up-to-speed as quickly as possible and enable them to function effectively as Directors of the Credit Union at the earliest possible time. As such, the Board is committed to providing new Directors with an orientation program including mentoring.

 

On-Going Director Development

The Board recognizes that investing in ongoing Director development is an important component of ensuring continually effective governance at the credit union. As such, the Board is committed to providing all Directors with access to training and development opportunities, which support their individual development plan.

 

To learn more about serving on The Board of Directors, please contact us for more information:

 

• Call us at 1-800-616-8878

 

• Email: chair@firstontariocu.com

 

Joining the Board of Directors of FirstOntario Credit Union is a great way to develop professional skills, use the knowledge and skills you have, and make a contribution to an industry and an organization critical to lives of those in your community.