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News from the Board of Directors

Representing the interest of our members, the board works closely with the senior leadership team to ensure First Credit Union's success as a financial co-operative.


    Board of Directors Updates

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    May 23, 2024

    The Annual General Meeting (AGM) is one of the most important days in the Credit Union's calendar. It allows Directors and members to come together and have their say on what matters. Members of the Credit Union are entitled to vote at the AGM. Every member has one vote, regardless of how much they hold in savings, and has the chance to help make key decisions which could make a real difference to your Credit Union.

    First Credit Union's Annual General Meeting was held virtually on May 09, 2024. Reports were presented by the Board Chair, CEO, CFO and external auditor.

    Six Board Of Directors positions were up for election and at the close of nominations on February 5, 2024, there were nine eligible nominees and an election was held. Results were announced at the AGM and based on the general balloting results, the six Directors elected are, for three year terms: Sharon Hadden (incumbent), Sean Dees, Ellian Bell, Michael Tymchuk, for two year terms: Kim Lowcay, Ryan O'Grady.

    Two special resolutions were passed by the membership to amend First Credit Union's constitution and rules was presented.

    Amendments to the Constitution included housekeeping and clean up changes rather than material changes to more accurately align to the Credit Union Incorporation Act (BC) rather than the repealed Credit Unions Act. Unnecessary provisions related to member liability and the registered office of the Credit Union were deleted.

    Amendments to the Rules included:

    • Reducing the required number of Class "A" Membership Equity shares that a person must hold in order to qualify as a member of the Credit Union to five shares for all members including personal and non-personal members in order to make membership more accessible and to increase administrative efficiency;

    • Revising director eligibility requirements in order to increase the number of potential individuals who may stand for election as a director and to assist in securing individuals with the requisite skills to be a director of the Credit Union;

    • Permitting the Nominating Committee to both endorse and recommend candidates for election as directors, which will assist members in casting their votes by providing members with information about the candidates who the Nominating Committee believes would most be most beneficial to the Credit Union;

    • New provisions regarding voting in an election of Directors, at a general meeting and on special resolutions;
    Providing for the holding of general meetings electronically;

    • New provisions stating that the purpose of the Credit Union includes making a positive impact on society and the environment and that its board of directors is required to consider all stakeholders when making decisions, which are included in order to meet the Credit Union's B Corporation certification requirements;

    • Certain other housekeeping changes to the Rules.

    Thank you to our members who attended the AGM. We believe in the power of community and the strength of our collective voice. Our AGMs are more than just a formality, they are a celebration of our cooperative spirit and an opportunity for our members to actively participate in shaping the future of your Credit Union.

    June 20, 2023

    Following the wrap-up of 2022 and kick-off to 2023, your First Credit Union Board of Directors met at both at the Board and sub-committee level during April and May to complete many initiatives that form part of our annual work plan. This included review and approval of the Credit Union’s annual audited financial statements and annual report. Notably, accomplishments from the previous year included retained earnings growth of just under $2 million, certification as a Benefit Corporation, strong member and employee survey results, and an allocation of over $250,000 towards ongoing social impact initiatives in our communities. We also met with the membership in May for our annual general meeting, which took place virtually, with members attending from each of the communities we serve.

    Other items completed from the Board’s annual work plan included review and approval of capital and liquidity risk management frameworks, and approval of a new Internal Capital Adequacy Assessment Process. These plans are integral to the organization’s risk management program; in the case of the ICAAP, the process outlines practices for assessing and managing a credit union’s target capital level, providing a more comprehensive picture of the credit union’s risks and its capital adequacy related to these risks. Additionally, the Board completed its annual self-assessment review and conducted its annual sub-committee appointment process. In total, each Director serves on at least two of the following five sub-committees: Audit & Operational Risk, Board Development, Credit & Market Risk, Governance, Ethics, and Human Resources Policy, and Nominating & Elections.

    Looking ahead, the Board will be focusing its efforts on preparing for development and feedback on the next annual operating plan and budget, as well as meeting new regulatory requirements related to the BCFSA Recovery Plan Guideline for Credit Unions.

    March 20, 2023

    Wrapping up the fourth quarter of 2022 and kicking off the new year, your First Credit Union Board of Directors met in November and December 2022 to finalize and approve the upcoming year’s budget and operating plan, and again in February 2023 to review final results and reporting from the previous year. As part of that work, the Board reviewed reports related to the annual member survey, which captures member feedback and measures member satisfaction with First Credit Union’s products and services. In addition, the Board reviewed and discussed the Credit Union’s digital strategy, which focuses on evolving the culture of the organization to meet the changing needs of members and employees, the changing regulatory landscape, and the changing competitive landscape.

    Of particular importance to the Board this quarter was the annual call for Director nominations. The call for nominations was active from the beginning of January until February 6, 2023. Although this campaign resulted in positive engagement with members and prospects, there were no new nominations for Director positions this year. The Board is currently operating with nine highly qualified and experienced Directors, with average tenure of just over four years. Part of the mandate of the Nominating & Elections committee of the Board is to actively source and recruit new Directors, specifically seeking individuals from a diverse range of backgrounds, to further enhance the oversight the Board provides. This will continue to be a priority of the committee in the coming year. Members who are interested in a role on the Board of Directors are encouraged to connect with the Chair of the committee for more information.

    Looking ahead, the Board is looking forward to soon sharing details with the membership regarding the annual general meeting, which will be taking place May 9th. Once again, the meeting will be held virtually, which allows for the greatest degree of flexibility for members from all of our communities to attend.