Board of Directors Updates
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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.