2023 Annual Report - Flipbook - Page 23
23 Credit Union Annual Report 2023
Governance
Board of Directors
Corporate governance is core to 昀椀nancial soundness and prudence.
The Board of Directors (“the Board) are responsible for ensuring
good governance at our Credit Union. They act as stewards of our
Credit Union and provide critical oversight.
The roles and responsibilities of the Board were strengthened in the
revised Credit Union Rules; Rule 21S states “The Board of Directors
shall provide overall leadership and govern the general direction and
control of the affairs of the Credit Union.”
The Board delegates the day-to-day management of our Credit Union
to the Chief Executive Of昀椀cer, who establishes the accountabilities of
each member of the executive leadership team.
The Credit Union’s Board is regularly in touch with our members and
are active in the community where they live and work. They represent
our Credit Union at public events, meet with other credit unions and in
some cases hold positions on other boards. Each Director serves on
at least one sub-committee.
Governance is also strengthened by the role and responsibility of the
Credit and Supervisory Committees, whose members are elected at
the AGM; they perform independent credit adjudication and audit
committee services, respectively.
In addition to the Credit Union Rules and the Co-operative Societies
Act, the Board is required to comply with internal policies and
procedures such as a Code of Conduct, Con昀氀ict of Interest Policy,
and Board Operating Procedures; these policies and procedures are
based on Rules and Statements of Guidance issued by the Regulator.
As a requirement of good corporate governance, the Board attended
training on cybersecurity awareness, governance, risk management,
and anti-money laundering during the 昀椀nancial year.
Some Directors also attended the 2023 CCCU and WOCCU annual
conferences.
Rule 21E states that “Membership on the Board should closely
re昀氀ect the demographics of the membership.” The Board re昀氀ects the
gender demographic of the general membership.
56%
Female
44%
Male
Directors receive a monetary sum for each meeting they attend
during the year (“fees”). Fees differ from salary because our Credit
Union does not hire directors as employees; instead, members elect
them to serve on the Board. At the 2019 Annual General Meeting,
members approved the Director and Committee Member’s
Remuneration.
Our Credit Union would like to
recognise the work of 2023 Board
Chairman James Watler, who leaves
the Board in November 2023 after 13
years of service on the Board and 15
years before that on the Credit
Committee.
Over that time, we’ve had the
privilege and bene昀椀t of Mr. Watler’s
dedication to cooperative values and
commitment to social justice. His
leadership and insight have been
instrumental in proving that a 昀椀nancial
cooperative, with its members, can
be a powerful 昀椀nancial force for
change.