sJU5 398im5WjrIJirbeG-Credit Union AGM Booklet 2024 - Flipbook - Page 49
49 Credit Union AGM Booklet 2024
RATIFICATION
WHEREAS, the Board of Directors consists of valuable members integral to the Credit Union’s growth and success.
WHEREAS, the Credit Union introduced term limits for volunteers serving on the Board of Directors in the Credit Union
Rules (Revision 2023) to:
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•
•
Give the board and organisation the chance to work with talented individuals who can only devote a few years to serving.
Facilitate the board's recruitment of a diverse membership that will bring new ideas and perspectives to the table.
Help avoid issues like low engagement, stagnation, boredom, and loss of commitment that can happen with longserving board members; and
WHEREAS, term limits may result in new talent and diversity, there is a risk of losing experience, knowledge, and wisdom
from long-serving directors; and
WHEREAS, An emeritus board member is a member who reached their board term limit but is invited to stay on the board in
an advisory capacity. This honorary position is typically given to a board member who contributed signi昀椀cantly to the
organisation; and
WHEREAS, an Emeritus board member is vital to the board of directors at any company or nonpro昀椀t because they bring a
wealth of knowledge and experience from previous roles. This usually means they understand what it takes to make the
organisation successful; and
WHEREAS, the Board has the authority under Rule 21V 6 to appoint sub-committees with stipulated terms of reference,
which include elected directors and members with relevant expertise; and
WHEREAS, the Board has agreed to appoint up to 3 emeritus directors to attend board meetings as needed in an advisory,
non-voting capacity to reduce the risk of loss of experience and knowledge about our Credit Union; and
WHEREAS, an emeritus director would be paid the same per meeting fee as an elected director.
BE IT RESOLVED that this Annual General Meeting ratify the decision of the Board of Directors to appoint emeritus
directors.
Proposed by: The Board of Directors
