Education Credit Union

Ever wonder how your Credit Union operates – who makes the necessary decisions – how a financial institution like ours runs? Are you interested in serving as a director on your Credit Union’s board? Do you have skills or experience in any of the following areas?

The Education Credit Union (ECU) is a co-operative financial institution, owned and directed by members, who are also customers. ECU provides full-service banking to the Waterloo Region.

The Education Credit Union is seeking interested, ethical members to sit on its’ board. As a board member, you should have the desire and the time to commit, for at least a 3 year term. As a board member, you will actively participate in monthly board and committee meetings, and will receive material that requires advance reading. In addition, you will be required to take training courses and attend special meetings as needed.

Your training will help you to exercise sound business judgement and will assist you to fully understand the operation of the Credit Union. Yours will be an awarding experience – knowing that you are helping yourself and your fellow members in ensuring the continued prosperity of your financial institution. If the thought of serving as a Credit Union Director appeals to you, please contact Jim Marshall – Chair Nominating Committee at - marshall@uwaterloo.ca.

Members who are interested in more information regarding the Board of Directors may contact:

2011/2012 Board of Directors

(alphabetical order)

Amber Aird-Williams, CMA
(Finance Area Leader, Modatek Systems)

Michael Cook
(Retired Teacher)

Joseph Doherty
(CMA - Canadian General-Tower)

Catherine Hale
( Executive Assistant to the President
Waterloo North Hydro )

Bryan Kaufman
(Retired Teacher)

Jim Marshall
(IT - University of Waterloo)

Kenneth McPherson
(Retired - Canadian General-Tower)

Kevin Turner
(Partner, Rovin Farms)

In order to save paper, the following documents are available electronically, including a full copy of the new by-laws which were passed at our 2011 AGM and a full copy of our audited financial statements.

Being a director of a credit union is complex requiring eligible individuals the opportunity to fully understand the roles and responsibilities prior to standing for election at an AGM is imperative. It is also important that the membership have advance notice of who is running for election to the board and their qualification.

Persons who wish to run for a position on the Education Credit Union board of directors must file their intent in writing no later than 30 days prior to the Annual General Meeting. Not less than 20 days prior to the AGM a standardized bio of each candidate will be posted on the credit union website. Members who wish to run for a position may contact a member of the nominating committee or Melanie Mondoux, CEO.

Board of Director nominees must provide a signed Notice of Intent to a member of the nominating committee or the CEO of the Education Credit Union by 30 days prior to the meeting.

In addition, the nominee must submit a short bio, no longer than 100 words, for publication on the website no later than 20 days prior to the meeting. The bio should consist of the following:

The Education Credit Union Board of Directors is elected by the credit union membership during the annual general meeting (AGM) and reports to the general membership.

The responsibility of a director generally is to direct the management of the business and affairs of the organization through its employees. A director is not expected to become involved in the day to day operation of the organization, but be able to objectively evaluate the competence of management personnel and ensure that proper controls and procedures have been designed, and put into operation, to reach the targets or goals established.

A formal committee structure exists to support and expedite the work of the Board of Directors. Committees of the board are empowered to review matters requiring specialized expertise, issue formal recommendations, and in some cases, make decisions on behalf of the board. This allows the credit union’s Board of Directors to optimize its time, and achieve greater depth in its deliberations than would otherwise be possible.

Standing committee members are appointed on an annual basis, with each committee consisting of a minimum of three (3) directors. The Chair of each Committee is appointed by the Board.

Education Credit Union Directors are ‘fiduciaries’ of the organization they serve and are expected to fully participate in orientation and development opportunities. They have an obligation to act honestly and in good faith with a view to the best interest of the credit union, and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.

The board consists of nine members, each elected for a maximum term of three years. If a director should resign or be removed from his or her position before their term of office has expired, the board can appoint a temporary director from the credit union membership to fill the vacated position until the next general meeting of the credit union. The member elected to permanently replace the resigned/removed director will complete the remainder of the term.