shutterstock_127801040Directors Requirements

A Director must:

Be a natural person

Be eighteen years of age or over

Be a  Canadian citizen or a person lawfully admitted to Canada for permanent residency who is ordinarily resident in Canada

Be an individual member in good standing with Equity Credit Union Inc

Not be in an undischarged business or personal bankruptcy proceeding at the time of nomination or election

Not have a personal or business bankruptcy discharged within 5 years preceding the nomination date.

Recommended Individual Director Expectations

Understand the principles behind and share the vision of the credit union, and have the ability to reflect the values and commitments of the credit union as well as acting in the credit union’s best interest at all times.

Demonstrate the ability to bring a perspective of external business, finance, and social issues to Board deliberations.

Understand corporate governance and the fiduciary duties, role and responsibilities of the Board as a whole and as an individual director of a credit union, including the willingness to ask probing questions and challenge management within the governance framework.

Commit to regular attendance at Board (12) /Committee meetings as necessary, and to full preparedness and willingness to contribute to meeting content. Understand the time commitment necessary to fulfill responsibilities.

Understand the importance of the credit unions in their communities

Demonstrate the ability to provide leadership and be an effective communicator.

Uphold the values of teamwork demonstrating the ability to operate as “a team “at Board level and “speak with one voice” once full discussion has been undertaken and a decision made by the Board.

Demonstrate personal integrity and high ethical standards.

Be willing to commit to continuous learning and undertake appropriate director training and development initiatives. Minimum CUDA courses that must be taken within the first year are the seven modules of CUDA Training Schedule A.

Have the ability to understand and assess implications of financial statements and auditors reports.

Agree to abide by the additional time commitment, including travel time and work load associated with being a director of the credit union for all Board and Committee meetings.

Rules of Disqualification as a Director of Equity CU

  1. One whose membership in any credit union has been terminated, other than voluntarily.
  2. One who a court has decided is of unsound mind.
  3. One who is an undischarged bankrupt or who has a discharged bankruptcy within 5 years preceding the date of nomination.
  4. One who is unable to obtain a bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance.
  5. One who is more than 90 days in arrears in the payment of a debt owed to the credit union unless the credit union has agreed to extend the time for repayment.
  6. One who is a listed person within the meaning of the United Nations Suppression of Terrorism Regulations under the United Nations Act (Canada).
  7. One who has ever been convicted preceding the date on which he or she may be elected as a director, of an offence described in subsection (3) (see below) and who has not received a pardon for the offence.
    Type of offence – (3)  An offence referred to in paragraph 7 of subsection (1) is an offence that,
    (a) is related to the qualifications, functions or duties of a director of a body corporate;
    (b) involves theft or fraud;
    (c) involves a contravention or failure to comply with this Act, a predecessor of this Act or an Act governing a subsidiary of the credit union; or
    (d) involves a contravention or failure to comply with the Securities Act.
  8. One whose membership in a professional association has been terminated, in the five years preceding the date on which he or she may be elected as director, for professional misconduct.
  9. An employee of the credit union or a league in which the credit union is a member or his or her spouse, parent or child.
  10. A professional advisor who provides services to the credit union in his or her professional capacity or who has provided such services in the three years preceding the date on which he or she may be elected as a director.
  11. An employee of the Corporation.
  12. A public servant employed in regulating credit unions.
  13. One who has not met the training requirements or qualifications for directors established by the credit union.
  14. One who has not met any reasonable condition or qualification set out in the by-laws of the credit union.