Become a Director

Are you interested in becoming a Director on the Board of Northern Credit Union

For the 2020 Board year, the Nominating Committee is actively looking for an individual to sit on Northern’s Board with an accounting designation (CPA), with internal and/or external audit experiences well as individuals with information technology and/or law experience.  Millennials are most welcome to apply.

  1. Do you have experience serving on a Board?
  2. Do you have a demonstrated reputation of valuable community involvement?
  3. Do you have core knowledge of, or experience in the cooperative system and an understanding of the cooperative principles?
  4. Do you have the time commitment to attend at least 2 Committee meetings and 1 Board meeting on a quarterly basis?  Each Committee meeting is approximately 1-1/2 hours in duration – with the Board meeting approximately 3.0 hours.  Reading and preparation time is approximately 1-2 hours and 3-5 hours respectively per meeting.
  5. Do have the time commitment to read the material and prepare for each of these meetings; approximately 300-400 pages of information for each meeting?
  6. Do you understand the difference between governing vs. managing as it pertains to the role of the Board and of a Director?
  7. Do you have experience in strategic planning and direction?
  8. Do you have experience in reading and understanding financial information, i.e. financial statements for financial institutions?
  9. Do you have experience as a member of an Audit Committee or similar committee that oversees the audit function and financial review of an organization?
  10. Do you have experience or an understanding of an Enterprise Risk Management framework?

If the answer is “Yes” to the majority of the questions above, please see the mandatory requirements and reasons for disqualification below.


 

Mandatory Requirements to be a Director

It is mandatory that a director:

  • Be a member of the credit union in good standing as defined in Northern Credit Union’s By-Laws – Section 1.01 (9).
  • Be at least 18 years of age.
  • Have Northern Credit Union as your primary financial institution.
  • Not be employed by the Credit Union for at least one year prior to election.
  • Meet qualifications under Section 91 of the Act.
  • Not be disqualified under Section 92 of the Act.
  • Meet qualifications under Section 4.02 of the By-laws.
  • Understand the principles behind and share the vision of Northern Credit Union, and have the ability to reflect the values and commitments of Northern Credit Union as well as acting in Northern 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/Committee meetings, and to full preparedness and willingness to contribute to meeting content.
  • Understand the importance of credit unions in their communities.
  • Demonstrate the ability to provide leadership and be an effective communicator.
  • Demonstrate personal integrity and high ethical standards.
  • Be willing to commit to continuous learning and undertake appropriate director training and development initiatives.
  • 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 Northern Credit Union.

 

Reasons for Disqualification as a Director

  • One whose membership in any credit union has been terminated, other than voluntarily.
  • One who has been found under the Substitute Decisions Act, 1992 or under the Mental Health Act to be incapable of managing property or who has been found to be incapable by a court in Canada or elsewhere.
  • One who is an undischarged bankrupt or who has been discharged as a bankrupt in the five years preceding the date on which he or she may be elected as a director.
  • One who is unable to obtain a bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance.
  • One who is more than ninety 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.
  • One who is a listed person within the meaning of the United Nations Suppression of Terrorism Regulations under the United Nations Act (Canada).
  • One who has been convicted of an offense, in the five years preceding the date on which he or she may be elected as a director and who has not received a pardon for the offence.
  • 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.
  • An employee of the credit union or a league in which the credit union is a member, or an employee’s spouse, parent or child.
  • 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.
  • An employee of the Deposit Insurance Corporation of Ontario.
  • A public servant employed under Part III of the Public Service of Ontario Act, 2006, whose employment duties include regulating credit unions.
  • One who has not met the training requirements or qualifications for directors established by the credit union.
  • One who has not met any reasonable condition or qualification set out in the by-laws of the credit union.

See the FSRA/DICO website for more information

Click here to download the Candidate Information Package

Interested parties should contact the Corporate Secretary at Vicki.Caicco@Northerncu.com

 

LIVE CHAT