Directors: Good Governance in practice

The most effective Board relies on its Directors

  • understanding their own roles and legal obligations
  • being able to share in, and continue to progress, Vancity’s vision, values and commitments
  • acknowledging that they are accountable to Vancity’s diverse membership

Not all directors will have the attributes and experience necessary to be fully effective at the beginning of their terms, so it’s important to provide them with the tools and education they may need to do their best work.

Even before they start...

Clear guidance regarding the attributes and experience required in a director is shared with potential candidates to help them best frame their experience and knowledge so they can demonstrate how they will contribute to the Board, if elected by members.

 

Once elected, at the beginning of their term...

A director must adhere to professional standards as established under the Vancity Rules and legislation.

New directors participate in a structured orientation program that introduces them to the credit union’s business, culture and their role as Vancity directors.

Terms of Reference provide further context to directors and the Board with regard to their roles and responsibilities.

Professional development throughout their tenure...

If Vancity is to continue its success as a market leader, it is important for its directors to understand the numerous issues that affect Vancity’s day-to-day business, the credit union and co-operative systems, and the financial industry as a whole.

All directors are therefore required by law to complete Level A of the Credit Union Directors’ Achievement (CUDA) Program. Directors are also provided with an annual allowance of $5,000 towards registration fees for conferences or professional development courses related to their duties as a Vancity director. Other educational opportunities may arise from a director’s participation at both board and committee level, depending on emerging business issues.

Commitment to Vancity's success

Good governance doesn’t just depend on the professional development of individual directors. The Board too demonstrates its commitment to Vancity’s success by regularly monitoring and evaluating its own role, composition and performance, as well as that of its committees.