The British Columbia Financial Services Authority (BCFSA), an agency of the Provincial Government which regulates credit unions in British Columbia, expects all credit unions to use a recommendation process for their Board of Directors Election as referenced in their Governance Guidelines.
Each year the Board reviews the attributes and experience of the Directors who are not up for re-election. The Board determines what attributes and experience would be required to strengthen or complement the existing Board. This information is then provided to members in the Call for Nominations which goes out each November.
The Nominations and Election Committee (NEC), which is made up of four non-Director and two Director members, reviews the information provided by the nominees and conducts an extensive interview with each nominee individually. Following the interviews, the NEC meets to assess the nominees against the attributes and experience the Board wishes to build on or strengthen, as communicated to members in the Call for Nomination.
The NEC committee can recommend up to five candidates to the Board for recommendation to the membership, that best demonstrate the attributes and experience that will complement and strengthen the existing Board.
Although up to five candidates are recommended, each member is expected to vote for the candidate(s) the member feels will best meet the needs of Vancity.
Download our Election Guidelines or the the Desired Attributes and Experience for Directors for more details about the recommendation process.