Monday, February 16, 2015

Do you have what it takes? Elections to the UCU Board of Directors

Borden Osmak,
Chair, Nominations Committee, UCU

Did you know that one of the best things about being a member of a credit union is the fact that members are also owners of the credit union? Not only are members owners, but they have a say in how the credit union is managed and operated.

Every year, at the Annual General Meeting (AGM) members of Ukrainian Credit Union Limited have the right to vote for board members who represent the members and who oversee the work of the credit union’s management. There are currently 12 individuals sitting on the UCU Board of Directors. They represent a deep talent pool of professionals with experience in industries including high tech, retail, real estate development, telecommunications, automotive, aerospace, banking, manufacturing and government. Sitting members of the board include a former RCAF officer, a globally-recognized IT pioneer who has worked hard to develop Ukraine’s IT sector, a bank executive who helped bring the Raptors to Toronto, and many other leading professionals in business and community life.

Nominations to the board
At this year’s AGM, which will take place on April 28, 2015, we will be holding elections for a total of 4 positions on the board. Each of the four spots is for a three year term. All of the positions open to all members (in good standing) of the credit union.

It is important to us that the board of directors reflect the membership of the credit union as a whole. We are looking for people from many different professional backgrounds: lawyers, engineers, human resource experts, accountants, marketers, IT innovators and more. We also encourage women and younger members to consider nomination as well as people who represent the diverse Ukrainian communities that we serve, from people whose families have lived in Canada for many generations to those who have recently chosen Canada to be their homeland.

Nomination Criteria
The knowledge, experience and skill of each director and the Board as a whole are important elements in the success and viability of the credit union. Desirable attributes of all directors include good judgment, maturity, personal integrity and financial stability. Moreover, directors are expected to demonstrate the following:

  • An appreciation of the value of credit unions
  • Strategic thinking capability that takes into account the interests of the credit union members and community stakeholders, and the impacts of environmental and marketplace trends
  • Experience and appreciation of working in a collaborative, collegial and productive way with people that may have differing viewpoints
  • Experience of performing governing duties in order to meet legal and regulatory requirements inherent in the fiduciary oversight of a board
Other requirements you have to fulfill in order to be a member of the board include:

  • Demonstrated leadership ability;
  • Knowledge of business or financial institutions and of corporate governance;
  • Knowledge of Ukrainian Credit Union Limited and its products and services;
  • Active participation in the Ukrainian community and within the community at large;
  • Membership of Ukrainian Credit Union Limited, or the former United Ukrainian Credit Union Limited for at least two continuous years
  • Possession of demonstrated competencies in areas that could strengthen the Board
Full details of the role the Board of Directors assume in providing guidance for Ukrainian Credit Union Limited are posted on our website. The nomination package also describes the responsibilities of individual board members.

If you think you have what it takes, or if you know someone who you think would make a good director of Ukrainian Credit Union Limited, please visit our website and download a nomination package. The submission deadline for completed nomination packages is March 16, 2015.

Cooperatively yours,
Borden Osmak
Chair, Nomination Committee
Ukrainian Credit Union Limited

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