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 articulated in the BCFSA Governance Guideline.
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 Call for Nomination, posted in November 2024, noted the Board is seeking directors with the attributes and experience listed in the Desired Attributes and Experience document available on Vancity’s website, and with a particular focus for 2025 on directors who have:
- Experience leading transformation in large, complex, values-driven organizations or senior leadership roles focused on financial and risk management.
- Leadership in service of financial inclusion, labour relations, reconciliation, or climate justice.
- Digital, technology and cybersecurity management or oversight expertise.
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 interview with each nominee where applicable. 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 can recommend up to five candidates, who best demonstrate the attributes and experience that will complement and strengthen the existing Board. The NEC recommendation is then reviewed and approved by the Board.
Although up to five candidates are recommended, each member is expected to vote for the candidate(s) they feel will best meet the needs of Vancity.
Learn more about our Call for Nominations, download our Election Guidelines or the the Desired Attributes and Experience for Directors for more details about the recommendation process.