Become a Director

Directors play a critical strategic role in ensuring the growth and ongoing viability of the Credit Union system.

Who are Credit Union Directors?

The Directors of Provincial Credit Union reflect the community they serve. It is important for a Credit Union to have a strong board made up of a diverse group of people. Directors come from all different walks of life…teachers, trades people, homemakers, farmers, fishermen, nurses, and business people, just to name a few.

How do Directors make a difference?

As policy makers, Directors are instrumental in effecting positive changes which ensures growth and development for Provincial Credit Union and community. Directors often provide a fresh look from a different perspective, assisting a Credit Union in being responsive to owner needs, and often leading to technological innovation and new services.

How much time is required?

Time commitment can vary. It may be a few hours or a few days each month, depending on the time of year.

What would be expected of me?

As a Director, you are the Credit Union’s link to the ownership, to which the Credit Union is accountable for all policies and decisions. The other major role of a Director is to ensure sound management of the Credit Union and to safeguard the owners’ assets.

What are my obligations as a Director?

A Director has a duty to see that everything Provincial Credit Union does is done within the law.
Directors make decisions on the policies of Provincial Credit Union. They evaluate risk and accept liability if they are responsive for violation of provincial guidelines.
Directors can reduce or eliminate their liability of the direct the affairs of the Credit Union with honesty and reason, to the best of their abilities.

Who can become a Director?

Directors are elected by the Ownership at the Credit Union’s Annual General Meeting. A Director will hold office for a three year term, as prescribed by the charter by-laws of Provincial Credit Union.

According to the Credit Union Act of Prince Edward Island, a person must meet the following criteria in order to be eligible to become a Director.

Be at least 18 years of age
Be an Owner of the Credit Union
Be eligible according to the by-laws of the Credit Union
Act as an individual Owner, not on behalf of a company organization.

According to the Credit Union Act, a person is not eligible if he/she:

Is an employee of a Credit Union, a trade association (i.e. Credit Union Central), or a guarantee corporation (i.e. Credit Union Deposit Insurance Corporation)
Is a Director of another Credit Union
Is a professional advisor to a Credit Union
Has a loan more than six months in arrears
Has the status of bankrupt,
Has been convicted within the previous five years of an offence related to the qualifications and duties of a director, including but not limited to fraud.
Is not bondable;
Is an auditor, or a member of the auditor's firm, of that credit union;
Is a parent, child, spouse, brother or sister of an employee of the credit union;
Is the solicitor of that credit union;
Is a public employee whose official duties are concerned with the affairs of credit unions;

The process to becoming a Director

To become a Director of Provincial Credit Union, your name must first be submitted to the Credit Union Ownership as a nominee for any vacant board position. There are two paths to become a nominee. First is a passive path in which the Provincial Credit Union nominating committee will identify candidates they consider to be ideal Director Nominees and contact those particular Owners to see if they are interested in becoming a nominee and ultimately if they are interested in becoming a director (if elected). This process occurs prior to the Annual General Meeting in the fall. The second option is to be nominated by a fellow Owner at the Annual General Meeting.

Once all nominees have been identified, both those selected by the nominating committee and those nominated at the meeting itself, the decision will be taken to vote by the Ownership. The number of directors selected will depend on the number of vacant seats (created by current Directors completing their three year term) on the board.

Once elected as a Director, the Owner/Director will be required to complete Level A and Level B of the Credit Union Director Achievement education program during their three year term. The final Level of CUDA can be completed at any time thereafter within a year of their end of their term.