2022 Choose to be part of something bigger at Lakeland Credit Union - Lakeland Credit Union 2022 Director Applicant Information
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Choose to be part of something bigger at Lakeland Credit Union 2022 Lakeland Credit Union 2022 Director Applicant Information
Be a part of something biggger
2022 Director Applicant Information
Be a leader
2022 Elections
Board of Directors at your credit union
Thank you for your interest in becoming a member of Lakeland Credit
Union’s (LCU) Board of Directors. Here you’ll find everything you need to
Please note that
complete the process, including:
applications must
be received no
What Does a LCU Director Do?
later than
What it takes to become a member of our Board
January 5, 2022
Board Breakdown – Committees of the Board
The Fine Print – Board of Director expectations
The Next Step – How to apply
If you’re a champion of the credit union cause, an experienced Director with a
variety of excellent skills and an all-round, community-minded individual that’s
looking for a way to make a difference in your credit union, then you may well
be just the kind of candidate we’re looking for!
Applications for nominations must be marked confidential and submitted to:
Ashley Whelen
Executive Assistant
Lakeland Credit Union
5016 50 Ave, Box 8057
Bonnyville, AB T9N 2J3
Thank you for your interest and good luck!
Board of Directors
2022 Director Applicant Information
2022 Elections
Board of Directors
Dear Prospective Board Candidate:
At Lakeland Credit Union we value the dedication and commitment of our members
who choose to participate in our nomination and election process as a Board
candidate. We thank you for your interest in seeking nomination for our Board
of Directors. Inside this package you will find information that will clarify the
qualification criteria for candidates and expectations of Board members in their role
of governing the credit union. You will also find everything that you need to complete
the nomination process. To assist those members who are considering candidacy, the
Board appoints a nominations and election committee each year. The committee’s
primary role is to ensure members are fully informed of the nomination process and
the election process, as well as to consider the candidates qualifications in order to
ensure the highest quality Board composition, and to meet any gaps as identified by
the Board in their analysis of the Board’s skills, knowledge and experience.
If you decide to proceed with submitting an application for nomination
as a candidate, please complete and submit this application package along
with all the required documents, as outlined in the following pages. If you
have any questions about the enclosed information, you may contact
Judy Cabay at 780-545-9640 (jcabay@lakelandcreditunion.com), Kurt Richard
at 780-812-0332 (krichard@lakelandcreditunion.com), Brian Fieger 780-573-
5495 (bfieger@lakelandcreditunion.com) or Paulette Fersovitch at 780-207-1595
(pfersovitch@lakelandcreditunion.com).
Please note that applications must be received no later than January 5, 2022.
Yours truly,
Kurt Richard
Chair, Nominations and Election Committee
What Does a LCU Board Director Do?
2022 Board of Directors Elections
What does a LCU Board Director do?
1. Represent the interest and concerns of the LCU membership
2. Participate in policy and strategic planning
3. Monitor policy adherence
4. Work in co-operation with LCU executives
Judy Cabay Dean Dube
Board Chair Director Director 5. Attend Board meetings ten times per year (or additionally as
required) and committee meetings as assigned
6. Represent LCU in the community
But I don’t have a business degree or work
experience in the financial industry!
Kurt Richard Paulette Fersovitch We do not have an exact resume for the ideal Director. We
Director Director aim to develop a Board that represents a wide range of skills,
experience and interests. Our current Board is comprised of
male and female directors, professionals, and retirees, of various
ages. However, Board candidates must meet the following
criteria:
• Be a member in good standing for a period of one year
or greater.
Salman Arabi Brian Hamilton • Be bondable.
Director Director • Have an acceptable credit history.
• Not be an employee of the credit union, nor an employee
of the credit union in the past 5 years.
• Not be an employee or Director of a competing financial
institution.
• Must not be in breach of his/her oath of office as a
Director, including but not limited to confidentiality
of credit union information.
Marc Goulet Brian Fieger
Director Director
Board Breakdown
2022 Board of Directors Elections
LCU’s Board meets 10 times per year, or approximately once a month, with a break over the summer. All
Directors also sit on at least one committee, which convene 3‑5 times per year for 2‑3 hour meetings.
Board Meeting Held 10 times/year in the evenings and lasts 4‑5 hours. Location is at the
Bonnyville branch board room. In addition to time spent at the meeting,
Directors are expected to review materials and prepare in advance of meetings.
Orientation Program For newly elected Directors; held 1‑2 weeks following the election.
Governance Committee Oversees and guides the governance practices of the Board to ensure
effectiveness and correct procedure. Also provides guidance to the CEO with
respect to HR policies and programs. Conducts performance review of CEO.
Finance, Audit & Risk Monitors LCU’s overall risk policy, ensures risk management processes are
Committee in place, reports key risks to the Board, makes recommendations about the
appropriate levels of risk and the effectiveness of risk management strategies.
Ensures an independent review of the integrity of financial data. Assists in
managing financial risk and developing financial policies in accordance with the
Credit Union Act.
Community & Member Stewards the development of LCU’s corporate citizenship direction. Ensures
Relations Committee policies and programs are in place to manage member relations. Guides the
allocation of annual sponsorship budgets.
Board Member, Brian Fieger and Relationship Manager
Huguette Coulombe volunteering during our Free Friday
Frenzy event.
Retired Board Chair, Charmaine Code, CEO, John Peters and
Board Member, Marc Goulet attended the 2021 Scholarship
Recipient Banquet honouring local students recieving LCU
2021 Movie in the Park Event in Bonnyville at the
Scholarships.
Rodeo Grounds celebrating member appreciation.
Credit Union Act - Section 65 - Chapter C-32
2022 Board of Directors Elections
Qualifications of directors 65(1) A person is not (h) if the person has a loan from that credit union
qualified to become, and shall not act or continue in respect of which the repayment of principal or
to act as, nor permit the person to be elected or interest is in arrears for the prescribed period;
appointed as, a director of a credit union, and the
credit union shall not knowingly permit any of those (i) if the person is a represented adult as defined in
acts, unless the person satisfies the qualifications the Adult Guardianship and Trusteeship Act or is the
specified and referred to in this section. subject of a certificate of incapacity that is in effect
under the Public Trustee Act;
(2) A person is not qualified to be a director of
a credit union (j) if the person is a formal patient as defined in the
Mental Health Act;
(a) unless the person is
(i) an individual of adult age, (k) if the person has been found to be a person of
(ii) a member or a designated representative, and unsound mind by a court elsewhere than in Alberta;
(iii) a Canadian citizen or a person who has been
lawfully admitted into Canada for permanent (l) if the person is disqualified by, or unless the
residence; person satisfies any other qualification requirements
of, the bylaws.
(b) if the person has the status of a bankrupt;
(c) subject to subsection (5), if the person is, or (3) A person is not qualified to remain a director if
within the 5-year period immediately preceding the the person fails without good cause to attend the
person’s election or appointment to the board was, minimum number of board meetings that the person
an employee of any body corporate; is required by the bylaws to attend.
(d) if the person is a professional advisor to the
credit union; (4) Three-quarters of the directors must at all times
be ordinarily resident in Alberta.
(e) subject to subsection (5), if the person is a
director or officer of another credit union or of the
Corporation; (5) The Minister may approve an exemption from the
application of subsection director or officer of, the
(f) if the person is employed in the public service Corporation. RSA 2000 cC-32 s65;2008 cA-4.2 s126.
of Alberta or by a Provincial agency within the
meaning of the Financial Administration Act and to
which that Act applies, whether under a contract of
service or a contract for services, whose substantive
duties are directly concerned with the business or
affairs of credit unions or of Central;
(g) if, within the immediately preceding 5 years, the
person has been convicted of
(i) an indictable offence that is of a kind that is
related to the qualifications, functions or duties of
a corporate director, or
(ii) an offence against this Act, and either the
time for making an appeal has disposed of by the
courts or abandoned;
Policy # 2100 - Board and Directors Position Description, Roles & Responsibilities
2022 Board of Directors Elections
Purpose
To establish the duties, expectations, and core 6. Direct the democratic process within Lakeland
competencies of individual Directors. Credit Union, including the election of Directors
and the matter of Board succession.
To define the role and functions of the Board 7. Delegate as considered appropriate, to
of Directors and to provide a framework for the committees of the Board and receiving reports
overall governance, guidance, and direction of from those committees.
the organization. 8. Respond or cause responses as appropriate,
to inquiries, requests, or demands from
To provide a basis for confidence among members, regulatory agencies, auditors, members or other
depositors, creditors and regulatory agencies stakeholders.
that Lakeland Credit Union has adopted a strong
governance framework and is committed to Functions
operating within that framework.
Specific functions to be performed by resolution of
To form a solid foundation and an effective guide the Board are:
for risk management and business operations.
• Appoint one or more credit committees and
To ensure that Lakeland Credit Union’s corporate either 1) an audit committee and a finance
governance policies comply with all regulatory committee, or 2) an audit/finance committee.
requirements and with the Standards of Sound • Submit to the general meeting any matter
Business and Financial Practices. requiring its approval as detailed in the Act.
• Fill a vacancy on the Board or on the appointed
Part I – Board of Directors Board Committee.
• Removal of a Director.
Policy Statements • Appointment or removal of the Chief Executive
Officer.
The Board of Directors acknowledges its • Issue of securities.
responsibility for the general management • Declaration of dividends and/or patronage
of Lakeland Credit Union, including: rebates and cash repayments for the Common
Share program.
1. Make certain that Lakeland Credit Union is • Approval of the annual financial statement.
legislatively compliant with the Credit Union Act • Approval of the annual budget and strategic plan.
of Alberta. • Approval of any item requiring prior authorization
2. Report to the members at the Annual General of the Board with respect to a related party
Meeting on the affairs of Lakeland Credit Union. transactions.
3. Engage the services of an external audit firm to • Establishment of written Policies for all areas
ensure the financial management of Lakeland requiring same.
Credit Union is sound. • Delegation of the lending limits provided by the
4. Set, monitor, revise, and approve Lakeland Credit Corporation.
Union’s overall business objectives, bylaws and • Approval of the making of loans to, or
policies that provide for the needs of members, guaranteeing of obligations of, its employees
safeguard the assets, and meet regulatory within legislated parameters.
requirements. • Delegate (annually) the authority for approval of
5. Appoint, replace, remove, and determine the common share redemptions.
responsibilities and remuneration of the Chief
Executive Officer.
Policy # 2100 - Board and Directors Position Description, Roles & Responsibilities
2022 Board of Directors Elections
committee which generally meet three to four
Responsibilities times per year.
• The time commitment for meetings is up to five
The Board of Directors is accountable to the hours plus preparation time.
members of Lakeland Credit Union for directing
the affairs and maintaining policies, which are 7. Contribution to Governance:
responsive to their needs, and the needs of the Directors are expected to contribute to the
Credit Union, for sound operations. Board’s governance role by:
• Strong attendance and work habits.
Part II – Duties and Expectations of a Director • Reading advance material and coming prepared
to participate.
In addition, each Director contributes to the role of • Offering constructive contributions to Board
the Board by the following: and Committee discussions by contributing
their special expertise and skill.
1. Fiduciary Duty: • Respecting the views of other Directors.
Act honestly and in good faith with a view to the • Voicing all opinions during meetings but
best interests of Lakeland Credit Union at the respecting the majority decision in all cases.
exclusion of other interests. • Respecting the role of the Chair and terms of
reference for Committees.
2. Duty of Care: • Participating in board evaluations and
Exercise the care, diligence and skill of a prudent performance reviews.
person in directing Lakeland Credit Union’s affairs. • Observing confidentiality.
• Understanding your own personal conflicts and
3. Orientation, Education, and Continuous acting accordingly.
Improvement:
a. Participate in orientation session(s); Core Competencies
b. Commit to personal professional development
activities, such as CUDA sessions educational The following core competencies are required by
conferences, workshops, or courses as approved; the Board as a whole, and individual Directors should
c. Commit to the evaluation of their skills versus focus their personal development on areas
required competencies; of weakness:
d. Commit to a review with the Board Chair as
stipulated by the Board. 1. Knowledge:
• Of the credit union, the system, and the industry.
4. Teamwork: • Understand credit union vision, mission, values
Develop and maintain sound relations and work and strategy; as well as the executive team roles.
co-operatively and respectfully with the Board
Chair, other Directors, and executive team. 2. Asset Liability Management:
• Experience in oversight of capital adequacy,
5. Community Representation and Support: liquidity adequacy, and other balance sheet
• Represent the Board and the credit union in the related risks.
community.
• Be a strong supporter of the Board and credit 3. Accounting and Financial Reporting:
union principles. • Demonstrate financial literacy including
interpreting financial statements, budgets,
6. Time and Commitment: financial reports, and reporting standards.
• Commit the time required to perform Board
and Committee duties. The Board meets 4. Credit Management:
approximately 10 times per year, • Experience in oversight of credit portfolio,
• Directors also serve on at least one standing including related risks and mitigation strategies.
Policy # 2100 - Board and Directors Position Description, Roles & Responsibilities
2022 Board of Directors Elections
5. Investment Management: Behavioral Skills required by Directors
• Experience in oversight of a corporate investment
portfolio. 1. Participation;
2. Communication;
6. Risk Management: 3. Strategic vs Operational Perspective;
• Experience in financial institution risk 4. Critical Judgement including: information
management including enterprise risk appetite, gathering, analysis, questioning, recommending;
risk policies, assessing and managing risk, 5. Impact and Influence by appealing to reason,
strategic discussions related to risk. being anticipatory, and tailoring your efforts.
• Decision making ability based on risk assessment,
market conditions, risk appetite, and corporate
values.
7. Legal and Regulatory Compliance:
• Experience with and/or understanding of credit
union statutory and regulatory requirements.
• Experience with and/or understanding of general
corporate legal principles and issues related to
credit unions.
8. Communications and Advocacy:
• Experience in stakeholder relations.
9. Corporate Governance:
• Corporate board experience.
• Experience in developing and managing
corporate governance system including
establishing policies and keeping Bylaws current
and relevant.
10. Strategic Planning:
• Experience with long-range strategic planning
including: envisioning future, setting direction,
evaluating strategic decisions and strategic risk.
• Understand credit unions and industry.
11. Information Technology (IT):
• Experience in administering IT systems.
• Understand requirements, risks and issues
regarding IT.
12. Human Resources:
• Experience with human resource issues including
regulations, compensation, and succession
planning.
Policy # 2101 - Director Qualifications and Training
2022 Board of Directors Elections
Purpose
To outline the criteria for determining the eligibility Upon becoming aware, in any manner, of the possible
of individuals becoming or remaining a Director of ineligibility of any Director, the Board will consider
Lakeland Credit Union. the facts and will rule on the matter of removal of
such Director.
Policy Statements When considering possible removal of an individual
from the Board, the Board may employ legal counsel
Board members of the credit union must at all time or any other resources deemed necessary in order to
during their tenure on the Board meet the eligibility protect the credit union from undue legal risk.
requirements of the Credit Union Act, and bylaws
of the credit union. Failure to do so will result in Key Requirements
immediate disqualification from the Board.
Lakeland Credit Union shall establish and maintain
Persons nominated to serve on the Board will be effective guidelines and processes to ensure that
made aware of the eligibility requirements of the directors understand, meet and maintain appropriate
Credit Union Act and this policy prior to accepting competency requirements. Each director shall
the nomination and if, in their opinion, they do not perform an annual self-assessment, and undertake
meet all of the criteria, they will be required to any required training/development requirements
decline the nomination. in order to achieve these competencies within
the timeframes established herein. Directors that
The following criteria are a summary of the fail to meet these requirements will be subject to
requirements of the bylaws and are in addition to the disqualification. Each Board candidate shall be
requirements contained in the Credit Union Act: informed of the requirements set out in this policy.
1. Must be a member in good standing for a period The knowledge, experience and skill of each
of one year or greater; director and the Board as a whole are important
2. Must be bondable; elements in the success and viability of the
3. Must have an acceptable credit history; credit union. It is important that directors have
4. Must not be an employee of the Credit Union, nor appropriate competencies to effectively fulfill their
a former employee of the credit union during the responsibilities to the credit union and its members
preceding 5 Years; and, thereby, contribute to the safety and soundness
5. Must not be an employee or Director of a of the credit union system.
competing financial institution;
6. Must not be in breach of his/her oath of office Objectives
as a Director, including but not limited to
confidentiality of credit union information; The objectives of this policy are to:
7. Must not be in violation of the credit union’s • Define minimum director competency
policies or bylaws. requirements.
• Establish time frames to attain competency
Responsibilities levels.
• Outline assessment criteria and requirements.
All Board members are to be fully aware of the Outline training and personal development
eligibility criteria and are expected to place before requirements.
the Board an offer to resign from the Board if at any • Set out Board competencies requirements.
time during his/her tenure any of those criteria • Set out the conditions where an individual may
are not met. be disqualified from acting as a director.Policy # 2101 - Director Qualifications and Training
2022 Board of Directors Elections
Director Training: • At the credit union’s expense for out of
pocket costs such as tuition, meals, travel
• Is an important credit union responsibility with • CUDA Classroom/Seminars are eligible for
Director commitment and initiative required meeting and travel allowances, as well as
• Achieved through Board and Committee other training events which may be pre-
experience as well as from the knowledge and approved
background of the Director • A pre-requisite to participating in
• The “Credit Union Director Achievement” (CUDA) “development opportunities” (minimum
program will be strongly encouraged for all CUDA graduate)
Directors and seen as a “required minimum” to be
completed within the first three year terms of a MINIMUM DIRECTOR COMPETENCY
director REQUIREMENTS AND TIME FRAMES
• Various short courses offered as day or evening
classes and webinars, are available for continuous All directors elected or appointed on or
learning or for specific subject areas, such as Board after Lakeland Credit Union’s Annual General
Governance or Effective Meetings Meeting are required to achieve the minimum
competency requirements within the specified
“Training” opportunities will be: timeframes set out in the Table 1 below. A
description of each of the competencies and
• Encouraged and “coached” by the Governance competency levels is set out in Appendix 1.
Committee, and executed by the CEO and or
Corporate Secretary.
Table 1: Required Competencies, Competency Levels and
Time Frames
Competency All Directors Finance/Audit & Finance/Audit & Risk Board Chair Governance
Risk Committee Committee Chair Committee
Competency Level
1. Audit & Compliance Oversight S S E S S
2. Board and CEO Performance S S S S S
3. Credit Union Operations S S S S S
4. Financial Literacy S S E S S
5. Governance and Ethics S S S S S
6. Leadership S S E E S
7. Regulatory Environment S S S S S
8. Risk Management Oversight S S S S S
9. Strategic Planning S S S E S
Time Frames to Achieve Competency Level Within Date of Election or Appointment
36 months 36 months 36 months 36 months 36 monthsPolicy # 2101 - Director Qualifications and Training
2022 Board of Directors Elections
APPENDIX 1: DIRECTOR COMPETENCY
DESCRIPTIONS
understanding of the tools and methodologies for
The required competencies are outlined below: assessing the Board’s performance and also for
monitoring the performance and development of the
1. AUDIT AND COMPLIANCE CEO to determine strengths, deficiencies and areas
for improvement.
Directors must have an understanding of the risks
facing the institution, the ways in which management 3. CREDIT UNION OPERATIONS
addresses and mitigates those risks and ensure
that the financial statements accurately reflect the It is important that directors have a good
activities of the credit union. These functions are understanding of the nature of the co-operative
assessed through the activities which are carried out business model and that of the credit union and
by a combination of internal and external auditors sector, the way the credit union functions and the
which involves systematically reviewing key risks and financial, human and technological resources the
ensuring that any identified weaknesses or deviations credit union uses in delivering its services.
from policy and legislative requirements are rectified
by management. To achieve this competency, directors should
demonstrate an appropriate level of knowledge and
To achieve this competency, directors should understanding of how the credit union’s
demonstrate an appropriate level of knowledge and infrastructures interrelate and how they enable the
understanding of monitoring and auditing processes effective and efficient delivery of services while
required to ensure compliance with the credit union’s managing risk and regulatory requirements.
policies, standards of sound business practices and
regulatory requirements. 4. FINANCIAL LITERACY
2. BOARD AND CEO PERFORMANCE Financial literacy involves understanding financial
reports and statements, accounting standards and
The Board is required to conduct an assessment assumptions and legislative requirements in order
of its performance and that of the CEO. The Board to effectively oversee the financial performance and
is ultimately responsible for the success and condition of the credit union. A critical element of
viability of the credit union through the skills the success and viability of the credit union is the
and capabilities of its directors. It supervises the development of an annual business plan and budget
affairs of the credit union through its oversight which are approved by the Board. Directors are
responsibilities and appoints a CEO to manage the required to understand how these are developed
day to day operations. An objective evaluation and and the types of analysis required to effectively
assessment of the Board and the CEO are important monitoring results and variances.
requirements to ensure that responsibilities are
effectively undertaken and that any deficiencies are To achieve this competency, directors should
appropriately and quickly identified and addressed. demonstrate an appropriate level of financial
Directors contribute as board members in ensuring knowledge and understanding and can interpret
that the compensation package of the CEO rewards financial reports and statements, and monitor
only prudent risk taking behavior that promotes the corrective action to ensure financial goals and
on-going viability of the credit union. regulatory requirements are met.
To achieve this competency, directors should
demonstrate an appropriate level of knowledge andPolicy # 2101 - Director Qualifications and Training
2022 Board of Directors Elections
To achieve this competency, directors should
5. GOVERNANCE AND ETHICS
demonstrate an appropriate level of knowledge and
understanding of the attributes of leadership to
Governance includes understanding and contributing
motivate, influence and support others to accomplish
to the development and articulation of strategic
organizational goals and encouraging on-going
plans, bylaws, goals, policies and processes which
education to further develop competencies.
govern and guide the way the credit union is directed
and managed. Directors are expected to provide
prudent, independent and objective oversight to
7. REGULATORY ENVIRONMENT
effectively guide and monitor the implementation
of strategic initiatives, oversee risk management
Credit unions operate in a regulated environment
activities and to participate with the Board as
and are governed by the Act and the bylaws of the
a whole in communicating a cohesive approach
credit union. The Act sets out how credit unions are
and position. Effective corporate governance is an
structured and the special nature of the credit union
essential element in the safe and sound functioning
governance structure, business powers and lending
of a credit union. Structures, bylaws, policies and
and investment restrictions and limitations.
processes only work in practice where there are
knowledgeable and competent individuals, with
To achieve this competency, directors should
a clear understanding and strong commitment
demonstrate an appropriate level of knowledge and
to their roles. Ethical actions are those that are
understanding of the regulatory environment, policy
made in accordance with established laws, rules,
development and the policies required to meet legal,
and organizational values that are supported by
regulatory and governance requirements.
reasoned and objective evidence without any bias
of self-interest. Directors are expected to perform
8. RISK MANAGEMENT OVERSIGHT
their responsibilities in a prudent and objective
manner with due regard to the best interests of
The Board is responsible for the oversight of the
the credit union.
credit union’s risk management practices, including
Enterprise Risk Management. Risk management
To achieve this competency, directors should
involves identifying, measuring and managing
demonstrate an appropriate level of knowledge
significant risks and events that may impact an
and understanding of the critical elements of
organization’s objectives. It encompasses policies,
good governance and ethics.
procedures and controls and how risks are managed.
6. LEADERSHIP
To achieve this competency, directors should
demonstrate an appropriate level of knowledge and
Leadership encompasses the ability to influence
understanding of the risk management framework
discussions while building consensual solutions.
for identifying, measuring and managing significant
Effective leaders recognize the importance of all
risks and events that may impact the credit union’s
participants in deliberations and the importance
objectives.
of constructive discussion and debate. Leaders are
effective communicators. Leadership involves
9. STRATEGIC PLANNING
approaching initiatives from a strategic perspective,
championing new initiatives and working towards
Strategic planning is part of a regular process that
their achievement to deliver quality services to the
helps determine or confirm the credit union’s overall
members and improve the longer term viability of
longer term direction or vision. It includes an analysis
the credit union.
of results, existing plans and strategies and an
assessment of the current business and operatingPolicy # 2101 - Director Qualifications and Training
2022 Board of Directors Elections
environment. Strategic planning initiates the annual demonstrate an appropriate level of knowledge and
business planning process. Directors are expected to understanding of the strategic planning process and
contribute to strategic planning by understanding the contribute to the development of the strategic
strategic planning process and strategy formulation. direction, core values and the strategic goals and
This includes having a good knowledge of the credit objectives for the credit union.
union’s business and operating environment, and
being prepared for planning deliberations. It also TERM AND RENEWAL:
requires collaboration and teamwork in developing
an appropriate and effective strategic plan, and Directors are elected for a term of three years and
monitoring implementation of the plan. may serve for a maximum of 12 years. A director’s
renewal is not automatic and shall be determined by
To achieve this competency, directors should re-election or reappointment.
DIRECTOR CORE COMPETENCY LEVEL
DESCRIPTIONS
Competency Level Description (Experience/Qualifications)
Basic (B) • Some knowledge of the competency
• Understands terminology and can identify skills and attributes associated with the
competency
Good (G) • Good understanding of the fundamentals of the competency gained through an
appropriate combination of education, working knowledge, previous board experience and
completion of introductory director training.
• Sufficient knowledge and experience to apply concepts to less complex issues.
Strong (S) • Significant understanding and expertise of the competency gained through an appropriate
combination of education, practical work experience, previous board experience and
completion of advanced director training
• Participates fully in board analysis, discussion and debate on more complex issues.
• Ensures sufficient information is provided to support analysis and recommendations
• Uses knowledge to mentor new directors and provide greaterunderstanding of
competency
• Challenges management’s assumptions when needed and speaks outappropriately at
board meetings;
• Makes significant contributions to long-range planning;
Expert (E) • Expert understanding of the competency gained through an appropriate combination
of direct practical working experience in a senior position or function, previous board
experience, professional designation, qualification or degree in the subject matter and
completion and accreditation of a director training program
• Participates fully in board analysis, discussion and debate on more complex issues.
• Ensures sufficient information is provided to support analysis and recommendations
• Uses knowledge to mentor new directors and provide greater understanding of
competency
• Interprets complex data to contribute new knowledge in the competency areas
• Provides expert analysis and advice on complex issues
• Challenges management’s assumptions when needed and speaks outappropriately at
board meetings;
• Makes significant contributions to long-range planning;The Fine Print
2022 Board of Directors Elections
Board Directors are expected to:
• Attend at least 70% of board and committee as a conflict of interest.
meetings per year. Attendance via Virtual or tele–
conference is permitted on occasion. • Campaigning is not permitted.
• Abide by LCU’s Bylaws and the stringent
• Complete and up to date copies of LCU’s
provincial and federal regulations that govern policies, guidelines, and Bylaws are available
financial institutions, including credit unions. from the Nominations and Election Committee
Directors must ensure LCU as a whole is in or Ashley Whelen, Executive Assistant. Further
compliance of these regulations. information is also available from members
of the Nominations and Election Committee
• Maintain strict confidentiality and discretion in (contact info on application) and on our website:
handling LCU information and data. lakelandcreditunion.com.
Important to keep in mind: • Spouse or family member cannot be an employee
of Lakeland Credit Union.
• It is important that there not be any conflict
between director’s private interests and their
responsibility to LCU. Directors are required to
disclose situations that are or may be perceivedYou can also read
