Board of Directors
Board of Directors
OMISTA Credit Union is a democratic financial institution that operates with the best interests of our owners, community and environment in mind. You could play an integral role in shaping the future direction of this progressive, dynamic organization.
What is a Credit Union Director?
A Credit Union Board of Directors is a governance group whose decisions direct OMISTA’s operations. They are local policy makers instrumental in effecting positive changes for ensuring growth and prosperity for your Credit Union and your community. Directors encourage change by overseeing management practices, encouraging technological innovation and updating services to respond to customer needs.
General Role of a Director
Directors are the Credit Union’s link to the ownership, ensuring OMISTA is accountable to owners for all policies and decisions. A director is also responsible ensuring sound management of the Credit Union and safeguarding owner assets.
Specific Responsibilities of OMISTA’s Board of Directors include:
• Approving and monitoring OMISTA’s Mission, Vision and Code of Ethics
• Contributing to the development of OMISTA’s strategic direction and approving the strategic plan
• Ensuring that OMISTA’s principal risks are identified and that appropriate systems have been implemented to manage these risks
• Selecting, evaluating, providing training and development, and setting salary range for the CEO; ensuring the CEO performs to specific standards
• Monitoring the organization’s progress against annual business plans and strategic plans so as to ensure the effective operation of the organization
• Establishing key strategic policies
• Ensuring the quality of products and services offered to owners by OMISTA
• Approving OMISTA’s financial structure and budgets
• Providing assurance to OMISTA’s stakeholders about the integrity of the organization’s reported financial performance
• Maintaining the confidentiality of the Board’s business and affairs
• Reviewing the written description of the Board’s responsibilities annually as part of the Board’s annual policy review process and sharing the written description of the Board’s responsibilities throughout the organization
How do I become a Director?
A director is elected by OMISTA customers and shareholders voting at OMISTA’s Annual General Meeting. He or she holds office for a term of 3 years for a maximum of 3 terms. He or she must be re-elected at each term end as prescribed by the charter by-laws of OMISTA Credit Union.
A person who is a citizen of Canada, 19 years of age or older, and an owner of OMISTA Credit Union who satisfies the requirements set out in the by-laws of the Credit Union may be a director, unless he or she is:
- a person with bankruptcy status
- an employee, or spouse of a current employee, of the Credit Union Atlantic Central or the New Brunswick Credit Union Deposit Insurance Corporation
- an auditor of the Credit Union or a member of the firm of accountants of which the auditor is a member
- a solicitor of the Credit Union
- a person employed in the Civil Service whose official duties are concerned with the affairs of Credit Unions
- a person who has a loan with the Credit Union that is more than three months in arrears, without the written approval of the other directors
- a person that has a loan with the Credit Union that is more than six months in arrears
To find out more please contact an OMISTA expert at any branch.