Voting has been closed. The results of the 2020 Annual Elections will be posted on March 19
COVID-19 UPDATE: CHANGES TO ANNUAL MEETING EVENT
Due to the potential risks posed by the COVID-19 coronavirus, we are reducing the scope of our March 18 Annual Meeting. Our Bylaws require that we hold an Annual Meeting during the first three months of the year and do not provide a provision for cancelling or rescheduling the meeting.
What is changing?
We will hold the Annual Meeting, in accordance with our Bylaws and will conduct a business meeting only. We are eliminating the social public event and all social activities and presentations associated with it, including the announcement of We Care 2 awards.
Can you attend?
We encourage members not to attend in person. If you were planning on attending the meeting, we encourage you to join via a livestream, which you can access on our Annual Elections webpage. If you choose to attend the business meeting in person, please note that we are instituting a no handshake/hug policy and encourage social distancing at the meeting.
If you could not see the embedded livestream above, click here
Will this affect voting?
Since over 99% of our members participate and vote by absentee paper or online ballot prior to the meeting, we are confident that our member democracy is not in jeopardy as a result of this modification.
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NEW UPDATE: If you intended to vote in person at the meeting, you can still attend to cast your ballot. The business meeting will now be held at 5:30 PM at our Montpelier Branch, located at 1 Bailey Ave, Montpelier, Vermont.
We have made this decision in order to protect our employees, members, and communities, while maintaining the integrity of our Bylaws, amidst growing concerns
MEET THE CANDIDATES
The Nominating Committee reviewed and selected six (6) candidates for nomination to fill four (4) vacancies on the 2020 VSECU Board of Directors.
When ballots mail in late January, take the opportunity to vote for the candidates you feel will best represent the VSECU membership and help VSECU improve the lives of all Vermonters.
To read candidate statements and review comments made by community members, click on a candidate below.
HELP DIRECT $50,000 TO VERMONT NON-PROFITS
We Care 2 is a member-directed giving program where you, the member, determine the distribution of funds. From 48 applying organizations the VSECU Giving Committee has chosen five finalist that positively impact one or more of the essential needs of Vermonters. Now it’s your turn. When ballots mail in late January vote for the organization that you believe is the most deserving of a donation. Funds will be distributed based on the percentage of votes each organization receives, so your vote counts!
To learn more about each of the non-profits and to review comments made by community members, click on a non-profit below.
A SHIFT TO REPRESENTATIVE DEMOCRACY
PROPOSED BYLAW AMENDMENT
In the years since our founding in 1947, VSECU has grown from a small visionary group of seven state employees to a statewide organization serving almost 70,000 members in Vermont and around the world. Much has changed since the original bylaws were created—a time when members could physically convene as a community to discuss and collectively make decisions about the operations and governance of the credit union.
Since then, governing the oversight of the credit union has become increasingly complex. The industry has become more heavily regulated and the market and competitive landscape have become more challenging, innovative and dynamic. This era requires extensive knowledge, agility, and flexibility from the governing board of directors to continue the acceleration of helping members meet their needs.
It is essential for the Board of Directors to operate in an environment that positions them to make effective, responsive, and timely decisions that favorably impact the membership and financial sustainability of the credit union. While current VSECU Bylaws require two-thirds affirmative member vote to make change to language around procedure, policy, or governance in the Bylaws; the federal model and state statutes enable a process that is much less cumbersome and places responsibility with the democratically elected members who are closest to understanding the evolving marketplace and complex challenges facing the credit union.
In accordance with the federal model and state statutes, the proposed amendment will initiate a move toward representational democracy for bylaw changes, which offers members more nimble leadership in exchange for control of the Bylaws. At the same time, members will continue to have a voice. They will be notified of proposed Bylaw changes and provided with ample time and process to share their concerns with the Board prior to vote.
The VSECU Board of Directors asks for your support for the following amendment that will modernize our current Bylaws.
In accordance with Article XIX—Amendments of Bylaws and Charter, the following amendment is proposed and unanimously approved by the Board of Directors.
CURRENT STATED ARTICLE XIX OF VSECU BYLAWS LAST REVISED 9/21/2016
ARTICLE XIX – AMENDMENTS OF BYLAWS AND CHARTER
Amendments of these Bylaws or the charter may be adopted as follows:
a) Amendments to Article II, Section 1, Qualification for Membership may be adopted by the affirmative vote of two-thirds of the authorized number of members of the Board at any duly held meeting thereof, if members of the Board and general membership have been given at least ten (10) days notice of said meeting and the notice has contained a copy of the proposed amendment or amendments.
b) A proposal to amend any Articles of these Bylaws other than those specified in paragraph (a) above may be adopted by the affirmative vote of two-thirds of the members voting at any duly held meeting thereof. Votes shall be cast according to the voting procedure set forth in Article V. Members shall be given written notice of the meeting and text of the proposed amendment or a summary of the proposed amendment with a notice that a copy of the proposed amendment is available upon request. In the event an adjourned meeting under Article V, Section 5, is called, a copy of the proposed amendment or amendments shall be posted at the credit union offices, but is not required to be included in the other notice material.
A conversion from one type of credit union charter to another type of credit union charter and the requisite changes to the Bylaws shall require an affirmative vote of a majority of the members voting.
A conversion from a credit union charter to another financial institution charter and the requisite changes to the Bylaws shall require that at least 5% of the total membership votes and there is an affirmative vote of two-thirds of the members voting.
Amendments to the Bylaws shall be submitted to the Department within ten (10) days of their adoption. No amendments of these Bylaws or of the charter shall become effective, however, until approved in writing by the Department.
PROPOSED AMENDED AND RESTATED ARTICLE XIX OF VSECU BYLAWS
ARTICLE XIX—AMENDMENTS OF BYLAWS AND CHARTER
Amendment to Bylaws and Charter by Board. The bylaws and the charter may be amended in any manner not inconsistent with applicable law by a two-thirds vote of the board at any duly convened meeting of the board. Written notice of such meeting and text of the proposed amendment, or a summary of the amendment with a notice that a copy of the proposed amendment is available upon request, shall be mailed to each director at least seven (7) business days prior to any directors’ meeting to approve such amendment and shall be given to each member in accordance with applicable law.
Effective Date. Amendments to the bylaws or the charter shall be submitted to the Department of Financial Regulation within ten (10) days of their adoption. No amendment to these bylaws or the charter shall become effective until written approval of the commissioner of the Department of Financial Regulation. Following the Commissioner’s approval, of any amendment to the charter, the credit union shall submit the charter amendment to the Secretary of State for filing as required by Title 11B.
Report to Membership. Amendments to the bylaws or the charter shall be reported to the membership of the credit union no later than the next membership meeting following approval of such amendment.