- Serve as guardian of the credit union’s purpose, mission, strategy, and commitment to its members
- Serve as trustee of members’ investments and the credit union’s financial strength
- Select, manage, and evaluate the chief executive officer (CEO)
• Serve as a positive ambassador of VSECU
• Keep informed about credit union issues
• Review general operations and internal controls
• Review Board of Directors policies annually
• Review and examine board packets prior to meetings
• Attend monthly board and assigned committee meetings
• Support the CEO and other executive officers
• Ensure procedures for board and CEO succession
• Express and accept opinions respectfully
• Avoid “pet causes” and “personal crusades”
• Adhere to a Code of Conduct & Ethics Policy
• Keep member and board information confidential
• Approve and monitor capital and operating budgets
• Approve VSECU operating and board policies
• Provide for adequate insurance and bonding
• Act on insider loans according to policy
• Propose bylaw amendments for membership review and approval
• Ensure that VSECU records are safe and maintained
• Establish and maintain employee personnel policy and benefit plans
• Authorize compensation of CEO
• Set dividend rates on member share and share draft accounts
• Oversee proper transfer of reserve funds
• Determine if capital levels are adequate
The VSECU Board of Directors should reflect the diversity of our membership, with individual directors possessing varying expertise in the following areas:
• Enterprise risk management
• Customer service
• Technology and information services
• Business operations
• Financial services industry
• Credit or interest rate management
• Operational risk assessment and management
• Community development and impact
BOARD OF DIRECTORS QUALIFICATIONS
A director must be a member in good standing at least 18 years of age, must qualify for bond coverage and must not have ever been convicted of embezzlement, forgery, larceny, theft, robbery, falsifying information, fraud or any kind of criminal misperformance of duty.
A director is expected to bring a high level of competency, engagement and experience to the job. The ability to think conceptually and strategically with critical thinking and sound judgement is imperative.
A director should have the ability to read and understand complex financial statements such as balance and income sheet statements and know when to ask, as appropriate, substantive questions of management and the internal and external auditors.
A director should exhibit knowledge of the cooperative principles, concepts and values as well as an understanding of the principles and values of VSECU.
A director should be engaged and, communicative, and be able to articulate his or her views frankly, work productively with others and demonstrate the willingness to commit to the time and effort needed to be an engaged board member.
A director should be able to demonstrate knowledge and understanding of business, financial, and social issues at both the local and national level and have a forward thinking mindset.
If you are interested in being nominated to serve on our Board of Directors, there are two ways in which you can submit your application:
By Nomination – A Nominating Committee, appointed by an official of the VSECU Board of Directors on or before October 1 the year prior to the Annual Meeting, will review member submissions and select qualified nominees on or before December 1. Individual interviews and/or an orientation may be scheduled as part of the selection process. Selected candidates will be included on the election ballot.
Submit your letter of interest and professional resume to: firstname.lastname@example.org.
By Petition – A member may submit by petition to the Supervisory Committee proclaiming his or her candidacy to serve as an elected official of the credit union. Petitions must be received no later than December 10 of the year prior to the Annual Meeting and must clearly state the member’s name, position which he or she seeks, and the signatures and printed names of at least fifty (50) members of VSECU who are at least sixteen (16) years of age and who, by their signature, proclaim support of the member’s nomination. The Supervisory Committee shall review and validate each petition on or before December 15 and names will be included on the election ballot.
Petitions can be mailed to: Laurie Swanson, VSECU, P.O. Box 67, Montpelier, VT 05601.