Board of Directors

Board of Directors

Meet Our Board

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Board Responsibilities

Anchored in the co-operative principle of democratic control, Diamond North Credit Union is governed by a member-elected Board of Directors.  The Board is accountable for leading and nurturing the long term strategic direction of the Credit Union while creating and maintaining value for its members, and the communities in which it does business.

The Board of Directors governs on behalf of the members.  With an emphasis on outward vision, diversity in viewpoints, strategic leadership and a clear distinction of roles between the Board and the CEO, the Board translates its members’ wishes into credit union performance.  The Board maintains policies that are responsive to the needs of its members and designed to maximize the potential for the long term viability of the organization as a whole.

Board Committees

The Board of Directors believes that a fundamental principle of sound governance is ensuring that members of its Board have equal access to all information, discussion and options requiring Board approval and therefore takes a minimalistic approach to the use of committees to preserve the wholeness of the Board’s job. 

It is important to note that the Diamond North Credit Union Board of Directors manages the organization at a very strategic level. Therefore the Credit Committee was eliminated in 2006, prior to the formation of Diamond North Credit Union; credit approvals have been and continue to be managed exclusively through the Diamond North Credit Union lending team. 

To ensure compliance with governing legislation, the following Board committees have been appointed:

Audit Committee:  The purpose of the Audit Committee is to ensure an independent review of the Credit Union’s operations on areas deemed necessary to maintain the integrity of financial data, adequacy of internal controls, and adherence to requirements of The Credit Union Act, 1998, The Credit Union Regulations, 1999, and the Standards of Sound Business Practice.  All Directors serve on the committee which meets during regular board meetings.

Conduct Review Committee:  The Conduct Review Committee ensures that Diamond North Credit Union acts with the full integrity and objectivity of its directors and employees by having in place policies, processes and practices that protect people and the organization from claims and from the perception of unfair benefit or conflict of interest.  All directors serve on the Conduct Review Committee which meets during regular Board meetings.

Elections Committee:  The Elections Committee oversees the nomination and election process for the election of Credit Union directors.  The committee is comprised of each member of the Board not eligible for re-election in the next Board election cycle.  The minutes of its meetings are submitted to the Board and it reports to the Board during regular Board meetings.

 

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