Lambton Financial Credit Union Board
of Directors
Who can be a board member?
Any adult member of Lambton Financial Credit Union (in good standing) may volunteer and help manage our success. Board terms last three years, and three of the nine seats come up for election each year.
Directors must be members in good standing of the Credit Union and must meet requirements outlined in Individual Board Members Qualifications.
What does a Board Member do?
The board of directors is accountable to the general membership of the credit union for directing the affairs of the credit union; in particular it is responsible for:
- Setting and monitoring the credit union's overall business objectives, by-laws and policies that provide for the needs of members, safeguard the assets of the credit union and meet regulatory requirements.
- Appointing and defining the duties and responsibilities of the CEO.
- Reviewing management succession plans. (When applicable)
- Reviewing human resources policies, practices, and reports on the general quality and competence of staff, to ensure the recruitment, retention and development of qualified and competent individuals.
- Encouraging an effective board/management planning process which will promote the long term viability of the credit union.
- Directing the democratic process within the credit union, including the election of directors and the matter of board succession.
- Delegating, as considered appropriate, to committees of the board and receive reports from those committees.
- Responding or causing responses, as appropriate, to inquiries, requests or demands from Regulatory agencies, auditors, members or other stakeholders.
- Ensuring efficient and regular communication with members.
- The board will review the business objectives of the institution consistent with Co-operative principles and approve the institutions business strategy and business plans as developed by management, and will evaluate the institutions actual operating and financial results against business plans.
Board of Directors are compensated for their time and dedication with a monthly stipend and are reimbursed for travel and out-of-pocket expenses.
What does it take to be a Board Member?
Candidates should possess the personal qualities that are needed to enable them to serve Lambton Financial Credit Union well. They should be truthful, considerate and act for the betterment of the Credit Union's members. They should be interested in the Credit Union and sufficiently generous to give their own time and skills to the dealings of the Credit Union.
How long does each Board Member serve?
Terms are for three years. Board members typically devote a minimum of approximately 6 – 8 hours per month to Credit Union business, including attending monthly Board meetings. Additional time may be spent gathering information and training.
What are the benefits of being a Board Member?
You’ll be an ambassador for your fellow members, and have a direct say in the overall direction of the credit union. You will also have the opportunity to gain knowledge and experience about the running of a financial institution.
How do I become a candidate?
If you are interested in becoming a member of the Lambton Financial Board of Directors, you will need to fully complete a Declaration for Nominee for Board of Director nomination packet. The packet includes information on the duties and responsibilities of Board service, as well as a brief application form.
Become a leader of your credit union—complete a Board of Directors nomination packet
Our Board of Directors
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