Board of Director nominations are open

Frequently asked questions

• What type of competencies and experience are required?

  Our Board looks for a broad range of business experience and knowledge, as well as clear alignment with our Truly Local Commitment and values-based banking model.

  For the 2025 election, an overall review has revealed geographical representation, audit, accounting, finance, IT, legal competencies and diversity should be the driving force in the next round of board elections.

• Who can be nominated?

  Before you can be elected, you must be a Member of PenFinancial in Good Standing, who has maintained that status for at least six months prior to the date of the meeting at which they wish to seek election to the Board, and nominated by two PenFinancial Credit Union Members who are eligible to vote at the election.

  Note that nominations must be sponsored by two Members of the Credit Union that are not employees, officers or Directors.

• What is the time commitment required?

  Being a PenFinancial Board member requires a significant time commitment.

  Directors must be prepared to attend regularly scheduled Board meetings, Committee meetings, special Board meetings as required, planning sessions and the Annual General Meeting.

  The Board uses a policy governance model of leadership that is formed by and committed to cooperative principles. Board committees are established to support and expedite the work of the Board of Directors; their responsibilities are articulated in approved terms of reference.

  To effectively fulfill their responsibilities, board and committee meetings are held bi-monthly alternating throughout the year. Board Meetings are usually held on the last Wednesday of the month. Committee Meetings are generally held on the 2nd or 4th Wednesday of the alternating month. Meetings usually start at 5 p.m. All meetings will be held in accordance with public health guidelines and may be conducted virtually.

  A newly elected Directors’ first term requires additional time for orientation, training and development. Directors are expected to complete the Credit Union Director’s achievement (CUDA) program within three years of joining the Board and attain the necessary competency levels within the required timeline. The courses are offered online and in person.

• How many positions are available?

  There will be seven positions available for the upcoming 2025 election. Four vacancies shall be filled for 3-year terms, one shall be filled for a 2-year term, and two shall be filled for a 1-year term.

• Is training provided?

  Yes, and in fact it is required. A newly elected Directors’ first term requires additional time for orientation, training and development. Directors are expected to complete the Credit Union Director’s Achievement (CUDA) program within three years of joining the Board and attain the necessary competency levels within the required timeline. The courses are offered online and in-person.

• Is this a paid role?

  Due to the expectations and time commitment, Directors receive an annual honorarium and reimbursement of certain expenses as outlined in company policy.

• When do nominations close?

  Completed nomination forms must be received by 12 p.m. on December 31, 2024.

• Where can I get more information?

  The Nomination Package provides additional details around the nomination process, key dates and expectations of Directors. Refer to the link below.