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Board Committees

Board Committees

The Board of Directors has standing committees that are responsible for carrying out both legislated and delegated functions. The committees meet regularly throughout the year and are required to provide timely and regular reports to the Board of Directors. Each committee is also required to provide an annual written report confirming that all duties and responsibilities have been completed.

The Audit Committee is composed of Directors who have considerable financial experience. The Committee has oversight responsibility for internal controls and financial reporting, reviews audit procedures and reports arising from audits and examinations, and carries out such other duties as may be prescribed by statute or delegated by the Board. The Committee meets directly with the internal auditor and the external auditor, both with and without Management. The Committee provides an annual report to members at the Annual General Meeting.

The Governance and Conduct Review Committee has oversight responsibility for board governance, including the annual board evaluation process, Director compensation and governance practices. In addition, the Committee is responsible for periodic review and recommendations regarding BlueShore Financial's Rules. The Committee also has responsibility for monitoring compliance with BlueShore Financial's policies with respect to conflict of interest, related parties and confidentiality, and such other duties as may be prescribed by statute.

The Investment and Loan Committee has oversight responsibility for lending and investment activities in accordance with BlueShore Financial's lending and investment policies. This includes reviewing and recommending to the Board of Directors changes to policy, monitoring adherence to policy, approving loans that exceed management limits, authorizing write-offs and such other duties as may be prescribed by statute or delegated by the board.

The Nominations and Elections Committee has oversight responsibility for the nominations and election of Directors in accordance with the Credit Union's Rules. The Committee reviews all nominees having regard for the competencies and skills required of the Board of Directors and all other requirements for nomination. Although the committee may endorse certain candidates whom they feel best represent the needs of the Board at the time, the Committee ultimately presents to the membership all nominees who are members in good standing and are eligible to run. The members have the final say through voting. The Committee provides an annual report to members.

The Human Resource and Compensation Committee has responsibility for overseeing compensation policies and programs to ensure they support BlueShore Financial's business strategy and good governance. It also assesses the performance of the President and Chief Executive Officer and determines his or her compensation.

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