Responsibilities of the Board of Directors
The Board of Directors provides stewardship on behalf of the members and oversees Management.
The principal responsibilities of the Board of Directors are described in the Board Governance Terms of Reference and include the following:
- Managing its own affairs, such as electing the Chair, selecting committees and their Chairs and establishing Board and committee processes;
- Determining the selection, retention, succession and compensation of the President and Chief Executive Officer;
- Establishing the objectives and evaluation criteria for the President and Chief Executive Officer, monitoring progress and conducting regular performance reviews;
- Reviewing and approving the Purpose, Vision, Mission, Strategic Plan, Annual Business Plan and Budgets;
- Understanding the significant risks to which the credit union is exposed and ensuring they are being managed properly;
- Monitoring the credit union's progress towards its goals and the actions taken to achieve them;
- Approving and monitoring compliance with all significant policies, regulations and legal requirements;
- Reviewing and approving the financial statements;
- Overseeing timely and accurate reporting to members and regulators of the credit union's performance, financial statements and significant developments;
- Approving any significant new ventures;
- Participating in an annual planning session to review BlueShore Financial's Strategic Plan and implementation of that plan;
- Ensuring appropriate code of conduct and conflict of interest policies are in place and adhered to by all Directors and staff, to ensure trust in the organization.
Responsibilities of the Chair of the Board of Directors
The Chair leads the Board of Directors and performs key duties as described in the Chair's Terms of Reference, which include:
- Setting the Board meeting agenda, chairing Board meetings, building consensus and establishing a culture of constructive teamwork;
- Working productively with the President and Chief Executive Officer;
- Acting as the spokesperson for the Board of Directors;
- Ensuring Board duties are performed efficiently and effectively.
Review of the Board of Directors
Using the expertise of an independent third party, the Board regularly conducts an evaluation of the performance of the Board of Directors, its committees and Chairs. The evaluation also includes Director self-evaluation. The Board of Directors reviews the evaluation report and, as appropriate, implements changes in accordance with the report recommendations.
Governing Legislation and Regulation
The credit union is established under legislation of the Province of British Columbia. It is regulated by the Financial Institutions Commission (FICOM) of British Columbia. Key legislation includes the Credit Union Incorporations Act (CUIA), the Financial Institutions Act (FIA), the Business Incorporations Act and applicable sections of the former Company Act. It is a requirement of the legislation that BlueShore Financial submit regular reports and filings, and such other reports as may be requested by FICOM.