See the biographies for all of our Directors.
Governance Principles and Responsibilities
The Board continually reviews its corporate governance practices to ensure they reflect the highest level of oversight, independence and accountability our members and stakeholders expect and deserve. BlueShore Financial meets or exceeds the principles and standards set out in the BC Financial Services Authority (formerly Financial Institutions Commission) Governance Guideline, which ensures strong governance and risk management practices.
The primary responsibilities of the Board are to:
- Approve and monitor BlueShore’s adherence to its risk appetite and policies
- Approve and monitor BlueShore’s strategic plan and performance
- Ensure BlueShore’s risk governance framework is comprehensive, adequately resourced, forward looking, strategic, effective, diligently monitored and communicated
- Assemble an effective management team. This includes selecting a CEO, monitoring the CEO’s performance towards achieving mutually established objectives, and planning for the CEO’s succession
- Demonstrate accountability to BlueShore’s members and promote disclosure to allow members to engage with BlueShore as owners
- Be proactive in its own recruitment, composition, and performance management
Directors adhere to numerous Board policies, which are reviewed regularly to ensure they reflect current best practices. Directors also review key management policies, such as those pertaining to investment and lending, risk management, and whistleblowing to effectively manage the risk profile and performance of the Credit Union.
BlueShore Financial places a strong emphasis on Director learning and development. In 2021, Board education sessions were held on the following subjects:
- Client Research
- Digital Marketing Transformation
- Payments Modernization and Open Banking
- Wealth Strategy
- Human Resource Management
- Risk Register
- Market Conduct Code
Directors are eligible for reimbursement of certain education expenses, in line with the Director Development and Education Policy. In 2021, Directors also pursued individual education opportunities through CUSource®, and by attending virtual industry conferences.
Individual Director learning plans are reviewed annually by each Director with the Board Chair as part of the Board evaluation and effectiveness process. A formal evaluation is conducted annually by a third party, which assesses the performance of the Board overall, including its Committees and the Committee Chairs. In addition, the Board reviews its performance at the end of every Board meeting without Management present.
For information on Director attendance, compensation, and expenses please refer to our Management Discussion and Analysis.