All candidates must be adult members in good standing 90 days prior to their nomination; “member in good standing” means a member who has subscribed and purchased at least the minimum number of shares required by Northern Savings rules, and who has established the use of core accounts of the Credit Union (Chequing and/or Savings Account plus one other service), and whose loans, if any are current.

Refer to section 6 of Northern Savings Rules to review the full details regarding who may and who may not run as a Director.

The Board comprises nine members who have been elected by the membership to oversee the affairs of the Credit Union.  

The Board has seven key responsibilities:

1. Adoption and monitoring of strategic and business planning processes and plans
2. Appointing, monitoring, and compensating executive management
3. Overseeing management of enterprise risk
4. Establishing and upholding the Credit Union’s integrity, ethics, and social responsibility
5. Overseeing integrity of system of internal control and management information
6. Providing for effective communication with members
7. Establishing and maintaining effective governance practices

Although Directors may be elected by members to bring specialized expertise or points of view, they are not chosen to represent a particular constituency. In their capacity as a Director, Directors are solely accountable to the Board, and in-turn, the Board to the Credit Union.

The legal responsibilities of a Director are stated in broad terms in provincial legislation, which includes the Credit Union Incorporation Act (CUIA) and the Financial Institutions Act (FIA), as well as certain parts of the Business Corporations Act (BCA).

A Director will be called to serve on Board committees, to attend all Board meetings, and may be asked to represent the Board and/or the Credit Union at regional and provincial meetings or at community functions.

Given the financial and complex nature of the financial services business, each Director will be provided with a considerable amount of material related to the business affairs of the Credit Union. Keeping up to date is a major responsibility of each Director, so that their understanding is current, and that Board debates and discussions can proceed at a high governance level. Directors are expected to have a working knowledge of computer literacy to efficiently access information.

Northern Savings’ Board values diversity regarding age, gender, ethnicity, experience and residence for its Directors; recognizing that diversity brings tremendous value to our organization and that these differences in skills, experiences and perspectives will lead to better decision-making.

For 2024, the Board is seeking the following core skill sets and attributes:

• Effective decision making at a strategic level through critical thinking and analysis of information
• Governance experience
• Financial literacy/accounting services experience
• Risk and capital management literacy experience
• Information technology experience
• Local economic development experience
• Representation of local Indigenous communities

Candidates are not expected to possess all of these competencies and should not be dissuaded to place a nomination, as new Directors receive a significant amount of training and professional development.

There are generally ten Board meetings per year. These meetings usually occur on the last Thursday of the month.

There are one or two special all-day meetings held for strategic planning purposes.

In addition, each Director will serve on two Board Committees, which have quarterly scheduled activities and additional meetings as dependent on committee responsibilities.

Board meetings are generally three hours in length and committee meetings up to two hours; both have significant pre-reading requirements. Having adequate time and availability is essential in the role of Directorship.

From time to time, Directors may be asked to participate in additional credit union system conferences and events. In addition to the above time commitments, there may be one or two all day training sessions held during the year.

Northern Savings has provisions for Board members to attend virtual meetings; however, it is important that when required, Directors attend meetings in person.

Director development is an important component of providing effective governance. All Directors have access to learning and development opportunities and must complete a minimum of 35 hours in professional development annually.

The Credit Union Director Achievement (CUDA) is a recognized program that Directors must complete within three years of joining the Board. Additionally, Directors are required to attend in-house training sessions, and may choose to take optional courses.Content

Directors are paid an annual honorarium on a monthly basis:

Director	$7,000 annually
Board Chair	Additional $4,000 annually
Vice Chair	Additional $500 annually
Committee Chair	Additional $1,500 annually

All requirements below to be included as part of your nomination package.
Northern Savings will reimburse for the costs items 2 and 4.

1. Personal Information Return Form
2. Bankruptcy and Insolvency Report
3. Detailed Resume
4. RCMP Personal Information Check (PIC), can be completed at your local RCMP detachment, this may take up to 2-4 weeks to receive results
5. Colour Photograph: head and shoulders only. Minimum resolution size 1280 x 960 pixels, white or light background
6. Video: candidates are able to submit a short video (1½ minute maximum) speaking to your 100-word candidate statement as to why you are running for directorship