Board of Directors of the Credit Union Deposit Guarantee Corporation

Department

Authority

Remuneration

Purpose:

The purpose of the Board of Directors of the Credit Union Deposit Guarantee Corporation (the Board) is to direct the management of the business and affairs of the Credit Union Deposit Guarantee Corporation.

Structure:

The Board shall consist of 5 members appointed by the minister from a list of nominees provided by credit unions; an employee of the Department of Digital Government and Service Newfoundland and Labrador; an employee of the Department of Finance; and one member appointed by the minister to represent the public interest.

Competency Profile:

Diversity in the backgrounds, skills and experience of appointed Board members can enhance the effectiveness of a Board. As much as possible, nominees for appointment to the Board should reflect the diversity and demographics within the province. Member diversity is an important consideration in the appointment decision.

Collectively the Board should possess the following core competencies:

• Governance
• Financial experience/literacy
• Knowledge of operation of deposit holding and lending financial institutions
• Human resource
• Executive/leadership experience
• Legal

Expectations for Directors appointed to the Credit Union Deposit Guarantee Board, include:

• Familiarity with the applicable legislation, including the Credit Union Act and Regulations, the Transparency and Accountability Act, and the Conflict of Interest Act
• Understanding role and requirements of a Crown corporation within the provincial government framework
• Respecting and maintaining confidentiality of Board and corporation matters
• Capacity to attend/participate in board meetings
• Ability to listen and work with other board members as a team
• No direct or indirect conflicts of interest

Qualifications:

The competencies of nominees to the Credit Union Deposit Guarantee Board shall include:

• Demonstrated knowledge of board governance;
• Executive/leadership experience;
• Experience with operation of deposit holding and lending financial institutions;
• Integrity and ethical standards;
• Appreciation of responsibilities to the public; and
• Ability to work as a team member.

Time Commitments:

Board meetings are scheduled in accordance with the Board By-laws. Board agendas and materials are provided to members in advance for members to prepare for meetings.

Term:

A person appointed by the Minister holds office for a term of up to three years and is eligible to be re-appointed for an additional three-year term. Where the term of a person appointed by the Minister expires, he or she continues to be a member of the Board until reappointed or replaced.