Board Committees
2021 - 2022
Board of Directors |
Finance & Audit Committee |
Board of Directors - Authority and Mandate
As per the Credit Unions and Caisses Populaires Act of Ontario, section 104(1), the Board of Directors supervises the management of the business and affairs of Alterna Savings including all outsourcing agreements. It is ultimately responsible for the stewardship of the organization. In undertaking its responsibilities, the Board, its Committees and any individual Director shall not directly manage or be involved in the day-to-day activities of Alterna Savings. At a minimum, the Board of Directors’ role is to:
Members |
1. Act on behalf of and in the best interests of the members; |
President & CEO and Senior Management |
3. Select and designate an individual with appropriate ability, integrity and experience to fill the President & CEO position; |
Control Environment |
11. Review and approve policies as per established schedule; |
Strategy and Direction |
17. Establish the vision, mission and core values; |
By-law |
22. Ensure that any enactment, amendment, restatement or repeal of any By-laws is presented for approval to the members at the Annual Meeting; |
Board and Committees |
23. Elect from among their members the Chair, the Vice Chair and the Chairs of the standing Committees of the Board; |
Financial Statements |
30. Approve the audited consolidated financial statements of Alterna Savings; |
Shares and Dividends |
32. Approve the purchase, redemption or issuance of any shares in the capital of Alterna Savings; |
Community | 34. Foster linkages with the credit union sector and the broader co-operative movement; 35. Foster linkages with local community organizations on issues of common concern; |
Other |
36. Approve loans and other transactions involving directors, officers and restricted parties; |
Board Member - Authority and Mandate
A Board Member’s primary responsibility is to provide leadership and governance, to accept the ultimate legal responsibility and to represent Alterna Savings to all stakeholders. These responsibilities include, but are not limited, to:
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Attend and participate in Board and Committee meetings and functions;
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Keep informed about Alterna Savings’ mission, services, policies and programs;
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Review the agenda and supporting materials prior to Board and Committee meetings;
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Serve on at least one Committee and offer to take on special assignments;
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Keep up-to-date on developments in the financial services industry;
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Participate in ongoing Board and Director development programs and meet the requirements of FSRA (formerly DICO) By-law #5 on Director Training and Qualifications and of Alterna’s Director Qualifications Policy;
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Respect conflict of interest and code of conduct policies. More specifically disclose to the Board when there may be a conflict between the Board member’s personal interest and the interest of the credit union and being absent from the vote on material contracts in which the Board member has a personal interest;
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Act honestly, in good faith, and in the best interests of Alterna Savings and its members;
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Exercise care, diligence and the skill that a reasonably prudent person would exercise in comparable circumstances;
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Hold in strict confidence all transactions by members and organizations, except where permitted by law;
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Assist the Board in carrying out its duties and responsibilities;
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Keep informed of legal duties and obligations. Comply with all the relevant sections of the Act, regulations, FSRA (formerly DICO) By-laws, articles and By-laws of Alterna Savings and other applicable laws and statutes;
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Be financially literate, understand Alterna’s business, governance and strategic issues with sufficient depth and be adequately informed in order to vote knowledgeably with a view to promoting the best interests of the organization; and
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Promote and abide by all decisions of the Board of Directors.