bowvalleycu - Director Duties & Responsibilities

Our directors perform a vital role for BVCU and, as a result, have both legal and ethical responsibilities. The Board is the main decision-making body for BVCU and is responsible for overseeing our high-level operations in accordance with statutory requirements. The Board also acts in a fiduciary relationship to BVCU and accordingly, must act with good faith toward BVCU and its membership. Although directors may be elected by the membership to bring special expertise and points of view, they are not chosen to solely represent a particular branch location. It is preferred for regional representation that each of our communities has representation by at least 1 director and no more than 3 directors.

Directors have a great deal of responsibility and accountability but have authority only jointly with other directors through the actions of the Board. They have a duty to be informed, act with care, diligence, and skill, and to conduct BVCU’s affairs with honesty and good faith.

While the Board exercises all powers of BVCU to ensure efficient operations, the Board delegates the management of business affairs and day-to-day operations to the President and CEO of BVCU.

The Board is responsible for:

fostering BVCU’s long-term success
understanding, reviewing, and approving the corporate strategic plan, annual capital and operating plans and budgets, and financial statements, and significant corporate actions including mergers, acquisitions, and divestitures
monitoring performance against budget and strategic plans
appointing and evaluating the President and CEO
succession planning of the President and CEO
ensuring sound business practices
overseeing liquidity, funding, and capital management
overseeing effective corporate governance

Directors should be fully informed regarding their responsibilities and liabilities as a director prior to committing to a term on the Board, and directors recognize that they may be required from time-to-time to take training to assist in their development as members of the Board.