bowvalleycu - Governance Committee

Good governance requires that the directors on the Board have a diverse set of skills and backgrounds to effectively provide oversight of the credit union.

The Governance Committee is responsible for assessing and nominating members of the Board of Directors for BVCU as well as other functions, including;

making recommendations regarding the Board’s composition
providing approval for BVCU’s Human Resources-related policies
dealing with board-level HR issues
developing corporate governance principles
helping shape the corporate governance of BVCU

Based on this, the Governance Committee assesses and nominates members to the Board of Directors.

The Governance Committee’s role in the nomination and election process of the Board of Directors according to BVCU Internal Policy 20.05 is to accomplish the following:

make recommendations regarding the size and composition of the Board and committees
identify individuals believed to be qualified candidates for Board membership
nominate individuals who are qualified for directorship
ensure individuals for directorship meet BVCU and regulatory qualifications
conduct an annual evaluation of the overall effectiveness of the Board
establish, monitor, and recommend the purpose, structure, and operations of the various committees of the Board, as well as the qualifications and criteria for membership on each such committee
make recommendations to the Board for the creation of additional committees or the elimination of Board committees, as appropriate
provide feedback to Management on and approval of Human Resources-related policies for BVCU
deal with Board-related HR issues in conjunction with Management’s HR professional(s)
oversee the development and implementation of an effective orientation program for new members of the Board
conduct the annual review of the CEO, together with the Board
ensure that an effective CEO succession plan is in place
assess and recommend to the Board a successor to the CEO in the event the position becomes vacant, unless the Board designates another committee for this purpose