Board of Directors

The Board deals with matters of overall long-term strategy and policy, rather than the day-to-day operations of the credit union. They work closely with the senior executive team to strengthen the performance of HMECU for the benefit of members, employees and the communities we serve.

Directors are elected by the members of Healthcare and Municipal Employees’ Credit Union to act collectively as the Board of Directors (the “Board”) to lead the organization to the achievement of its mission and vision while adhering to its corporate values and business philosophies. This is a significant responsibility that requires exemplary conduct and the commitment, experience, ingenuity, and expertise of each Director.  For more information on the role of an HMECU Board of Director, please read our Board of Director Position Description.

Board Governance Philosophy

The Board of Directors recognize the important role that effective governance plays in protecting member rights, maximizing member value over time, and creating a vibrant, dynamic and successful credit union for its members. The credit union is committed to achieving high standards of effective governance. It challenges itself to move “beyond compliance” to govern with excellence. It recognizes that the Board is responsible for governance and that what the Board does, and how it does it, is fundamental to achieving good governance.
The credit union strives to build a healthy governance culture that is based upon:

  • a clear understanding of the role, responsibilities and accountabilities of the Board and its Directors and the fiduciary duty of Directors to the credit union;
  • fulfillment by the Board of its governance and stewardship duties and responsibilities;
  • a commitment to continually improve governance practices and the Board’s governing capabilities through the recruitment and evaluation of Directors and their orientation, assessment, training and development;
  • clear accountability of the Board to the members.

Board Governance Principles

The credit union establishes, and operates within, a governance framework that:

  • establishes a solid foundation for the overall guidance, direction and operation of the credit union through development by the Board of effective governance structures, policies, and processes;
  • ensures that the credit union has the means, capability and willingness to put into practice effective measures to direct it prudently;
  • provides effective stewardship of business operations and management of risk, in particular, to clearly understand the potential risks associated with the operation of the credit union and ensure that effective risk management mechanisms are in place, including the Board’s ability to monitor and manage risk;
  • reflects the credit union’s commitment to the principles of integrity, open communication, teamwork, and continuous improvement;
  • adheres to the credit union’s documented standards as established by Board and credit union policies;
  • ensures that the credit union adheres fully to the statutory and regulatory requirements in all aspects of its operations, and conducts itself in full accordance with the Deposit Insurance Corporation of ON (DICO) Bylaw No. 5 – Standards of Sound Business and Financial Practices;
  • and provides a basis for confidence among members, employees, depositors, creditors and regulatory agencies that the credit union has established sound governance policies and practices and is committed to operating within that framework.

Guiding Principles

In carrying out its duties and responsibilities as described in this policy, the board will demonstrate its commitment to the 7 Key Cooperative Principles:

  1. Voluntary and open membership
  2. Democratic member control
  3. Member economic participation
  4. Autonomy and independence
  5. Education, training, and information
  6. Co-operation among co-operatives
  7. Concern for community

And further;

  • recognize the important contribution that stakeholders, including members and employees, make to the success of the credit union.
  • respect members’ needs and interests.
  • respect the dignity and self-worth of all members and employees.
  • respect the communities served.
  • demonstrate leadership and integrity in all business practices