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Central 1 Announces Elected and Appointed Members to its Board

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VANCOUVER, March 29, 2021 — Central 1 Credit Union (Central 1) is pleased to announce that five directors – including four new to the Board – have been declared elected to Central 1’s Board of Directors and will begin their terms following the conclusion of Central 1’s annual general meeting on April 23, 2021 (AGM).

Five seats were available in this year’s election, two in Central 1’s British Columbia Region (BC) and three in Central 1’s Ontario Region (ON). While directors elected by Class A members are nominated in, and elected from, either the ON or BC regions, all directors serve Central 1 as a whole.

Nominations opened on December 7, 2020 and closed February 19, 2021 and were conducted in accordance with the Nomination and Elections Committee’s (NEC) Terms of Reference. In total ten candidates, including one incumbent director, submitted applications and went through a rigorous process that included interviews with Central 1’s NEC and reference checks by an independent consultant. Endorsements were made based on a candidate’s alignment with the Board-approved director recruitment profile, the desired competencies, skills and experience, and the report of the independent consultant.

Voting was open from 12:00 pm PT March 10 to 12:00 pm PT March 26, 2021. At the close of voting the following candidates were declared elected or re-elected:

  • for BC region, Barry Delaney and John Kortram (re-elected for third term) – both for 3-year terms
  • for ON region: Richard Davies and John Klassen, each for a 3-year term, and Tom Vandeloo for a 2-year term (the term remaining after a vacancy that arose in November 2020).

The two Board-appointed directors’ current terms also complete at Central 1’s 2021 AGM. Following a process broadly similar to that used for the nominated candidates, and with the assistance of an independent consultant and the addition of a methodology to reduce the potential for unconscious bias, recommendations will be made by the NEC to the Board’s Conduct Review and Corporate Governance Committee for recommendation to the Board. The Board will consider these recommendations at its April 12, 2021 meeting.

In addition, Vancouver City Savings Credit Union (“Vancity”) has appointed Christie Stephenson to replace Jan O’Brien on Central 1’s Board. Ms. O’Brien will complete her final term on Vancity’s Board at its May AGM and in accordance with Vancity’s term policy is not eligible to seek a further term.

“I would like to offer my thanks to the candidates for their willingness to serve Central 1 and its members. I would also like to thank outgoing directors Chris Catliff, Rick Hoevenaars, Jan O’Brien, Blaize Reich, and Rob Wellstood for their years of service to Central 1,” said Bill Kiss, Board Chairperson.

About Central 1

Central 1 is a preferred partner for financial, digital banking and payment products and services – fuelling the success of businesses across Canada. We leverage our scale, strength and expertise to power progress for more than 250 credit unions and other financial institutions, enhancing the financial well-being of more than 5 million customers from coast to coast. For more information, visit www.central1.com.

Caution Regarding Forward Looking Statements

This press release contains forward-looking statements based on assumptions, uncertainties and management’s best estimates of future events. These include, without limitation, statements contain the words “may,” “will,” “intends” and “anticipates” and other similar words and expressions.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, directors fulfilling their expected terms of office and corporate governance schedules. Important risk factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include risks detailed from time to time in Central 1’s periodic reports filed with securities regulators. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws

Contact:

 Amanda Wheat

Senior Legal Counsel and Acting Corporate Secretary

Central 1

T 604 714 6821

E awheat@central1.com