VANCOUVER — Central 1 Credit Union (Central 1) is pleased to announce the re-election of Rick Hoevenaars, Angela Kaiser, John Kortram and Rob Wellstood to Central 1’s Board of Directors (Board). Each director will serve a three year term commencing at the conclusion of Central 1’s annual general and special meeting on May 3, 2018 (AGM).
Effective at the conclusion of the AGM, the Board will include the following Directors:
Central 1’s Constitution and Rules (Rules) permit the Board to appoint up to two additional directors for terms of up to three years. The terms of the two current directors appointed pursuant to this Rule expire at the close of Central 1’s 2018 AGM. The Board will determine at its upcoming meeting whether to appoint up to two directors on the foregoing basis for terms beginning at the conclusion of the 2018 AGM.
All of the directors serve Central 1 as a whole, but directors elected by Class A members are nominated in, and elected from, either the Ontario or British Columbia (B.C.) regions. This year, there were four vacancies to be filled – two in the B.C. Region and two in the Ontario Region. A call for nominations was issued on November 1, 2017 and nominations were open until February 23, 2018.
Upon the close of nominations, Central 1’s Nominations and Elections Committee reviewed each application to determine eligibility to stand for election as directors and then interviewed candidates to decide whether they should be endorsed as having the competencies, skills and experience sought by the Board. In total, four candidates, including two incumbents, stood for election in the B.C. region, and three candidates, including two incumbents, stood for election in the Ontario region. Voting took place from March 12 to March 29, 2018.
The Board will hold its reorganization meeting on May 3, 2018 at which time it will elect its Chairperson and Vice Chairperson, and Board committee members.
“I would like to thank all of the candidates who ran, and offer my congratulations to all of the candidates who were elected, for their willingness to serve Central 1 and its members,” said Rick Hoevenaars, Board Chair.
With offices in Vancouver, Mississauga and Toronto, Central 1 holds on balance sheet approximately $18.1 billion in assets. It provides wholesale financial products, trust services, payment processing solutions and direct banking services to about 300 credit unions and institutional clients from coast to coast. In addition, Central 1 is the primary liquidity manager, payments provider and trade association for its 42 member credit unions in B.C. and 67 Ontario member credit unions. Its members represent a consumer-oriented, full-service retail financial network that collectively serves 3.4 million members and holds more than $126.8 billion in assets. 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
Director, Member & External Communications
Central 1 Credit Union
T 604.754.6581 or 1.800.661.6813 ext. 6581