For immediate release
VANCOUVER, May 15, 2023 — Central 1 Credit Union (“Central 1”) is pleased to announce that all matters set out in the Information Notice, dated March 30, 2023, for the 2023 Annual General and Special Meeting held on April 26, 2023 (the ”Meeting”) were approved by members.
Class A Members passed a special resolution approving amendments to Central 1’s Constitution and Rules (“Rules”) on an electronic ballot. Amendments to the Rules provided for by Special Resolution 23-AGM-S-1 (the “Electronic Voting Amendments”) permit members to vote electronically at all member meetings while maintaining flexibility with respect to the way meetings may be conducted. Class B Members were entitled to vote on the special resolution during a virtual meeting on April 20, 2023.
In order to be approved, the special resolution, which is used for more complex business matters, was required to receive the approval of: (i) not less than 50 per cent plus one of the members voting on the resolution (“one member, one vote”); and (ii) not less than 2/3 of the votes cast by Class A members and Class B members voting on the resolution, on the basis of one vote per Class A or Class B share held.
Below are the voting results on the special resolution:
Also approved, by ordinary resolution, was the appointment of auditors KPMG to hold office until the conclusion of the next Annual General Meeting of Central 1 at a remuneration to be set by Central 1’s Board of Directors. Only Class A members were eligible to vote on the ordinary resolution and all voted in favour.
Voting on the resolutions closed on May 1, 2023.
Amendments to the Rules approved at the AGM are subject to regulatory approval from the BC Financial Services Authority (BCFSA)
Central 1 Board of Directors
On February 22, 2023, Central 1 announced the following candidates for its board of directors were declared elected or re-elected, all for three-year terms: Paul Challinor (re-elected for second term) and Shelley McDade (re-elected for a third term) both for the BC Region, and Tom Vandeloo (re-elected for a second term), and Russell Voutour (elected for first term) for the Ontario Region.
The board also approved the re-appointment of Carolyn Burke, an unaffiliated director for a three-year term and Vancouver City Savings Credit Union re-appointed Christie Stephenson to Central 1’s board for a three-year term.
At the close of the 2023 Annual General and Special Meeting, these changes came into effect and Central 1’s Board of Directors is composed of the following directors:
At the board’s reorganization meeting on April 26, 2023, Shelley McDade and Carolyn Burke were elected as board chair and as vice-chair, respectively, for a term of one year.
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About Central 1
Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $11.9 billion as of December 31, 2022, Central 1 provides critical services at scale to enable a thriving credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada. For more information, visit www.central1.com.
Contacts:
Media
Tricia Weagant
VP, Communications & Marketing
Central 1
E t.weagant@central1.com
Investors
Brent Clode
Chief Investment Officer
Central 1
T 905.282.8588 or 1.800.661.6813 ext. 8588
E bclode@central1.com
