VANCOUVER, B.C., March 14, 2022 — Central 1 Credit Union (Central 1) is pleased to announce that three directors – including two new to the Board – have been declared elected by acclamation to Central 1’s Board of Directors and will begin three-year terms following the conclusion of Central 1’s annual general and special meeting on May 3, 2022 (AGM).
Three seats were available in this year’s election, all in Central 1’s British Columbia region. 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 were open from November 10, 2021 and closed on February 18, 2022. In total four candidates, including one incumbent director, submitted their applications and went through a rigorous process that included reference checks by a third-party consultant and interviews with Central 1’s Nominations and Elections Committee (Committee). The Committee considered the report of the third-party consultant, alignment with the Board-approved director recruitment profile, and desired competencies, skills and experience before deciding which candidates to endorse for election.
The Committee ultimately endorsed three candidates, indicating those candidates had the skills, experience and competencies needed to oversee Central 1 on behalf of its members. While candidates who are not endorsed may remain in the election if they meet all nominations requirements, the candidate who was not endorsed this year opted to voluntarily withdraw.
As a result, the following candidates were declared elected by acclamation:
- Connie Denesiuk (Summerland & District Credit Union)
- Art Van Pelt (Prospera Credit Union)
- Cheryl Wallace (Integris Credit Union, re-elected for a second term)
In addition, Meridian Credit Union Limited has re-appointed Sanjit (Sunny) Sodhi (appointed for a second term) to Central 1’s Board.
Effective at the conclusion of the 2022 AGM, Central 1’s Board of Directors will be as follows:
Art Van Pelt
“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 Mary Falconer and Bill Kiss for their years of service to Central 1,” said Rob Paterson, Board Chairperson.
About Central 1
Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $13.4 billion as at December 31, 2021, 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.
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 relating to our financial performance objectives, vision and strategic goals, the economic, market and regulatory review and outlook for the Canadian economy and the provincial economies in which our member credit unions operate and the impacts of the COVID-19 pandemic, as well as statements that 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, competitive conditions, economic conditions, regulatory considerations, and the impacts of the COVID-19 pandemic. Important risk factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include economic risks, regulatory risks, risks and uncertainty from the impact of the COVID-19 pandemic and other 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.
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Senior Legal Counsel and Corporate Secretary