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Central 1 Announces Voting Results from Annual General and Special Meeting

VANCOUVER, B.C. — Central 1 Credit Union (Central 1) is pleased to announce that its members have passed four (4) special resolutions, and four (4) ordinary resolutions at its Annual General and Special Meeting held on April 28, 2017 (Meeting).

In order to be approved, each of the special resolutions must receive the approval of: (i) greater than 50% of the votes cast by the holders of Class “A” shares based on one member, one vote; and (ii) greater than 66 2/3% of the votes cast by the holders of Class “A” shares on the basis of one vote per share.  Special Resolution 17-AGM-S-1 (Share Restructuring) and Special Resolution 17-AGM-S-1 (Capital Calls) were also required to be passed on the same basis by holders of Class “B” shares and Class “C” shares, each voting separately as a class.

All special resolutions passed. Below are the voting results for the Class “A” shares. Holders of Class “B” shares and Class “C” shares each passed the Share Restructuring and Capital Calls special resolutions by a show of hands.

Special Resolutions Outcome of the Vote Votes cast by the holders of Class “A” shares on the basis of one vote per share

Votes cast by the holders of Class “A” shares based on one member, one vote

Votes
For
Votes Against Votes
For
Votes Against

 


 


 


 


 


 

Special Resolution 17-AGM-S-1 provides for the creation of a new class of shares, Class F Shares, to serve as the primary form of capital for the Mandatory Liquidity Pool.

Carried 79% 21% 92% 8%

Special Resolution 17-AGM-S-2 removes the ability of Central 1 to trigger unlimited capital calls on Class A, Class B, Class C and Class D shares and provides for limited capital calls.

Carried 79% 21% 95% 5%

Special Resolution 17-AGM-S-3  allows for remote electronic voting at annual general meetings and the filling of casual vacancies on the Board of Directors.

Carried 100% 0% 100% 0%
Special Resolution 17-AGM-S-4 proposes a number of housekeeping amendments. Carried 100% 0% 100% 0%

 

At the Meeting, Class “A” Members approved the appointment of the auditors and authorized the directors to fix the auditors’ remuneration, the 2017 dues assessment and the 2017 flow-through dues assessment resolutions.  Class “A” Members in the British Columbia region approved the 2018 British Columbia Province-Wide Program and dues budget resolution. Class “A” Members in the Ontario region approved the 2018 Ontario awareness campaign dues.

Effective at the conclusion of the Meeting, Central 1’s Board of Directors is composed of the following directors:

Rick Hoevenaars
Bill Kiss
Bill Cooke
Elmer Epp
Kerry Hadad
Angela Kaiser
Joel Lalonde
Shelley McDade
Penny-Lynn McPherson
Jan O’Brien
Rob Paterson
Blaize Reich
Launi Skinner
Rob Wellstood

Rick Hoevenaars and Bill Kiss were re-elected as Board Chair and Vice-Chair, respectively, for a term of one (1) year.

About Central 1

With offices in Vancouver, Mississauga and Toronto, Central 1 holds on balance sheet approximately $17.3 billion in assets. We provide wholesale financial products, trust services, payment processing solutions and direct banking services to almost 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 our 42 member credit unions in B.C. and 70 Ontario member credit unions. Our members represent a consumer-oriented, full-service retail financial system that collectively serves 3.3 million members and holds more than $116.8 billion in assets. For more information, visit central1.com.

Contact

Art Chamberlain
Media Relations Manager
Central 1 Credit Union
T 905.282.8534 or 1.800.661.6813 ext. 8534
E achamberlain@central1.com