Boards and Elections

Board Selection

Progressive Credit Union is a democratic financial institution that operates with the best interests of our members, communities and environment in mind. You could play an integral role in shaping the future direction of this progressive, dynamic, and caring organization.

A director is elected by members voting at the Progressive Credit Union Annual General Meeting which is generally held in March of each year.

Directors are elected to serve a three year term for a maximum of three consecutive terms.  They must be re-elected at the end of each term as stated in Progressive Credit Union's by-laws.

Who is Eligible to become a Director?

Any person who is a citizen of Canada, is 19 years of age or older, is a member of the credit union for a minimum of 30 days prior to the Annual General Meeting and who satisfies the requirements set out in the by-laws of the credit union may be a director, unless he or she:

a. is an undischarged bankrupt person;
b. is an employee of a credit union, a trade association or the guarantee corporation;
c. is not bondable;
d. is an auditor, or a member of the auditor's firm, of that credit union;
e. is a parent, child, spouse, brother or sister of an employee of the credit union;
f. is the solicitor of that credit union;
g. is a public employee whose official duties are concerned with the affairs of credit unions;
h. is a person who has a loan with the credit union on which principle or interest is in arrears for a period established by regulation.

What Does a Director Do?

The Board of Directors' primary role is to represent the membership of Progressive Credit Union in the pursuit of quality financial services and to provide strategic guidance in the form of policy governance to the CEO, the Board's only employee.

A Director must ensure that the mission of Progressive Credit Union is adhered to, taking into consideration the Cooperative Principles and Values and the principles of risk management.  As effective financial stewards, the Directors must fully engage themselves with the Credit Union.

Being a Director requires a commitment of time:

  • Attend monthly board meetings
  • Serve on Committees of the Board
  • Complete Director Training (the first section of which must be completed within a one year period)
  • Attend special meetings as required  

Board Committees of Progressive Credit Union

The Board of Directors has various sub-committees.  These include:

Audit Committee - reviews the asset to liability mix, investments, liquidity and retained earnings and ensures that equity meets the required levels as established by New Brunswick Legislation.

Credit Committee - reviews the loan portfolio, delinquency and write offs, in accordance with industry standards and ensures that the Credit Union adheres to all lending guidelines.

MED Committee (Membership, Education and Development) - reviews ongoing marketing activities, advertising and campaigns which promote the well being of Progressive Credit Union and its members.

HR  Committee - reviews HR policies and guidelines and other aspects of the Human Resource Management area and makes recommendations as needed.

It is important to note that committees are formed during the year in order to spearhead special projects.  These include a Policy Committee, Nominating Committee, Executive Committee and any other Committee which the Board may feel is required.

What are the Benefits?

Benefits of becoming a Director of Progressive Credit Union include:

  • Participate in the progress of the Credit Union
  • Gain knowledge of the Credit Union system
  • Make a personal contribution to Progressive Credit Union's community involvement
  • Receive valuable Director Training and Development through the Credit Union Director Achievement program
  • Stay current with issues facing the financial services industry
  • Enhance your knowledge of effective directorship
  • Improve communication skills
  • Be an integral part of the decision making process
  • Most importantly, represent all Progressive Credit Union members!

To Put Your Name Forward

If you are interested in putting your name forward as a nominee for the Board of Directors, please visit Running for the Board.

Are you Eligible to Vote?

Who may vote? Every member who is 19 years of age and in good standing* is entitled to one vote.

*Share balance of not less than the minimum share requirement, is the first name on the account or has full member status as of the date of the Annual General Meeting. The Credit Union Act does not allow members to vote more than once per question or to vote by proxy. If a corporation or association is a member of Progressive, the Credit Union shall recognize a natural person authorized to represent the corporation or association by a resolution of the directors of governing body of the corporation or association.