Board and Individual Director Assessments

The Board of Directors uses a formal evaluation process to determine the effectiveness of the Board’s governance of the credit union and to review the performance of the CEO.

The Board evaluation process provides directors with an opportunity to examine how the Board is operating, how the various committees are operating, and to make suggestions for improving Board as a whole. The process also includes performance evaluation of the Chair and director peer evaluations.

This review process is based on the duties and responsibilities of the Board, individual directors, and the Board Chair as described in the respective mandates.

The Governance and Community Engagement Committee recommends to the Board a process for the evaluation. The methodology used in 2017 used one-on-one interviews with all directors and the members of the Executive Committee. The interviews covered topics such as effectiveness of the Board as a whole, the Board Chair, effectiveness of the Committees, and the nature of the Board's overall relationship with Management. Peer evaluation interview questions rated the performance and contribution of individual directors.

Following completion of the interviews and questionnaires, an in-depth governance review session was held with the consultant and all directors on Board performance. Board goals for the next 12 months based upon the governance review session are determined and responsibility for achieving each goal is assigned.

As part of the evaluation, the Board Chair met privately with all directors to discuss their peer evaluation results with a view to determining how the director could contribute more effectively to the Board.