Governance

SASCU Credit Union Members elect Directors of the Board to three year terms during annual elections each spring. In the case of an unfinished term, a fourth director will be elected to a one-year term. The nine-member Board of Directors sets policies and guidelines, and oversees the overall operation of SASCU Financial Group including SASCU Credit Union, SASCU Insurance and SASCU Wealth. They are responsible for approving and monitoring the organization’s strategic plan plus ensuring activities take place within established risk tolerance levels and align with SASCU’s mandate.

The Board of Directors is accountable to the Membership and sits independent of management.  Each Director serves on two to three committees.  The Board Chair, the Board Vice Chair, and the Chair of the Governance Committee set the committees annually, taking into consideration the needs of the Credit Union, availability, background and expertise, and individual Board member preferences.  

The function of Committees is to thoroughly analyze issues assigned to them and provide recommendations for Board decision.  Committees may also be useful in planning and controlling.  Committees have no authority other than that granted by the Board of Directors.


Audit and Operational Risk Committee: The committee’s primary role is to provide reasonable assurance that the strategic, operational, financial and regulatory objectives of the Credit Union are achieved.  The committee ensures the implementation of internal controls to support the enterprise risk management framework, the integrity of financial reporting, and compliance with regulatory matters.

CEO and Human Resources Committee:   is responsible for the oversight of the performance evaluation and compensation of the CEO as well as strategic oversight of the HR function at SASCU.

Community Relations and Sponsorships Committee: is responsible for the oversight of the Community Relations and Corporate Social Responsibility function. As part of this role, the Committee reviews, approves, recommends or declines donation and sponsorship requests according to authorized limits.

Conduct Review Committee:  fulfils the prescribed legal, ethical and functional responsibilities as set out in the Financial Institutions Act (BC) and the Financial Institutions Commission Governance Guideline for BC credit unions. The Committee's focus is on reviewing transactions with Related Parties (as defined by the Act), implementing procedures to guide the Board in respect of conflicts of interest, and oversight of disclosure obligations to members.

Credit and Market Risk Committee: provides effective oversight of the Credit Union’s risk management activities related to investment risk, credit risk, liquidity risk, interest rate risk, foreign exchange risk, and capital management.  This includes compliance with the Financial Institutions Act and acting as the Investment and Lending Committee as required by the Act.

Governance Committee:  aids the Board of Directors to provide for effective governance of the Credit Union and to evolve governance practices with the needs of the Credit Union. This includes facilitating the Board’s own development and succession.  The Committee assists the Board in holding Directors and Board Committees accountable for fulfilling their duties.

Nominating Committee: recruits nominees representing a cross-section of community members with appropriate skills for election to the Board of Directors from the market areas of Salmon Arm, Sicamous and Sorrento.   They oversee the entire nomination and election process to ensure adherence to the Financial Institutions Act and the Credit Union rules.


Each May, SASCU holds its Annual General Meeting and all members are welcome. This provides an opportunity to review the previous year's Annual Report including financials, meet the current Board of Directors, view highlights from the past year and hear from the Chief Executive Officer on future goals.

The Credit Union Rules are available here in PDF format for access by all members.