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.  Governance Structure

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: ensures that audit functions are being fulfilled to ensure the integrity and reliability of policies and reporting.

Community Relations and Sponsorships Committee:  oversees SASCU’s Corporate Social Responsibility policy, and as part of this role reviews, approves, recommends or declines donation and sponsorship requests over $500.

Credit and Market Risk Committee: provides effective oversight of the Credit Union’s risk management activities including compliance with the Financial Institutions Act.

Governance Committee: ensures effective governance practices, Board development and adherence to regulatory requirements.

Nominating Committee: annually recruits nominees representing a cross-section of community Members with appropriate skills for election to the Board of Directors.

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.