Role of the Board of Directors

• The Board of Directors has ultimate accountability for the governance of the credit union, pursuant to governing legislation and by-laws. 
• The relationship between the Board and management, members, other stakeholders and the individuals on the Board is critical to meeting this accountability. 
• The Board’s role is to develop and implement sound policies and business strategies to support the aims and objectives of the credit union and to ensure it is effectively managed for the overall long-term benefit of its members. 
• As members of the Board, Directors will be elected to the offices of president and vice president. In addition, Directors will be asked to serve on committees: executive committee, credit committee, audit & finance committee, and nominating committee. Directors may be removed from the Board as specified in the credit union by-laws.

Authority of the Board of Directors

The directors of the credit union constitute its governing and managing body with authority to exercise all the powers of the credit union, except where their powers are expressly restricted by statutes or by-laws.

The board shall appoint the CEO to manage the business of the credit union within the policy and strategy framework approved by the board. The functions of the board of directors can only be performed by the board as a whole and cannot be assumed by any one individual director. Authority to review issues and recommend action to the board can be specifically delegated by the board to committees or by assignment of duties to individuals. No individual member of the board has the power to direct or engage in any management function. Matters of concern to individual directors will be brought forward for consideration of the board for appropriate action.

Standards of Conduct

• Directors are legally and morally responsible for all activities of the credit union.
• Ensures no misuse of the position as a director or improper use of information acquired directly or indirectly to gain a personal advantage or to the detriment of the credit union.
• Demonstrates high ethical standards of integrity and conduct.
• Maintains confidentiality of all confidential information received in his or her capacity as a director.
• Avoids conflicts of interest.
• Acts honestly and in good faith with a view to the best interest of the credit union.
• Exercises the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
• Approves ethical conduct standards and ensures adherence.
• Supports a strong, unified and respectful board that speaks with one voice.  Every director must publicly support the actions decided by a majority vote of the board unless the actions are unethical or illegal.
• Be prepared to register dissent if that is your considered opinion on an issue.

Eligibility Requirements

Board members of Rocky Credit Union Ltd. must, at all time during their tenure on the board, meet the eligibility requirements of the Credit Union Act, Standards of Sound Business and Financial Practices, and by-laws of the credit union.  Failure to meet the eligibility requirements will result in immediate disqualification from the board.

• Have been a member in good standing for a minimum of one year.
• Must be, and remain, eligible for fidelity bonding
• Have a credit history that is acceptable to the credit union.
• Unless the prior approval of the Board is obtained, a member cannot become a Director or a Committee member of the credit union while any relative is an employee or a current Director of Rocky Credit Union.
• Reside in the trading area of Rocky Mountain House.
• Not be in breach of his oath of office as a director, including but not limited to confidentiality of credit union or member information.
• Not be in violation of the credit union’s policies or bylaws.
• Must not be involved, as an individual and/or in an ownership capacity with any group or company, in any legal action or dispute with the credit union or with any other financial institution.
• Must not be a board member or sales representative of any other financial institution, except as a representative of the credit union.
• Must be able to attend regular meetings of the board of directors.
• Must conduct a significant portion of his/her financial business with the credit union, in order to demonstrate confidence in the credit union.