An important message from your Board of Directors
Following a recently conducted process to downsize from 15 to 12 directors, First West Credit Union director Michael Brydon has chosen to leave the board effective October 7, 2015 and directors Terry Enns and Stewart Ladyman will complete their service to the board at the conclusion of the credit union’s 2016 annual general meeting.
The board grew to 15 directors on January 1, 2015 when three former Island Savings Credit Union directors were appointed to the First West board as part of the merger with Island Savings. This expansion is allowed by First West’s rules, but the same rules require the board to return to its normal complement of 12 directors within a specified time period.
As unanimously agreed to by the board, the downsizing process was conducted through a combination of natural term expirations, voluntary resignations and an internal selection process; the three Island Savings Region directors were not affected by the process, as they were appointed to terms that run until 2017. No incentives or additional compensation are being paid to the directors leaving the board.
To determine the composition of the continuing board, directors evaluated First West’s needs against their peers’ professional experience, the board’s culture and behavioural characteristics and their desire to ensure a diverse variety of perspectives at the board table.
Although directors oversee First West Credit Union as a whole, regional representation was also considered. The board determined that following the downsizing, the number of directors representing First West’s regions will be proportional to each region’s share of First West’s total assets and membership: five directors from the Envision Region (a reduction of one seat), four directors from the Valley First Region (a reduction of two seats) and three directors from the Island Savings Region (no change).
The three directors leaving the board have together made a significant contribution to First West’s success:
- Michael Brydon (Valley First Region) has served as a director on the First West board since 2013. In his time on the board Michael has been a member of the Audit and Risk Management, Investment and Loan and Nominations committees. He also served as a director on the First West Foundation.
- Terry Enns (Envision Region) has served as a director of First West and its predecessors since 1980. He served as First West’s inaugural chairman from 2010 to 2011, and previously served as chair of Envision Credit Union and Central 1 Credit Union.
- Stewart Ladyman (Valley First Region) has served as a director of First West and its predecessors from 1993 to 1996 and from 2006 until the present. He served as First West’s vice-chair from 2014 to 2015, and was the president of the Armstrong and Spallumcheen Savings and Credit Union, which merged with First West predecessor Valley First Credit Union in 2001.