The overall purpose of our Board Diversity Policy is to recognize the value that a broad diversity of perspectives and thought brings to the Board of Directors and to establish a framework within which Connect First Credit Union will actively encourage diversity of representation on the board.
(i) The board recognizes that it must continually strive to remain relevant to Connect First Credit Union members and as such, its composition should ideally reflect the diversity of its membership base.
(ii) The board believes that diversity promotes the inclusion of different perspectives and ideas, mitigates against groupthink and ensures that the credit union has the opportunity to benefit from all available talent. The promotion of a diverse board makes prudent business sense and makes for better governance.
(iii) In determining the optimum composition of the board and its committees, diversity includes, but is not limited to, geography (regional representation), age, gender, and ethnicity.
(iv) Through its approach to actively encouraging diversity, the board will strive to ensure it has the skills, backgrounds and perspectives collectively represented on the board, which reflects the demographic composition of our membership and the communities the credit union serves.
(v) Through its approach to actively encouraging diversity, the board will reflect the need to provide good governance and ensure board members have the required governance skills, as well as complementary perspectives.
(vi) Connect First Credit Union believes that a board elected democratically is consistent with our co-operative roots and credit union values. In the execution of our Board Diversity Policy, we will ensure our practices are fair, transparent and aligned with the democratic process.
(vii) The board will use the Board Diversity Policy to set goals to encourage representation from a targeted diversity category and to guide recommendations for candidates or appointees to the board.
(viii) Connect First Credit Union is committed to demonstrating transparency and accountability to all stakeholders and as such, this policy will be published for all to access on the Connect First Credit Union website.
MONITORING AND REPORTING
The Governance Committee will review this policy and its effectiveness annually and recommend any necessary revisions to the board for approval.
APPLICABLE STANDARDS/RELATED LINKS
Connect First Credit Union Bylaws 6.2 and 6.4(e)
Credit Union Act (Alberta): Section 65
CUDGC Standards of Sound Business Practice:
G1 - Understand and Fulfill Responsibilities
G7 - Establish standards of Business Conduct and Ethical Behaviour