Board of Directors

Why become a Director?

Directors:
  • Gain skills and expertise at senior level relating to the provision of financial services
  • Gain valuable board room experience which enhances career development
  • Have access to supported further education opportunities
  • Have the opportunity to share their business experiences, leadership skills and management capabilities in a team effort
  • Are involved in developmental and business projects
Notice of Nomination Period:

Pursuant to the rules of First Choice Credit Union Limited (“the Credit Union”), notice is hereby given that submissions for nominations for the position of Director of the Credit Union are being accepted. The successful candidate(s) will be elected for a 3 year term.

Commencing at 11:00 a.m. on Friday 29th September 2017, submissions for nominations for potential vacancies to be filled on the Board of Directors will be accepted by the Chair of the Nomination Committee.

Nominations close at 4:00 p.m. on Friday 20th October 2017.

Applications received after the closing date / time will not be considered.

 

Download Nomination Form

Download Nomination Form

 

Candidate’s Responsibilities:

1. Read the Nomination Package, in particular the role description, and eligibility criteria for the position of Director.
2. Provide a short biography identifying relevant qualifications and experience.
3. Complete the Nomination Form – needs at least 2 nominators/proposers. (Available via download)
4. Complete the declaration of conflict of interest. (Available via download)
5. Submit the nomination form.

 

Submission Instructions:

Nomination Forms and all required attachments must be received by the Chair of Nomination Committee, First Choice Credit Union Limited, Market Square, Castlebar, Co. Mayo or to nominations@fccu.ie no later than 4:00 p.m. on Friday 20th October 2017.

Time Commitment:

Below is an estimate of the amount of time necessary to fulfil your role as a Director. Each Director is expected to prepare for and attend board meetings (and may be required to sit on board committees), attend annual strategic planning sessions as well as participate in required on-going education.

ITEM MINIMUM ESTIMATED TIME
Board Meeting

(Video conferencing available)

Board meetings can last between 1-2 hours per meeting. They take place in the evening. There are between 10 and 12 regular board meetings per year as well as special board meetings to include meeting with external auditors.
Read Board Pack 1-2 hours per meeting (depending on agenda items)
Board planning sessions 1 weekend per year
Committee meetings Committee meetings – approximately 1 hour depending on content.
Training & development Directors are required by legislation to complete certain education/training sessions. All director training expenses are reimbursed by the Credit Union.

 

Candidate Information Session:

The Nomination Committee will meet with candidates prior to the election to review the requirements of the position of Director for the credit union, the time commitment and the election process.

Eligibility Criteria:

First Choice Credit Union Limited is governed by the Credit Union Act, 1997 – 2012 and by regulation promulgated by the Central Bank of Ireland, which sets out a series of eligibility criteria that all Directors must meet.

Only natural persons of full age who are members of First Choice Credit Union may be a director of the credit union. The Nomination Committee must also consider the balance of skills, experience and knowledge relevant to board membership.

The eligibility criteria also extend to the requirements of the standards of fitness and probity for credit unions under the headings;

i. Competence and Capability

ii. Honest, Ethical and Acting with Integrity; and

iii. Financial Soundness

Role Description:

The Board of Directors is accountable to the general membership of the credit union and is responsible for the general control, direction and management of the credit union. The Board must establish and maintain objectives and policies that provide for the needs of members and safeguard the assets of the credit union on an ongoing basis.

Authority and Duties:

The board of directors is responsible for the strategic direction of the Credit Union. It will perform its duties to ensure that a viable direction is planned and will adhere to the specific duties and responsibilities for the board and board committees as set out in:
1. The Credit Union Acts, 1997 – 2012
2. Regulations to the Act, Guidance Notes and Handbooks issued by The Central Bank of Ireland
3. Directives of the Department of Finance
4. The credit union’s registered rules
5. The policy manual of the credit union

 

Functions of the Board (S.55 Credit Union Act, 1997):

The Provisions of this section are as follows:

a) setting the strategy for the credit union by preparing, including active participation and examination of strategies being developed or proposed by the manager, management team or others and preparing and adopting a strategic plan;

b) monitoring the implementation of the strategic plan by the credit union, reviewing the performance of the credit union against the measurements defined in the strategic plan and assessing, on a regular basis but at least annually, how the strategic objectives of the credit union are being achieved;

c) reviewing the credit union’s strategic plan on a regular basis, but at least annually, to ensure that it remains relevant and up to date and modifying or revising the strategic plan to incorporate any changes required as a result of the review;

d) operating a comprehensive decision-making process, considering all matters it considers to be of material relevance to the credit union and documenting the reasons for its decisions;

e) the appointment of a manager, risk management officer and compliance officer and the approval of the appointment of any other member of the management team;

f) ensuring that there is an effective management team in place;

g) reviewing the performance of the manager on an annual basis and monitoring on an ongoing basis his or her continued appropriateness to be the manager;

h) ensuring that the performance of every other employee and voluntary assistant, is reviewed and monitored on an ongoing basis to ensure his or her continued appropriateness for his or her role in the credit union;

i) identifying, in consultation with the manager, other officer positions within the credit union that–

(i)are essential to the proper management of the credit union,
(ii) are likely to enable the person holding the position to exercise significant influence on the conduct of the affairs of the credit union,
and which, together with the manager and risk management officer of the credit union are referred to in this Act as the ‘management team’;

j) ensuring there is an appropriate succession plan in place in respect of each of the positions that constitute the management team;

k) exercising appropriate oversight over execution by the management team of the agreed strategies, goals and objectives;

l) reviewing and approving all elements of the risk management system on a regular basis but at least annually and in particular:
(i) assessing the appropriateness of the risk management system,
(ii) taking account of any changes to the strategic plan including the credit union’s resources or the external environment, and
(iii) taking measures necessary to address any deficiencies identified in the risk management system

m) ensuring compliance with all requirements imposed on the credit union by or under the Credit Union Acts 1997 to 2012 or any other financial services legislation;

n) the removal from office of an officer of the credit union, except directors or members of the board oversight committee, where the board of directors has duly determined that there has been a failure by the person concerned to perform duties or responsibilities;

o) approving, reviewing, and updating, where necessary, but at least annually, all plans, policies and procedures of the credit union, including the following:

(i) lending policies including lending limits;

(ii) policies in relation to members’ shares and deposits including the setting of a maximum number of shares a member can hold and a maximum amount that a member may deposit;

(iii) liquidity management policies;

(iv) reserve management policies;

(v) investment policies;

(vi) the designating of depositories for the funds of the credit union and signatories to cheques, drafts or similar documents drawn on the credit union;

(vii) standards of conduct and ethical behaviour for officers;

(viii) remuneration policies and practices;

(ix) compliance plan and policies;

(x) records management policies;

(xi) information systems and management information policies;

(xii) business continuity plan;

(xiii) asset and liability management policies;

(xiv) outsourcing policies;

(xv) risk management policy;

(xvi) conflicts of interest policy

(xvii) such other matters as the Bank may prescribe

Election:

Voting in elections to fill the vacancies of members of the Board, whose term of office has expired, will be conducted by secret ballot at the Annual General Meeting of the Credit Union.

In accordance with the Credit Union Act, 1997 – 2012, a member elected as a director shall take office at the close of the annual general meeting at which he or she is elected.

Non-Eligibility:

The following persons are not eligible to become a director of the credit union.

a) An employee or voluntary assistant of the credit union or an employee of any other credit union;

b) A member of the board oversight committee of the credit union;

c) A director of any other credit union;

d) An employee of a representative body of which the credit union is a member, where that employee’s role could expose them to a potential conflict of interest;

e) A public servant (within the meaning of the Financial Emergency Measures in the Public Interest Act 2009) assigned to the Department of Finance and involved in advising the Minister on credit union issues or in the examination of credit union issues;

f) A member of the Commission of the Bank;

g) An officer (within the meaning of section 2 of the Central Bank Act 1942) or other employee of the Bank and who is involved in the regulation of credit unions;

h) The Financial Services Ombudsman (within the meaning of section 2 of the Central Bank Act 1942) or a bureau staff member (within the meaning of section 57BA of that Act),

I) A member of the Irish Financial Services Appeals Tribunal or a member of its staff (including the Registrar of the Appeals Tribunal appointed under section 57J of the Central Bank Act 1942);

j) The chief executive of the National Consumer Agency, an authorised officer of that Agency (within the meaning of section 2 of the Consumer Protection Act 2007) or any other member of its staff;

k) The auditor of the credit union or a person employed or engaged by that auditor;

l) A solicitor or other professional adviser who has been engaged by or on behalf of the credit union within the previous 3 years;

m) A person who is a spouse or civil partner, parent, sibling or child of a director, board oversight committee member or employee of that credit union.

 

Download Nomination Form

 

For further information please contact:
Ms. Denise Kinsella,
Nomination Committee,
First Choice Credit Union Limited,
Market Square, Castlebar,
Co. Mayo.

Email: nominations@fccu.ie
Tel: 094 9022969