Welcome to the 2015 Annual Report

 

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Governance Accountability Report

Board Accountability

ACU's Board of Directors inspires and is inspired by the progress we are making toward our vision of using finance for good. Through its Board Accountability report, the board models principles that are embedded in our commitment to values-based banking—including transparency and inclusiveness in governance and reporting.


> Attendance
> Remuneration and Loans
> Board Training
> Audit & Risk Report
> 2015 Accomplishments

 

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ACU directors are expected to participate actively in governing the credit union. One of the indicators of participation is attendance at board and committee meetings. This table provides an overview of director attendance at the board and committee meetings.

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arrow 15pxRemuneration and Loans

Directors receive an annual retainer and are also paid a per diem for attendance at regular and special board and committee meetings and other eligible meetings as agreed to by the board. In 2015, total remuneration to the board of directors was $262,000. Expenses paid by the credit union on behalf of directors amounted to $36,000.

The following chart outlines individual director remuneration in 2015, exclusive of training and development:

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Director
2015 Remuneration
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Vera Goussaert
Chair
$32,632
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Nicole Ritchot
Vice Chair
$23,904
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Dennis Anderson
Director
$22,650
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Wilbur Coates
Director
$19,333
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Margaret Day
Director
$39,362
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Kevin Freedman
Director
$21,021
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Crystal Laborero
Director
$24,362
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Paul Lacap
Director
$12,661
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Craig Lee
Director
$13,725
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Garry Loewen
Director
$27,333
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Alain Molgat
Director
$23,862
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As at December 31, 2015, outstanding loans to directors totaled $679,000 of which $158,000 was at government prescribed rates of interest. Director loans totaled 0.02% of the assets of the credit union.

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Annually, the board approves a training and development program and supports training for the board as a whole, its committees, and for individual directors. In 2015, training included: Credit Union Director Achievement (CUDA) training; Large Credit Union Conference; Credit Union Central of Manitoba Conference and Annual General Meeting; Credit Union Central of Manitoba Directors Forum; Canadian Credit Union Leaders Conference; various training courses, luncheons and webinars. In 2015, $24,000 was spent on board training and development.

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The Audit and Risk Committee's primary role is to ensure that an effective enterprise risk management framework has been implemented. Within this framework, the committee assists the board in fulfilling its oversight responsibilities regarding financial risks, including efficiency and effectiveness of operations; safeguarding of assets and members' deposits; compliance with regulatory requirements; reliability of financial reporting; and independence of the external and internal audit functions. This report outlines the key activities undertaken during the year.

Risk Management
The committee gained assurance that the enterprise risk management framework is effective by reviewing various reports prepared by management. The committee also reviewed various risk-related governing policies and recommended these policies to the board for approval.

Control Framework
The committee gained assurance that management has implemented appropriate internal controls and that regulatory requirements are being met by reviewing reports prepared by management and the Internal Auditor.

Financial Reporting
The committee gained assurance that financial information was reliable and fairly presented by reviewing and approving ACU's accounting policies; reviewing management's financial reporting and budgeting processes; reviewing the quarterly financial statements; and reviewing and recommending the annual audited financial statements to the board for approval. Quarterly, the committee reviewed loan allowances and loan write-offs and recommended these to the board for approval.

Internal Audit Function
The committee oversaw the internal audit function by approving the annual internal audit work plan; gaining assurance the internal audit function is using a risk-based approach; gaining assurance the conduct of internal audit is consistent with professional standards; reviewing reports from the Internal Auditor; meeting in-camera with the Internal Auditor; and evaluating the performance of the internal audit function.

External Auditor
The committee oversaw the External Auditor by approving the engagement letter and external audit fees; reviewing the scope and timing of the External Auditor's work; reviewing the auditor's independence; meeting in-camera with the External Auditor; evaluating the services of the External Auditor; and recommending to the board the appointment of the External Auditor. The committee also reviewed the Canadian Public Accountability Board (CPAB) annual report on audit quality and has implemented a process to discuss the report with the External Auditor annually.

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In 2015, the board continued to set strategies, approve ACU's budget and annual measures of success (Balanced Scorecard), and monitor our performance. The board also:

  • participated in a Joint Partnership Committee with Access Credit Union to recommend to members and seek their support to amalgamate with Access
  • strengthened dialogue with members and the community at large through planned visits to ACU branches, attendance at community events, and active involvement in social media
  • oversaw ACU's Enterprise Risk Management system, including reviewing ACU's Risk Profile and monitoring new and emerging risks
  • oversaw the successful implementation of the second year of the multi-year governance roadmap integrating values-based banking throughout ACU
  • monitored trends in corporate governance, considering implications for ACU
  • engaged in discussions on strategic topics to ensure a strong understanding of issues that may impact ACU and our stakeholders in the future
  • actively participated in credit union system initiatives, contributing insight and feedback to changes proposed in the provincial credit union system
  • attended local, provincial and national credit union and co-operative conferences
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