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2014 Annual Report - Accent on Accountability

Accent on Accountability

Committed to excellence in corporate governance

BlueShore Financial is governed by a highly experienced nine-person Board of Directors.

In addition to approving long-range objectives and policies, the Board closely monitors the Credit Union’s progress. The Board continually reviews its corporate governance practices to ensure they reflect the appropriate oversight, independence and accountability our clients and stakeholders expect and deserve.

In 2014, our Board continued its focus on:

  1. Reviewing the organization’s long-term strategic plan and monitoring management’s execution of the plan.
  2. Ensuring the organization has a comprehensive enterprise-wide risk management process and is monitoring risk, including emerging risks due to global uncertainties, on an ongoing basis.
  3. Reviewing results of ongoing client surveys to understand feedback on what is important to clients and to ensure we are achieving or exceeding expectations.
  4. Ensuring the Board has the appropriate regulatory (and other) committees and the expert resources to accomplish their oversight responsibilities.
  5. Adhering to the “Standards of Sound Business and Financial Practices,” as recommended by Stabilization Central Credit Union, our industry self-regulator.
  6. With assistance from industry compensation experts, setting the compensation and performance objectives for the Chief Executive Officer, reviewing the compensation for Executive Management and overseeing the compensation philosophy for the organization.
  7. Conducting formal evaluations of individual Board members and overall Board performance, facilitated by a third-party expert.
  8. Reviewing the skills and experience required for Board members through the Nominations and Election Committee, and proactively seeking out individuals who they believe best possess the skills required.
  9. Completing mandatory industry director education sessions and staying current with governance best practices through leading governance organizations such as the Institute of Corporate Directors.
  10. Engaging with management and internal and external auditors to review the internal controls, accounting and auditing to ensure timely and accurate financial reporting.

In 2015, the Board will continue to commit significant time and resources to ensure governance policies reflect best practices for credit unions, including adherence to the Governance Guideline issued by our industry regulator, the Financial Institutions Commission (FICOM).

* BlueShore Financial is the operating name of North Shore Credit Union.

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