2023 CANADIAN CO-OPERATIVE GOVERNANCE SURVEY - CREDIT UNION FINDINGS

Affinity Credit Union Innovation Credit Union Alterna Credit Union Interior Savings Credit Union Atlantic Edge Credit Union Kingston Community Credit Union Participant credit unions come from every province and span urban and rural parts of the country. [...] The To explore credit union board composition, we look medium group consists of credit unions with more at the size of the board, the age of directors, the than $500 million and under $2 billion in assets, representation of members from different equity- revenue of more than $10 million and under $100 seeking groups, whether surveyed credit unions million, and more than 15,000 members but fewer in. [...] showing that the average age of participating credit union board members falls as the size of the credit Table 6: Age of Board Members (in years) (N = union increases. [...] When taking into consideration the size of credit The survey also finds that credit union boards unions, we found that 86% of large credit unions, tend to be governed by people with little or 57% of medium-sized credit unions, and 83% of no experience at the executive level of an small-sized credit unions had term limits, well organization in a like industry. [...] The most common type of compensation With respect to per-meeting compensation, rates for – as seen in 65% of surveyed credit unions - was small and medium-sized credit unions were similar, providing directors with an honorarium, with ranging from zero to $250 for smaller credit unions an average amount of $6,012 and a maximum of (average = $108) and zero to $400 for medium-sized $40,530.