Board Elections
Board Elections Process
As part of our annual Board elections process, Velera Owners annually elect CEOs of Owner credit unions to the Board of Directors (Board), which is confirmed during the Annual Meeting each year. The Board is charged with governing Velera and plays an important role in ensuring the continued success of the cooperative. Given the importance of the Board’s role in Velera’s operations, we continuously seek to drive enhancements and further transparency into this defined Board election process. Developing and maintaining a Board that both represents our membership and brings a diversity of thought to our governance process is critical.
CEOs elected to the Board each serve three-year terms. The following is Velera’s nominations and elections process and eligibility requirements:
Eligibility
To be considered for a position on the Board, a potential candidate must be the CEO of a financially sound credit union that meets the requirements to be a full-voting Velera Owner. They must also possess a working knowledge of Velera and the ability to contribute significantly to the Board in governing the organization. Velera makes every effort to develop and maintain a Board that both represents our ownership and brings valuable diversity of thought to the boardroom discussions.
Application Process
Velera maintains a robust Associate Director program that provides future Directors with valuable Boardroom experience before taking on a role as a full voting Director. Whenever possible, preference is given to Associate Directors to fill open positions.
Anyone interested in applying for Velera’s Associate Director program or a Velera Director position should contact their Client Growth Executive.
Annual Elections
Each year, three to four seats are up for reelection, and the following process occurs:
- Committee Selects Candidates – By early December, the Nomination and Succession Committee will review the applicants and finalize the slate of nominees. The Board will then approve the slate of candidates.
- Final List of Nominees – A communication will be distributed at least 40 days before the Annual Meeting with the final list of nominees appointed by the Nomination and Succession Committee and approved by the Board. A proxy card will also be distributed at this time to eligible Owners.
- Elections and Results – Eligible Owners will have the opportunity to submit their proxy before the Annual Meeting, and the results will be announced during the meeting. The Director’s new term begins immediately after the meeting.
The specific dates for each annual cycle are determined by Velera’s Operating Agreement and are dependent on the date of the Annual Meeting.
If you have any questions on this nomination and election process, please email annualmeeting@pscu.com.
