Board Elections Process

As part of our annual elections process, Velera Members select CEOs of Member credit unions to represent the collective membership as 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 Board’s important role, we continuously seek to drive enhancements and further transparency into the elections process. Maintaining a Board that represents our membership and brings diversity of thought to our governance process is critical.

The following represents Velera’s nominations and elections process and eligibility requirements:

Eligibility

To be considered, a potential candidate must be the CEO of a financially sound credit union that meets the requirements of a full-voting Velera Member. They must also possess a working knowledge of Velera and the ability to contribute significantly to governing the organization. Velera makes every effort to develop and maintain a Board that represents our Membership and brings valuable diversity of thought to 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 voting Director. Given this experience, preference is given to Associate Directors to fill open positions.

Interested CEOs should contact their Client Growth Executive for additional information.

Annual Elections

Each year, three to four seats are up for reelection, and the following process occurs:

Committee Selects Candidates – In October, 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 will also be distributed to eligible Members at this time.

Elections and Results – Eligible Members will have the opportunity to submit their proxy before the Annual Meeting, and the results will be announced during the meeting. The Director’s term begins immediately after the meeting.

If you have any questions on this nomination and election process, please email annualmeeting@velera.com.