Board of Directors
Vantage West volunteer and executive leadership have together begun the process of modernizing the credit union’s governance and election structure. Legacy members of the Board of Directors have helped launch the first steps of this modernization process by stepping down from their volunteer roles to welcome a new Interim Board of Directors. Please read the Letter to the Membership for details.
Vantage West is currently seeking members who are interested in serving as interim Directors. These interim Directors will serve in their roles until the 2019 Annual Meeting, at which time the entire Membership will be invited to elect your Board of Directors via electronic voting.
If you are a Member who is interested in appointment to the Board, please apply by clicking here. Below, you will find more information about the Board, Director expectations, desired expertise, and the Board’s primary roles and responsibilities.
If you have questions or would like to share feedback regarding the governance modernization initiative, please do so by completing the form provided below.
General Summary: About the Board of Directors
Vantage West Credit Union is governed by a seven-member Board of Directors. These volunteer leaders are elected by and from the Membership, and it is their primary duty to ensure that Vantage West is operated in the Membership’s best interests. Terms are for three years and are staggered so that approximately an even number of seats come up for election each year.
Directors are expected to possess integrity, speak frankly, and make sound and ethical judgements. They must be able to commit the time necessary to effectively serve the Membership, including monthly meetings, strategic planning sessions, and training courses.
The Board’s role is strategic and visionary. The Board designates objectives and sets policies that the President/CEO uses to oversee the credit union’s operations. This practice keeps the Board focused on high-level strategy while giving the President/CEO and his or her staff the ability and flexibility needed to achieve the Board’s objectives.
The volunteer leadership model sets Vantage West apart from other types of financial institutions. Directors contribute their leadership, knowledge, ideas, and vision to the benefit of their fellow credit union Members. In exchange, they receive practical leadership and team experience, financial institution and management education, and networking and educational travel opportunities. More-importantly, Directors enjoy the satisfaction that comes from helping shape Vantage West such that it remains financially sound as a credit union, an employer, and its Members’ first choice in products and services to help them meet their financial needs.
Above all else, the Board of Directors helps Vantage West fulfill its purpose to Invest in people today to achieve a more prosperous tomorrow.
General Director Expectations
Directors of Vantage West Credit Union will be expected to bring to the Board a broad range of knowledge and depth of experience from their chosen business or profession, as well as an understanding of the principles and values of Vantage West and the communities it serves.
Directors should evidence a demonstrated ability to deal with business, financial, and social issues. This implies a capacity to provide additional strength, diversity of views, and up-to-date perspectives to the Board and its deliberations.
Directors should have a fundamental understanding of their role and responsibility to the credit union. Directorship on the Board of Vantage West is not a public office, and although the Board will be representative of the community that it serves, the Director’s primary responsibility is to act at all times in the best interests of the credit union’s Membership. This fiduciary duty is both a legal obligation and a mandate under the terms of the credit union’s bylaws.
A Director should be able to work productively with others and have the ability and willingness to commit the time and effort required to do so.
Directors should be fully informed regarding their responsibilities and liabilities as a Director prior to a commitment to serve.
To be eligible and qualified to serve on Vantage West Credit Union’s Board of Directors, a Director must be a Vantage West primary member whose membership is in good standing, must have the ability to comply with the Governance Handbook, and must meet all of the following minimum requirements:
- Minimum Age: 18 years of age or over
- Citizenship: An American citizen or a person lawfully admitted to the United States for permanent residency who is ordinarily resident in the United States
- Membership Status: No membership in any credit union that has been terminated other than voluntarily
- Credit Standing: No financial obligations with any institution, company, or agency extending credit that are or have been delinquent more than two consecutive monthly payments at any time during the past four years
- Bondability: Must qualify for bonding
- No Criminal Record: No felony convictions or pending felony charges
- Credit Union Employment: Not a current employee of Vantage West
- Outside Employment/Service: Not employed by, or actively serving on any board or committee of, any other financial services provider that is a direct or indirect competitor of the credit union
- Policy/Procedures: Must become and remain familiar with and adhere to applicable Vantage West policies and procedures and comply with all aspects of the Bank Secrecy Act
- Agreement to Serve: Must fill out completely an “Application to Serve as a Volunteer and Statement of Consent Form for a Volunteer Position” on a form(s) authorized by the Board of Directors
- Conflict of Interest: Is free of any real or perceived conflict of interest that may reasonably be expected to prevent the candidate from acting in the best interests of the credit union as a whole and independently of any particular interest arising as a result of any previous, existing, or future relationship with the credit union or its Membership, regulators, competitors or vendors/suppliers
Desired Expertise and Experience
Based on a determination of the overall expertise required by the Board as a whole, specific expertise in the categories below will be considered positive attributes for potential candidates. It is recognized that not all candidates will have all expertise, experience, and attributes listed, and that they may change from time to time depending on the credit union’s needs, and that the objective of articulating such desired expertise, experience, and attributes is to achieve a well-balanced mix of such skills and expertise on the Board of Directors.
- Local business operations
- Customer/member relations in a service sector
- Operations expertise in high-growth industry sectors
- Financial services industry and regulatory experience
- Finance and financial reporting processes background
- Credit or interest rate risk management
- Human resources or labor relations
- Governance, audit, and/or operational risk assessment and management
- Technology, internet, e-commerce, information security
- Executive, director or other leadership experience
The attributes below will be considered when selecting candidates for Board appointment or selecting nominees for Board election, as applicable.
Alignment with Vantage West Credit Union Principles:
- Ability and willingness to make a real contribution to Vantage West Credit Union, the Board and its Membership
- Commitment to Vantage West’s strategic objectives, vision, commitments, and values
- An understanding of Vantage West’s unique service and contribution to its Membership
- Ability to reflect the culture, values, and commitments of Vantage West
- Ability to bring to the Board a knowledgeable perspective on issues affecting business in the geographic jurisdictions in which the credit union carries on business
- Ability to assist Vantage West in making contacts and assisting in business development or strategic alliances where appropriate
- Personal experience, community service, and a commitment to the issues and concerns of the geographic jurisdictions in which the credit union carries on business
- A core knowledge of or the desire to learn about the cooperative financial sector and the concepts, principles, and values of the cooperative environment
Added Considerations for Directors in General:
- Local or regional stature in the candidate’s chosen business or profession or community involvement
- Willingness to ask probing questions and challenge management within the appropriate governance context
- Ability to operate “as a team” at the Board level and to “speak with one voice” once a full discussion has been undertaken and a decision has been made by the Board in accordance with its governance policies
- Previous board and/or committee experience
- Vantage West member for at least two years prior to the date of service
- Utilization of the credit union as the candidate’s primary financial institution
- Ability to assess business strategies, operations, and the implications of financial statements and auditor’s reports
- Ability to bring a perspective of external business, social, and regional issues to the deliberations of the Board
- High ethical standards
- A strong, independent candidate who also contributes effectively as a team member of the Board and its committees
- Forward thinking with a knowledge of potential changes and trends facing the future of the industry
- An understanding of corporate governance and the fiduciary duties and responsibilities of both a Board of Directors as well as of individual Directors (in particular – a comfort level with the principles of the governance model under which the Board operates)
- Possess a commitment to continuous learning
- Good interpersonal relations
Potential Director candidates will not be denied consideration by reason of race, color, sex, religion, disability, age, national origin, veteran status, geographic location, or affiliation with some special constituency group, nor will any candidate be selected solely for such reason.
PRIMARY ROLES AND RESPONSIBILITIES; JOB DESCRIPTION
- Attend all regular monthly meetings and any special meetings of the Board of Directors
- Approve policies, determine and declare dividend rates, terms, maximum share limits, and classes of shares
- Approve the policy that dictates and determines rates, maturities, security, terms, conditions, and interest refunds for all loans granted by the credit union
- Approve the policy that determines the granting and appropriate collection of loans and authorizes the charge-off of uncollectible loans
- Authorize all appropriate borrowing on behalf of the credit union
- Authorize the appropriate deposit and investment of funds of the credit union
- Amend the credit union bylaws and Governance Handbook, subject to state and federal regulations, when/as appropriate
- Hire, fix duties and compensation, and evaluate performance of the President/CEO and set the governance and policy parameters for other President/CEO actions
- Appoint an Executive Committee of no fewer than three Directors to act with respect to specifically delegated functions authorized by regulations and the Board
- Appoint the credit union’s Supervisory Committee which is responsible for making, or causing to be made, all appropriate audits and checks, and ensuring proper functioning of the credit union
- Appoint a Nominating Committee of at least three members to recruit, vet, and nominate qualified candidates to run in the annual election for the Board of Directors
- Appoint the Asset/Liability Management (ALM) Committee. The ALM Committee is responsible for the management of the credit union’s assets (primarily loans and investments) and liabilities (includes member deposits) to ensure that they produce the planned level of net interest margin over all economic cycles and it is their primary objective to maximize both profitability and net worth, while ensuring enough liquidity to meet current needs, without exposing the bottom line to the risk of substantial losses
- Approve the policy designating a Membership Officer, a Security Officer, and operational committees as necessary
- Approve the surety bond needs of the credit union at least annually and ensure that appropriate persons are bonded in accordance with applicable laws and regulations
- Approve the policy that articulates the manner in which Membership applications, security needs, and records retention are handled
- Maintain all of the credit union’s business affairs and affairs of its Membership in a confidential manner
- Outside of prescribed policy and legal limits, act on loans to Directors and all volunteer committee members
- Fill vacancies on the Board and volunteer committees and appoint alternates to act in the absence of a regular member of those committees
- Act as positive ambassadors for the credit union and its products and services
- Hold or cause to be held an Annual Meeting of the Membership and present a report of the Board of Director’s activities
- Evaluate and approve the credit union’s salary structure and annual adjustment mechanism upon recommendation of the President/CEO, as well as approve goals and payout parameters for variable compensation and authorize its payout based on the credit union’s performance
- Comply with National Credit Union Administration (NCUA) fiduciary rule §701.4 Financial Literacy requirement, which relates to being able to read and understand the credit union’s balance sheet and income statement
- Complete all mentor-assigned training; the cost of education programs will be borne by Vantage West
Current Board Members
Five voting members and two alternate members comprise Vantage West’s Supervisory Committee. The group is appointed by the Board and functions independently to safeguard the assets of Vantage West and its members. The Supervisory Committee also performs audits of our financial statements each year to ensure accurate record keeping. Members of the Supervisory Committee possess integrity as well as the ability to speak frankly and make sound judgments. They should also be able to dedicate time for meetings, training events, and conferences (sometimes involving travel).
Applications from members interested in a 2018 appointment to the Supervisory Committee are also being accepted.
To contact the Supervisory Committee please write to:
PO Box 15115
Tucson, AZ 85708
Current Supervisory Committee Members