Board of Directors Election FAQs
Thank you for your interest in serving as a member of the UNFCU Board of Directors. Below are responses to frequently asked questions regarding the nomination process.
Directors fulfill vital leadership, legal, and fiduciary responsibilities and act in the best interests of UNFCU members. Collectively, the Board provides leadership and oversight to ensure that UNFCU remains competitive and resilient to changing economic and market conditions. The Board also establishes policies that management and staff follow in achieving UNFCU’s mission and vision.
The Board Chairperson appoints at least three UNFCU members to the Nominating Committee in November of each year. The Nominating Committee is responsible for reviewing all applications and selecting qualified UNFCU members as candidates for election to the Board.
Members may apply for a Board nomination from December through the end of January. Applicants must complete an online application and submit it to the Nominating Committee during this time. The Nominating Committee will select and notify the candidates in February.
We announce the selected candidates on the UNFCU website in March. We also send emails to the UNFCU membership. Voting starts in late April and continues through the day before the Annual General Meeting (AGM) in June. The successful candidates are announced during the AGM. All candidates are notified by email immediately following the AGM.
The UNFCU Nominating Committee considers criteria such as the following when selecting nominees:
- Is the member at least 18 years of age?
- Has the member been convicted of a crime involving dishonesty or breach of trust?
- Is the member in good standing with UNFCU?
- Is the member able to act solely for the interest and benefit of UNFCU and its members?
- Does the member have relevant education and/or experience?
In this election cycle, the Board is seeking applicants with a strong professional background in finance and relevant experience in the United Nations system.
A member in good standing is a member who:
- Has a fully funded Membership Share, and
- Is not significantly delinquent on any UNFCU loans, and
- Has not had any UNFCU accounts closed due to abuse or negligent behavior, and
- Has not caused a financial loss to UNFCU, and
- Has not engaged in violent, belligerent, disruptive, or abusive activities, such as actions that may cause material risk or financial harm to UNFCU.
To ensure continuity on the Board, no more than one-third of the Board seats turn over in any given year. Therefore, each year, three seats are voted on by the UNFCU membership.
Newly elected/re-elected directors start immediately following the announcement of the election results at the Annual General Meeting in June. A brief organizational meeting will take place to appoint the officers for the new one-year term. Arrangements can be made for virtual participation.
UNFCU Board members serve a three-year team that begins at the close of the Annual General Meeting in June. Board members can run for re-election as their three-year term is ending, and may serve a maximum of five terms, or 15 years.
No, the UNFCU Board of Directors are volunteers elected by our members to serve the Credit Union membership without compensation. UNFCU does reimburse Board members for reasonable and necessary expenses incurred in connection with their service to UNFCU. This would include reimbursement for travel-related expenses to attend Board meetings, credit union industry conferences, and other types of education. Reimbursement is in accordance with the UNFCU Board of Directors travel and conference policy.
On average, Board members can expect to spend six to seven hours per month on Board work. This includes the time spent preparing for the two monthly meetings.
New Board members will go through an orientation to gain understanding into the regulatory environment, leadership, and operations of UNFCU. Additionally, they must complete an online course covering the governance model used by the Board. New Board members may be paired with an existing Board member who will guide the newly elected director through the processes of Board membership and duties. Members of the Executive Operations team provide access to vital documents and serve as the Board’s administrative liaison.
Most of the monthly Board of Directors’ meetings are held at UNFCU headquarters located just outside of Manhattan, in Long Island City, New York. While in-person attendance is preferable, directors may opt to participate virtually as needed. The Board also conducts an annual weeklong strategic planning session, which is held in a different location each year. In-person participation is mandatory. Travel is usually necessary for participation in industry conferences and other learning opportunities.