Central 1 Credit Union

Central 1 Credit Union

May 03, 2016 13:50 ET

Central 1 Announces Voting Results From Annual General and Special Meeting and Re-Election of Board Chair

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 3, 2016) - Central 1 Credit Union (Central 1) is pleased to announce that its Class A members (Members) have approved three special resolutions to amend its rules, and general resolutions at its Annual General and Special Meeting held on April 30, 2016.

To pass, a special resolution must be approved by a majority of votes cast by Members based on one Member/one vote, and at least two-thirds of votes cast by Members based on their capital. The voting results for the special resolutions are as follows:

Outcome of the Vote Votes by Ballot based on capital Votes by Ballot based on one Member/one Vote
Votes For Votes Against Votes For Votes Against
Special Resolution 16-AGM-S-1 which provides Members holding more than 12.5 percent of Class A Shares with the option to (i) appoint a director and not vote their capital for other capital seats from their province, or (ii) not appoint a director and vote their capital for capital seats from their province. Carried 94.0% 6.0% 96.8% 3.2%
Special Resolution 16-AGM-S-2 which allows Class A Members holding more than 12.5 percent of Class A Shares to vote the difference between 12.5 percent and the number of Class A Shares held by that Class A Member on the basis of one Class A Share/vote. Carried 84.1% 15.9% 78.5% 21.5%
Special Resolution 16-AGM-S-3, as amended, which deals with a number of housekeeping amendments. Carried 99.6% 0.4% 98.4% 1.6%

Members of Central 1 also approved the appointment of the auditors and authorized the directors to fix their remuneration, the 2016 Dues Assessment, and the 2016 Flow-Through Dues Assessment. The B.C. Members approved the 2017/18 British Columbia Province-Wide Communications Campaign.

In a Board of Directors meeting following its Annual General and Special Meeting, Rick Hoevenaars was re-elected as Board Chair and Bill Kiss was elected as Vice-Chair.

The full Central 1 Board of directors now includes:

Rick Hoevenaars, Board Chair Kelly McGiffin
Bill Kiss, Vice Chair Emmet McGrath
Anita Braha Penny-Lynn McPherson
Keith Brain Rob Paterson
Bill Cooke Blaize Reich
Elmer Epp Doug Stoddart
Kerry Hadad Rob Wellstood
Angela Kaiser

The directors serve Central 1 as a whole, but are nominated in, and elected from, either the Ontario or British Columbia regions. This year, the second year of Central 1's governance transition, the size of Central 1's board decreased from 18 directors to 15, 13 of which are elected or appointed by the Members and two of which are appointed by the Board.

"On behalf of the Board of Directors, I would like to extend my sincere gratitude to retiring directors Dan Burns, Terry Enns, Bill Maurin and Tamara Vrooman for their many years of service and wish them the very best going forward," said Rick Hoevenaars, Chair of Central 1. "As a director and chair of the Audit Committee, Bill Kiss has brought diverse financial, accounting and business experience to the board and I look forward to working with him as he assumes the additional responsibilities of Vice-Chair."

About Central 1

With offices in Vancouver, Mississauga and Toronto, Central 1 holds on balance sheet approximately $14.9 billion in assets. We provide wholesale financial products, trust services, payment processing solutions and direct banking services to more than 300 credit unions and institutional clients from coast to coast.

In addition, Central 1 is the primary liquidity manager, payments provider and trade association for our 42 member credit unions in B.C. and 75 Ontario member credit unions. Our members represent a consumer-oriented, full-service retail financial system that serves 3.3 million members and holds more than $106.3 billion in assets. For more information, visit www.central1.com.

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