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Board Committees   

Meridian has five standing committees which work together to maintain and streamline the following areas: Audit & Finance, Governance, Human Resources, Nominating and Risk.

Audit & Finance Committee

The Audit & Finance Committee’s principal role is to ensure the integrity of financial reporting and internal controls, accounting policies and reporting procedures. They also oversee internal audit function alongside compliance with all applicable regulations, and manage the audit relationship with the external auditors.
 

Committee Members:

  • Ken Bolton - Chair   
  • Larry Doran
  • Carol Hunter
  • Peter Patchet
  • Gail Harding
 

Duties include:

  • Reviewing financial statements, internal controls, accounting policies and reporting procedures
  • Ensuring integrity of financial reporting
  • Overseeing internal and external audit processes and relationships
  • Overseeing Audit and non-Audit services by the external auditors
  • Monitoring Regulatory compliance
  • Reviewing and monitoring compliance with Board policies
  • Ensuring compliance with Restricted Party and Conflict of Interest matters
  • Overseeing the relationship with the Chief Audit Executive

 


Governance Committee

Meridian’s Governance Committee is responsible for creating and maintaining a healthy governance culture. They ensure that Members are assured of appropriate representation and governance structures, policies and procedures that reflect the industry’s current best practices. 

Committee Members:

  • Carol Hunter - Chair   
  • Jeff Chesebrough           
  • Karen Farbridge
  • Mike Valente
  • Gail Harding
 

Duties include:

  • Overseeing the Board and Committee structure and membership
  • Ensuring the process for evaluating Board and Committee performance in order to assess the effectiveness of the Board, its Committees and Committee Chairs
  • Overseeing the Board’s annual planning process
  • Regular review of all Board’s governance policies
  • Orientation and evaluation of Directors
  • Assessment of Board/Management relationship and Management performance
  • Development of Directors
  • Ensuring opportunities for promoting Meridian through interactions with other credit union Directors
  • Taking a leadership role within the credit union system
  • Accountable for the general content, objectives and guidelines of Meridian’s annual report
  • Overseeing activities associated with the Annual General Meeting and any Special Members’ Meetings

Human Resources Committee

Meridian’s Human Resources Committee is responsible for overseeing the HR policies and programs. They ensure that policies and programs are developed, implemented and adhered to by Management in support of business strategies. They also support Meridian employees, that they receive fair and meaningful employment in a safe and respectful workplace.

Committee Members:

  • Peter Patchet - Chair 
  • Jeff Chesebrough
  • Karen Farbridge
  • Colleen Sidford
  • Bruce West
 

Duties include:

  • Reviewing Board’s People Policy and recommending changes
  • Ensuring our compensation philosophy and guidelines for compensating the Credit Union’s employees, and confirming they are aligned with the Credit Union’s business strategies
  • Overseeing Meridian’s employee Pension Plan(s)
  • Reviewing results of the annual Employee survey
  • Due diligence on the process for establishing the performance metrics and measures for, the performance assessment of, and recommending the compensation for the President & CEO
  • Overseeing compensation and talent management plan for the Executive Leadership Team (CEO’s direct reports)
  • Overseeing the process for the Board to provide input to Management on the performance metrics and measures for, performance assessment of, and talent management plan for the Corporate Secretary
  • Succession planning for the President & CEO, Executive Leadership Team and Corporate Secretary
  • Recommending Director Compensation to the Board

Nominating Committee

The Nominating Committee is responsible for overseeing the process of nominations including evaluation, selection and election processes for Board candidates. They also manage activities associated with the Annual General Meeting, including the Annual Report.

Committee Members:

  • Colleen Sidford - Chair
  • Tamara Paton
  • Bruce West
  • Andrew Lo
 

Duties include:

  • Assessing of the adequacy of the  candidate pool to ensure it fulfills any identified gaps
  • Overseeing nomination, assessment and recommendation of best qualified candidates for the Board
  • Overseeing the Director election processes

Risk Committee

Meridian’s Risk Committee is responsible for ensuring processes for identifying, managing and monitoring critical risks within the credit union. They oversee Meridian’s credit risk management policies and DICO standards and conduct all activities associated with Enterprise Risk Management including the establishment of a risk appetite framework; and to the investment portfolio. In addition, the Committee is responsible for the review and approval of credit transactions for Meridian’s restricted parties.

Committee Members:

  • Larry Doran - Chair
  • Ken Bolton
  • Tamara Paton
  • Mike Valente
  • Andrew Lo
 

Duties include:

  • Ensuring policy guidelines are in place throughout Meridian
  • Reviewing and approving individual connected and restricted party credit applications
  • Annual review of several Board Risk Management policies
  • Monitoring risks associated with major project initiatives which support Meridian’s Strategic Plan.