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 and manage the audit relationship with the external auditors.
Committee Members:
- Lianne Hannaway – Chair
- Matt Davies
- Michael Lomas
- Rick Lunny
- Hari Panday
- Gail Harding (ex-officio)
Duties include:
- Reviewing the financial statements, internal controls, financial information, accounting policies, reporting procedures and reporting systems of Meridian
- Reviewing Meridian’s financial performance relative to key performance indicators
- Ensuring the integrity of financial controls over financial reporting, including the disclosure of Meridian’s financial position, and material risks, in a timely, effective and transparent manner to Meridian’s Members and stakeholders
- Ensuring procedures are in place for the receipt and resolution of complaints regarding accounting practices, internal controls, auditing matters or fraud
- Overseeing Meridian’s annual budget, capital plan and multi-year financial projections
- Overseeing internal and external audit processes and activities, including approval of its internal audit plans, and external audit plan and findings reports
- Overseeing capital management processes and reporting
- Ensuring the independence of the external auditors
- Overseeing, recommending appointment, and ensuring the independence of Management of the Chief Audit Executive
- Overseeing and recommending appointment of the Chief Financial Officer
Governance and Nominating Committee
Meridian’s Governance and Nominating Committee is responsible for creating and maintaining a healthy governance culture, and by leading Board succession, nomination, and election processes. 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:
- Stacey Grant-Thompson – Chair
- Upkar Arora
- Matt Davies
- Hari Panday
- Gail Harding
Duties include:
- Oversees Meridian’s governance framework, including Board and Committee mandates, governance policies, and rules of engagement
- Monitors Board effectiveness through Board, Committee, Chair, and individual director evaluations
- Oversees director orientation, education, development, and ethical conduct
- Supports Board succession planning, including director, Board Chair, and committee chair succession
- Oversees the integrity, fairness, and transparency of the director nomination and election process
- Reviews and recommends director selection criteria and assesses director candidates
- Oversees governance-related disclosure and Member engagement, including governance aspects of the Annual General Meeting
- Reviews proposed by-law amendments and governance-related communications to Members
- Oversees subsidiary governance in alignment with regulatory expectations
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:
- Karen Farbridge – Chair
- Upkar Arora
- Betsey Chung
- Stacey Grant-Thompson
- Gail Harding
Duties include:
- Overseeing talent, corporate culture, employee engagement and progress on diversity, equity, inclusion, belonging and reconciliation (DEIBR) efforts
- Reviewing Meridian’s Code of Ethics, including whistleblower policy, and overseeing employee ethics and conduct themes
- Overseeing the HR policies and programs to ensure that they are developed, implemented and adhered to by Management in support of Meridian’s business strategies
- Overseeing the development, updating and monitoring of, remuneration programs, policies and practices regarding Director compensation
- Overseeing the process for appointment of the CEO
- Administering the review process of the CEO’s performance and compensation against established objectives
- Overseeing and reviewing the Total Rewards Framework, including compensation and talent management plan for the Executive Leadership Team (CEO’s direct reports)
- Overseeing the employee pension plan
- Overseeing the development, updating and monitoring, of compensation plan design and programs for employees
- Ensuring remuneration is aligned with prudent risk taking and aligned with Meridian’s risk profile
- Overseeing the succession planning for the President & CEO and Executive Leadership Team
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 FSRA standards and conduct all activities associated with Enterprise Risk Management including the establishment of a risk appetite framework, and oversight of the investment portfolio. In addition, the Committee is responsible for the review and approval of credit transactions for Meridian’s restricted parties.
Committee Members:
- Phil Armstrong – Chair
- Betsey Chung
- Karen Farbridge
- Michael Lomas
- Rick Lunny
- Gail Harding (ex-officio)
Duties include:
- Ensuring a robust process for identifying, assessing, reporting, managing and monitoring Meridian’s critical and emerging risks
- Ensuring that policy guidelines and systems are in place to ensure that enterprise risks are within approved risk appetite
- Overseeing the establishment of a risk appetite framework
- Providing strategic oversight to risk management policies and FSRA standards
- Overseeing the adequacy of Meridian’s and its subsidiaries’ resources to conduct business, and protect Members, depositors and stakeholders
- Reviewing significant investments to ensure soundness against Meridian’s financial position
- Reviewing Meridian’s regulatory compliance and privacy matters
- Reviewing and approving individual restricted party credit applications
- Overseeing and recommending appointment of the Chief Risk Officer