At 1:00 pm the Annual Meeting for SECU NC will commence. The meeting can be viewed virtually by going to the credit union’s homepage.
This is an unprecedented event in the history of America’s cooperative financial system. With an estimated 2.8 million ballots mailed or by voting online (or in person today), it will be the largest election for a cu board ever conducted.
SECU is the second largest credit union in America with $56 billion in assets. It is unusual for the member-owners of any credit union to have a choice in their directors. In this case, there are two competing slates of candidates with differing business priorities and strategies for the cooperative.
Most importantly everyone can watch this meeting live, virtually. The Agenda includes the standard reports from the Chair, auditors CEO and the foundation. This year’s meeting procedures have been changed to limit open interaction with members during the meeting.
Rule 5. Up to one hour will be set aside during the meeting for a question-and-answer session. Members must submit any questions in advance of the meeting. To permit as many members to ask questions as possible, we ask that you limit yourself to one question or topic.
The final agenda item is the announcement of the members’ votes to fill the four open director positions. Both sides have urged members to vote. There were active social media campaigns by the incumbents and the member-nominated group. These campaigns extended over 60 days once all nominees were known.
If the voting turnout is significant or should there be a split result, one probable outcome will be an energized, involved and aware group of member-owners. Once engaged in their franchise role, it could change forever the governance dynamics of the credit union going forward.
A Cooperative Awakening?
SECU’s tagline on its website with the information about the member annual meeting is:
Your voice. Your right. Your vote.
While credit unions routinely cite their democratic one vote per member-owner design, it is rarely provided in board elections. This example will demonstrate the ability of the election process for any credit union. And just maybe, reawaken member-owner enthusiasm for their pivotal role in their financial cooperative.
I plan to watch the event and report the outcome on Wednesday.