Why Do Credit Unions Have Annual Meetings?
Members First Credit Union’s 2021 Annual Meeting is being held on Tuesday, April 20th at 6:30 pm. Like last year, the annual meeting is being held virtually, where you can attend from the comfort of your own home.
So, why do credit unions have annual meetings?
Credit union annual meetings are all about you, the member! One of the unique aspects of credit unions is our not-for-profit, cooperatively owned structure. When you open an account at a credit union, your required deposit represents a share of ownership. It all boils down to the cooperative principle of Democratic Member Control.
According to the National Credit Union Foundation, credit unions (like all cooperatives) are democratic organizations owned and controlled by their members. Each member gets one vote, no matter their financial status, to help make the organization’s policies and decisions, including electing voluntary directors and trustees.
At our Annual Meeting, our credit union members vote for candidates who are running for a vacant spot on our volunteer Board of Directors and our Supervisory Committee.
Like all elected officials, the Board is responsible for determining how our credit union is run. That’s why it’s especially important for our member owners to participate in the voting process.
In fact, in some countries, credit union Boards of Directors offer the first or only opportunity for citizens to vote!
Annual meetings also give credit union members a chance to hear updates from the credit union about financial data and accomplishments, learn about completed and in-progress projects, and get to know your credit union leaders and volunteers. Everything we do is for our membership, so come let us celebrate you!
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