LATHAM, N.Y. — Reflecting the industry trend toward mergers and consolidation, the New York State Credit Union League announced last week a reduction of its board size and a new governance structure reflecting credit union asset size.
The move, said William J. Mellin, president/CEO, "further ensures our board is reflective of the diversity of our membership."
The league said its directors have adopted amendments to bylaws in the areas of board size, composition and elections.
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Under the change, which takes effect at the annual meeting May 22, the league board will be reduced from 16 to 11. The 11 positions will be divided into five asset categories reflective of credit union asset sizes across the state.
As part of the new election process, each member CU votes for all board directors. Elections will be conducted via mail ballot. Present board directors and chapter council members will serve until the 2007 annual meeting.
To help CUs become familiar with the new election process, the league was offering a live Webinar last week hosted by Michael Lanotte, senior vice president/general counsel for the League. Topics covered were to include timeline for 2007 elections (from the call for nominations to the deadline for ballot return), eligibility criteria to hold office, term lengths and asset voting categories.
The New York League's CU members have more than $37 billion in assets and 4.1 million members. –[email protected]
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