Today I submitted this letter to the B.C. Financial Institutions Commission (FICOM), with my comments on their draft Governance Guideline for Credit Unions. Main points:
Accountability requires competition in board elections.
=> So boards should not be able to disqualify competitors based on subjective assessments.
Lack of accountability opens the door to corruption.
=> Only competitive elections can prevent favouritism in the use of members' funds.
Board control of information can bias elections.
=> Boards should not be allowed to put their recommendations on board election ballots.
=> Without that, Vancity members would have elected Lisa Barrett instead of Allen Garr.
Please don't let the foxes design the hen house.
=> The public interest should take precedence over lobbying by credit union insiders.
Will next week's B.C. election have any effect on FICOM's final Governance Guideline? Just asking...
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