ANNUAL GENERAL MEETING October 4, 2019

Hilton Mississauga/Meadowvale

AGM Package Contents

1. Agenda for October 4, 2019 Business Meeting 2. Minutes from October 12, 2018 AGM 3. 2019 Election Candidate biographies 4. Financial Statements (un-audited) for year ending December 31, 2018 5. 2019 Long-Term Service Award recipient biographies

ANNUAL GENERAL MEETING AGENDA Friday, October 4, 2019 8:00 – 9:00 a.m.

Hilton, Mississauga/Meadowvale

1 Chair’s Welcome

2 2019 Sponsor Recognition

3 Special Acknowledgements

4 Introduction of the DF Executive Committee

5 Administrative Details

6 Call to Order

7 Approval of October 4, 2019 Agenda

8 Approval of October 12, 2018 AGM Minutes 9 Chair’s Report

10 Election to the DF Executive Committee

11 Treasurer’s Report – Financial Statements (ending December 31, 2018)

13 Long-Term Service Awards

14 In Memoriam

15 Election Results

16 New Business/Business Arising

17 Closing Remarks

18 Adjournment

The CUDA Program Graduates presentation will immediately follow the AGM.

Director’s Forum Annual General Meeting Friday, October 12, 2018 from 8:00 – 8:40 a.m.

Courtyard by Marriott, Downtown Toronto 114 Ontario credit union delegates and guests were in attendance. Chair Tim Foster called the meeting to order at 8:00 a.m. He welcomed those in attendance to our 34th annual general meeting. Tim then thanked the 2018 sponsors, which included: the Canadian Credit Union Association/Cusource, Alterna Savings, the Deposit Insurance Corporation of Ontario, Eastern Ontario Alliance, Stikeman Elliott LLP, FirstOntario Credit Union, Tandia Financial Credit Union, Central 1 Credit Union, Fiserv, Northern Credit Union, PenFinancial Credit Union, Sudbury Credit Union, Windsor Family Credit Union, Your Neighbourhood Credit Union, Andres Consulting, Copperfin Credit Union, Concentra Financial, Frontline Financial Credit Union, Kawartha Credit Union and Your Credit Union. Tim recognized Audrey Aczel, the Directors’ Forum Manager, as well as Jennifer Ross and Kerr Smith for their roles in organizing and supporting the conference, as well as the Ontario Co-operative Association, for their continued support. Lee Davis, who works with Audrey and Jennifer at OCA, is on-site to provide staff support in Kerr’s absence. Tim also acknowledged the Audio/Visual service provider, Michael Weinstein of the Weinstein Group, for his work. Tim then introduced the Director’s Forum Executive Committee, which included himself, Tim Foster of Northern Credit Union (Chair), Kathy Stewart of Frontline Financial Credit Union (Treasurer), Stephen McDermott of Comtech Fire Credit Union, Anthony Piscitelli of Your Neighbourhood Credit Union, Tanya Gracie of Your Credit Union (who is absent but will be in attendance on Saturday) and Pauline Wainwright of PACE Credit Union (who is unable to attend). APPROVAL OF BUSINESS MEETING AGENDA The business meeting Agenda was reviewed and moved by Bette Choquette of Sudbury Credit Union, seconded by Reg Sonnenberg of PenFinancial Credit Union. CARRIED.

APPROVAL OF 2017 MINUTES The minutes of the September 29, 2017 Annual General Meeting were moved by Bob Trentadue of Kingston Community Credit Union, seconded by Cathy Hale of Education Credit Union. CARRIED. CHAIR’S REPORT Tim presented the Chair’s report. He shared our gratitude for having achieved the highest ever sponsorship contribution to date, which demonstrates the growing belief and commitment to the Directors’ Forum and its mission, within the credit union system. We have a new website, thanks to the Ontario Co-operative Association. We are launching a brand new Chairs’ Network, which is a SharePoint site that will allow Board Chairs across the province to communicate, share ideas and resources throughout the year. The Canadian Credit Union Association and Cusource developed the site for us on an in-kind basis and are contributing 50% of the annual cost of licensing. Alterna Savings has provided additional sponsorship to help us cover the remaining 50% of the first year’s licensing fee. Tim highlighted the various sessions for the day and Saturday. He expressed our gratitude to all the speakers, facilitators and moderators for their time and expertise, which helps the Directors’ Forum meet its goal of providing directors with valuable tools and resources, to help strengthen credit unions and caisse populaires, and the system as a whole. A motion to accept the Chair's Report was moved by Michael Bellmore of Sudbury Credit Union, seconded by John Mangone of Northern Credit Union. CARRIED. ELECTION TO THE DF EXECUTIVE COMMITTEE A motion to approve Anthony Piscitelli as the Returning Officer of the October 12, 2018 election to the Executive Committee was moved by Ken Walsh of Your Neighbourhood Credit Union, seconded by Leo Racette of Sudbury Credit Union. CARRIED. Anthony noted that there were two vacancies on the Executive Committee. Tim Foster and Tanya Gracie’s three-year terms were up. He then outlined the Mission, Duties & Obligations, and Eligibility Criteria of the Committee. Two nominations were received and approved by the Executive from Tim Foster and Tanya Gracie, and they were acclaimed as directors for another three years. A motion to dismiss Anthony Piscitelli as the Returning Officer, was moved by Harvey Spry of Kawartha Credit Union, seconded by Keir Kitchen of Northern Credit Union. CARRIED.

TREASURER’S REPORT Committee Treasurer Kathy Stewart presented the Balance Sheet as at December 31, 2017, noting that the Executive changed the year-end from March 31 to December 31 to better reflect our operation cycle. Prepaid Expenses is the deposit paid to the Courtyard Marriott for the 2018 Forum. Our accumulated Net Assets is $119,669 which provides stability for the Directors’ Forum. Total Revenue was higher and the expenses were lower than the previous year’s Forum, providing a net revenue of $8,903. A motion to approve the April 1st, 2017 – December 31st, 2017 Financial Statements was moved by Kathy Stewart of Frontline Credit Union, seconded by Steve Gandour of PenFinancial Credit Union. CARRIED. LONG-TERM SERVICE AWARDS Stephen McDermott conducted the ceremony and outlined the eligibility criteria for the Long Term Service Awards. The awards were presented to: Bryan Aitken, Libro Credit Union; Steve Gandour, PenFinancial Credit Union; Sandra Gribben, FirstOntario Credit Union; Catherine Hale, Education Credit Union; Keir Kitchen, Northern Credit Union; Marycatherine Kusch, Libro Credit Union; John Mangone, Northern Credit Union; Don Nicholls, Oshawa Community Credit Union; Vince Paglia, Healthcare & Municipal Employees’ Credit Union; Joyce Phillip, Kingston Community Credit Union; and Harvey Spry, Kawartha Credit Union. IN MEMORIAM While we did not receive any names from the past year, a moment of silence to remember our colleagues was observed. NEW BUSINESS & BUSINESS ARISING Tim asked the delegates if there was any new business or business arising to discuss. No new business was raised from the floor. CLOSING REMARKS Tim thanked everyone for their attendance and participation. Tim Foster then moved a motion to adjourn the meeting at 8:40 a.m., seconded by Natalia Lishchyna of Ukrainian Credit Union. CARRIED.

2019 Election Candidates for Directors’ Forum Executive

Ken Chan – Alterna Savings

Ken Chan first became a credit union member about 25 years ago. Today, he serves on the board of

Alterna Savings, a proud platinum sponsor of the 2019 Directors’ Forum. A strong supporter of the credit

union system, Ken chairs the Gary Gillam Award selection committee – an award that recognizes

members of the credit union system for their contributions to promoting social responsibility and

sustainability. He also participated on a World Council of Credit Unions field visit to Ecuador where he

joined credit union leaders from across North America and the United Kingdom in providing advice on

governance issues to local financial cooperative sector leaders.

Ken brings leadership experience from the private, non-profit and public sectors. He was public affairs

director at Vertex Pharmaceuticals, a global biotech company, and a vice president for advocacy,

research and clinical programs at Cystic Fibrosis Canada, one of the country’s leading health charities.

Ken’s Canadian public sector experience includes roles with Citizenship and Immigration Canada and the

ministries of health, natural resources, and tourism, culture and sport in Ontario. His international public

sector experience includes positions with the UK Department for Business, Enterprise and Regulatory

Reform and in the Mayor’s Office at London City Hall. Earlier in his career, Ken was a constable with the

Peel Regional Police.

An experienced director, Ken has served on the boards of Home Ownership Alternatives, Sherbourne

Health Centre, the University of Toronto, North York General Hospital and Lambeth College. He holds

the ICD.D designation from the Institute of Corporate Directors.

Ken has an MBA from the City University of Seattle and a BA from Simon Fraser University. He has

completed corporate governance and leadership programs at Said Business School (Oxford University),

Harvard Business School, Kellogg School of Management (Northwestern University), Rotman School of

Management (University of Toronto), Wharton School (University of Pennsylvania) and CPA Canada.

Ken wants to contribute to the strengthening of the credit union system by volunteering on the

Directors’ Forum Executive Committee. His strong background and experience in governance and

executive leadership will be an asset to the organization as it seeks to advance the growth of credit

union leaders through education and professional development.

Leo Racette, Sudbury Credit Union

Leo Racette has been a Director since 2004, when he was elected to the board of directors for

Northridge Credit Union. After the merger with Sudbury Credit Union, he continued on as director. He is

currently Chair of Sudbury Credit Union, and has held numerous posts, such as Vice Chair, Chair of the

Audit committee, Chair of Credit review committee and has participated in a number of other

committees. After working for himself for 17+ years, Leo decided it was time for a change and is now

employed by a local school board in Sudbury. He has been working in IT in one form or another for the

past 25+ years. Leo is a firm believer in the credit union system and our seven guiding principles. He is a

member and has been a member of the credit union system for well over 30 years.

Reg Sonnenberg, PenFinancial Credit Union

Reg Sonnenberg’s credit union membership dates back to 1976. He is currently the Board Chair of

PenFinancial Credit Union. His employment experience has included self-employment, Stelco for nine

years, and the St. Lawrence Seaway Management Corporation for 32 years. During his employment he

gained experience in the following areas: Contract and project management, contract negotiations,

executive positions, licensed industrial maintenance supervisor, engineering technician and

entrepreneur. Reg currently holds the Accredited Canadian Credit Union Director Certification and a

skilled trade’s license. He enjoys spending family time at his cottage, restoring an antique car, riding his

Harley and playing music.

Dec/18 Dec/17ASSETS

CURRENTCash

Chequing 40,771$ 51,081$ Savings 31,035 63,417Shares 125 125Term Deposits 52,497 -

Accounts receivable 1,695 774Prepaid expenses 467 8,748

126,590$ 124,145$

CURRENT LIABILITIESAccounts payable 5,137$ 61$ HST Payable 5,213 4,415

10,350 4,476

NET ASSETSBalance - beginning of year 119,669 110,766

Net revenue (net expenditures) for the period (3,429) 8,903Balance - end of year 116,240 119,669

126,590$ 124,145$

CUDO DIRECTORS' FORUMBALANCE SHEET

As At December 31, 2018Unaudited

Dec/18 Apr-Dec/17REVENUE

Registration 60,055$ 68,730$ Sponsors - Forum 39,500 31,303Sponsors - Miscellaneous 1,500 0Interest 117 139

101,172 100,172

EXPENDITURESConference

Audio visual & meeting rooms 9,828 6,800Awards, gifts, donations 1,215 1,352Banquet and entertainment 1,150 1,995Conference admin & credit card fees 4,156 3,851Food and beverage 30,435 24,080Management and support staff 32,540 29,617Speakers expenses 3,896 3,854Speakers' Fees & Cusource 14,400 13,525Sponsor expenses 273 105

97,893 85,179Operating Expenses

Administration 2,752 1,982Executive committee 3,875 3,848Staff travel 81 260

104,601 91,269

NET REVENUE (EXPENDITURES) FOR THE YEAR (3,429)$ 8,903$

CUDO DIRECTORS' FORUMSTATEMENT OF REVENUE AND EXPENDITURE

For the Year Ended December 31, 2018Unaudited

2019 Long Term Service Award Recipients

FirstOntario Credit Union

Irene Lowell

Irene Lowell has been a Director at FirstOntario Credit Union for almost 12 years. During this time she

has served as the Chair of FirstOntario’s Strategic Oversight Committee, and has been a valued member

of the Audit and Risk Committee. She has always gone above and beyond in her commitment and

dedication to FirstOntario and her fellow Directors. Irene is a retiree from General Motors, where she

worked for over 28 years and was a proud member of Unifor Local 199. A graduate of the Credit Union

Directors Achievement program, she has always been a passionate advocate for FirstOntario’s members

and a strong contributor to the unprecedented growth and success of the credit union.

Carey Smith

Carey Smith is the current Board Chair of FirstOntario Credit Union. During his tenure, he has seen

FirstOntario grow from 17 to 32 locations and assets grow from $1.3 billion to over $5.4 billion. He has

overseen the hiring of two new CEO’s, several credit union mergers, the development of a new banking

system and a review and modernization of the governance structure. Carey is currently the Registrar

and CEO of the Bereavement Authority of Ontario and was the director of investigations and

enforcement at the Ontario Motor Vehicle Industry Council. He is a recipient of the Exemplary Service

Medal from the Governor General of Canada. Carey holds a Chartered Director designation and the

Accredited Canadian Credit Union Director designation.

The Police Credit Union

Gary Leitch

Gary Leitch has been a member of The Police Credit Union since 1965. He retired from the Metropolitan

Toronto Police Service in 1996 after the completion of 31 years with the rank of Staff Inspector. In 2002

he became a member of the Sub-Audit Group and served in that capacity until September 2008, when

he became a member of the Board. Gary was a member of the Audit Committee and chaired the Policy

Committee and the Board of Directors. He currently serves as Vice-Chair on the Board of Directors.

Bob Spafford

Bob Spafford has been a Credit Union member for over 40 years and was elected to The Police Credit

Union Board in 2003. He spent over 32 years as a civilian employee of Metro Toronto Police, working in

the Records Bureau and Data Processing Unit. At The Police Credit Union, Bob is an active member of

the Board and has served on the Audit, Policy and Social Committees, as well as being Vice Chair of the

Board. Although retired, he remains a passionate member of the Board and also spends time

volunteering in the community. Bob currently serves as the Secretary on the Board of Directors.

George Tucker

George Tucker has 30 years of policing service. After 24 years as a Police Constable in 52 Division, he

was elected to the Board of the Toronto Police Association and was a Director for six years. George has

been a member of the Executive Board of the Police Association of Ontario. He was elected to the Police

Credit Union’s Board of Directors in 2000 and is a Board member of Youth Assisting Youth, a charitable

organization for youth mentoring.

Windsor Family Credit Union

Bob Nesbitt

Retired from his positions as Treasurer with the local CAW, Executive Director of the AIDS Committee of

Windsor and an advocacy position with a Member of Parliament, Bob has been helping to promote the

credit union system for over 20 years. First elected to WFCU Credit Union’s Board of Directors in 1997,

Bob currently holds the position of 2nd Vice Chair. He also serves as Chair of WFCU Credit Union’s Audit

Committee and is a member on their Executive Committee. Previously, he served as the Past Chair for

WFCU Credit Union’s Nominating Committee, and in 2016 he received his CCD Designation from Credit

Union Executive Society (CUES) Governance Leadership Institute in Toronto. As a result of his extensive

volunteerism over the years, which has included CAW Co-op Homes Development Project, Odysseus

Victim Service Project and AIDS Committee of Windsor, Bob was named a recipient of the Queen

Elizabeth II Golden Jubilee Medal, the Charlie Brooks Community Service Award, and the CMHA

Volunteer of the Year Award.

Elisabeth van der Pol

Educated in the fields of Accounting and Hospitality Administration, Elisabeth is an independent

business consultant. Involved with the credit union system for over 20 years, she was first elected to

WFCU Credit Union’s Board of Directors in 2012, and currently serves on WFCU Credit Union’s Audit

Committee. In addition, she has previously served on the Nominating Committee of WFCU Credit Union,

and on the Executive and Audit Committees of credit union boards in the positions of Chair, President,

and Vice President. Elisabeth is a graduate from the Credit Union Directors Achievement Program. In

2018, she received her Canadian Credit Union Director Accreditation through Cusource. Her passion for

the credit union system is reflected in her volunteerism as a Director on the Ontario Credit Union

Foundation Board of Directors and their Governance Committee.