... and every SECU member!
Well, it has been two weeks since a polite letter was sent to Ms. Mona Moon, Chair of the SECU Board, Ms. Leigh Brady, CEO, and all SECU Board members.
The March 31, 2025 email [see below] requested information on SECU's established procedures for SECU member-owners to submit resolutions for 2025 Annual Meeting consideration and balloting.
To date there has been neither acknowledgement nor response to the request from any party at SECU.
SECU is an organization, owned and controlled by over 2.5 million North Carolinians, each with one vote and a legal right to be heard. SECU is a company with a market value of over $5 billion - a $2,000+ ownership right for each member - that's you and me. A lot is at stake for the member-owners and all of North Carolina. The SECU Board does not have the legal right under North Carolina law to bar member participation in their cooperative.
Despite the law, the SECU Board seems to believe it is unaccountable to the SECU membership. That's unheard of: "... companies must comply with stringent legal requirements
governing shareholder meetings and resolutions, guaranteeing
transparency, accountability, and protection of shareholder interests.
Adhering to notice and disclosure obligations, quorum and voting
requirements, and proposing and adopting resolutions are imperative for
conducting legally compliant shareholder meetings."
Unfortunately, here "We" go again!
SECU doesn't have a market value of $5 billion. Do you know what market value means?
ReplyDeleteYes I do!
DeleteWill admit I was trying to be conservative and readily acknowledge that the market value of SECU is probably closer to $10 billion - @ $4,000 ownership interests per member.
SECU is accountable to members. Ignoring you as you try and lay traps for the Board doesn't mean we aren't accountable to members. You are a member who is acting against the best interests of SECU. Why in the world would we respond to you?
ReplyDelete10:27am What's the trap, help us understand.
DeleteDoes the Board have no accountability to members with which they might disagree?
"Why in the world would we respond to you?"
Well, because I thought I was a member...
Who do you respond to?
Only folks to who "raise their hand"?
All members will be given information they need to about the meeting. It's months ago. The Board and ELT is busy running the place and on top of it they have lives. They have no obligation to respond just to you. You'll know what you need to know when you know it. They have no formal obligation to respond to you individually.
Delete11:34 am First, I believe the courtesy of a response is deserved by every member, don't you?
DeleteBut, if you are "taking the request personally" would be glad to have other members ask the question Will that work?
You don't see NC. law as a "formal obligation"?
Well, there is one sentence which may well sum up the true problem with the "new/new" attitude towards the members... but at least it's hilarious...
"You'll know what you need to know when you know it. "
Can't beat that!
It is difficult to distinguish if the nonsensical responses to your legitimate questions on this blog are just people trolling or if its actually someone who is responding from a position of authority (BOD or ELT). Not being able to tell the difference is a real problem that says alot about our leadership right now.
DeleteThere’s no way BOD or ELT would respond here they would expose themselves and SECU to a quagmire of legal jeopardy. Most of these commenters are just stirring the pot.
Delete12:00 pm Agree, which has always been the problem with anonymous commenting and why t most comments get deleted or screened. Many anonymice whine about not getting posted, ... but trolling is a real impediment.
DeleteDo try to ask real questions. Assume every CU has a duty to keep the membership accurately informed; and responding to member inquiries would seems mandatory for every responsible business.
Anon 12:34pm Also agree with that.
DeleteThe letter is not asking the BOD for a "blog response", it simply requested a copy of the protocols for submitting a resolution to the 2025 Annual Meeting... again such policies are a requirement of for shareholder protection.
Such governance documents as bylaws, charter, election rules, monthly financial statements, quarterly federal call reports are required publicly available information.
All the BOD needs to do is post the information on the website for all members to access. Not difficult to comply.
Cool! I'd like to sell my one member share for $2,000 in the market. How do I do that?
ReplyDelete10:57am Would you really sell if you could? Why?
DeletePlease note 10:25 am response above that the per member value is closer to $4K!
Interesting that you made a comment about trolling as that is what most of your blog posts consist of. Also, if you would send me your Venmo information, I would be happy to send you $4k with the understanding that you close out your account.
Delete4:13pm Pretty hard to troll when each post has my name on it one would think.
DeleteAppreciate your offer, especially in your acknowledgement that $4k is about the right per member ownership interest.
Don't have Venmo, still using "1983 technology".
4:13pm But if you don't mind, send me your email and I'll find a way ...OK?
Delete🤣
Deletemembers are only good for feeding 'their' profits ....
ReplyDelete