... asking for the moon?
Ms. Mona Moon
Chair, SECU Board of Directors
August 15, 2025
Dear Chairman Moon,I would like to follow up and ask if significant SECU member resolutions may be included in the Notice of the 2025 Annual Meeting which will be sent to members on August 29, 2025? [link to your prior member letter].
Significant
resolutions from the floor were prohibited by the SECU Board in 2024; a change which
was not in keeping with the prior history of the SECU Annual Meeting.
Though not a great fan of that prohibition, it made sense in three
important respects: 1) there is not sufficient time for review and
discussion of significant issues at the Annual Meeting, 2) the vote of
the limited number of members at the actual Annual Meeting might not be
representative of the opinion of the larger 2.9 million membership, and
3) member resolutions should be limited to issues ("significant") involving the governance of SECU - not operational issues, which are the responsibility of the Board.
Realize
that the rules and agenda of the meeting are not as yet set; but
thought it would be important to have significant resolutions on
governance sent to you and the SECU Board in advance, for review and publication to the full SECU membership - their consideration and feedback remains important.
Look
forward to your response. Have also sent copies of this request to our
CEO, Ms. Brady and to our Chief Legal Officer, in case this request
should more appropriately be routed to one of them.
Thank you.
Sincerely,
Jim Blaine, SECU Member
"Don't worry if you're making waves just by being yourself. The moon does it all the time."
Did you include any resolutions? What would be an example of a significant member resolution?
ReplyDelete6:49 pm No resolutions were submitted. Waiting for response from Ms. Moon.
DeleteCommon examples proposed at other CUs in the recent past have been governance issues such as term limits and/or age caps for directors or increasing/lowering the # of directors.
There are indeed limits and rules, even with public companies, on how resolutions are brought forward. Most CU's have requirements on signatures to make resolutions, so as to some affirmation that there is some support, beyond on member's idea or issue. Same logic as to why self-nominees have to get sigs.
ReplyDelete1:29am [Up Late!] You're right. Every public company and credit union has established procedures for the presentation of resolutions.
Delete"Industry standard"!
An underlying goal would seem to be increase democratic member engagement in the coop. Good goal.
ReplyDeleteSounds good to me.
DeleteAside from 2022, his often have members utilized the process of being able to introduce resolutions at the annual meeting?
ReplyDelete8:49am Not sure as to the answer to that.; but it is a valuable right to have in any organization.
ReplyDeleteDon't believe anyone would claim that people lose their rights if they don't visibly exercise them every day.