The Responsive SECU Board Strikes (Out!) Once Again...

    ... 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."

✅ The Letter: March 31, 2025

Ms. Mona Moon, Chair

State Employees' Credit Union

119  North Salisbury Street

Raleigh, North Carolina 27601 

 mona.moon@board.ncsecu.org,

 

Ref: 2025 SECU Annual Meeting

Dear Ms. Moon:

In anticipation of the 2025 SECU Annual Meeting, would you please provide or publish the approved SECU Board procedures for the presentation of several substantive, member-supported resolutions in the notice of the 2025 Annual Meeting?  

In compliance with "Rule 6" of the SECU Board's 2024 annual meeting rules, several substantive motions will be submitted for consideration by - and for a vote of -  the SECU membership. 

 

Would like to salute the "every member" voting procedures adopted by the SECU Board in 2024, which enable all SECU members to vote on candidates and issues. A very positive precedent for maintaining the democratic principles at the core of SECU.

In that a contested election is anticipated once again this year, the additional member voting opportunities on substantive issues should not add to the cost nor complexity of the voting process.

Please forward the approved policies and procedures requested at your earliest convenience. Thank you.

Sincerely,

Jim Blaine, Member SECU

cc: Ms. Leigh Brady, SECU CEO leigh.brady@ncsecu.org,

 

 

😎 The SECU Board proclaims: "We are SECU!" ... but "they" aren't.

 

Unfortunately,  here "We" go again!