An opportunity to be part of an exciting co-operative business
The Co-op Credit Union is a member-owned and run business providing savings and loans services to employees across the co-operative sector. It is based in an office in Angel Sq Manchester, has over 8000 members, savings under management of over £5m and provides loans totalling £3m per annum. It was formed 20 years ago by employees of Group, CIS and the Bank with support from the chief executives of the 3 organisations at the time.
Co-op Credit Union provides responsible and affordable credit to its members, in many cases providing credit where the main-stream lenders would not, with a maximum rate of 29.8% APR unlike the pay-day loan sector and many credit cards. Additionally, part of the CCU ethos is to promote and encourage saving so that members can build financial resilience for the future.
CCU is a fully regulated business (by the Financial Conduct Authority and Prudential Regulation Authority just like banks and building societies), a member of the Financial Services Compensation Scheme (which protects member deposits), employs 6 people and has a board of non-executive directors who provide strategic direction and oversight of the business.
The CCU is looking for new non-executive directors to join the board, applicants do not need to be existing members but would be required to become members. The roles are voluntary but reasonable expenses are paid. They provide the opportunity to become involved in leading a co-operative business providing an important financial and social service to members.
The Board meets formally around 6 times a year (in Manchester), attends the Annual General Meeting with members, and has less formal meetings in between where business performance is discussed and support provided to management.
Job Description for a Co-op Credit Union Director
Title: Board Director
Reports to: Members
Purpose of the Job
The main purposes of the job are to:
- set policy, develop the Credit Union’s strategic and tactical plans
- ensure that the Credit Union operates within the law
- ensure that the Credit Union is maintained in a sound financial condition
- review the Credit Union’s mission, long term objectives and strategies through a comprehensive business planning cycle
- communicate with members in order to inform the business planning process and provide feedback to members
- review the progress of the Credit Union towards its business plan objectives
- evaluate the services that the Credit Union provides
- report to the members at the Annual General Meeting and at appropriate opportunities throughout the year.
Specific Duties
1 Work with management and other board members to develop objectives and goals for the Credit Union
2 Ensure that the Credit Union complies with the law, its Rules and Policies and Procedures
3 Ensure that the Credit Union is in a sound financial position, and that the Credit Union’s assets are protected against unauthorised or illegal tasks. Designate authorities for management and staff, authorise borrowing, set investment policies and provide for appropriate insurance cover
4 Establish polices or make sure that they are established, and approve them for all Credit Union activities
5 Ensure that new products and services are developed in line with member needs
6 Approve the Credit Union’s budget on an annual basis and monitor progress throughout the year
7 Appoint management, define his/her job description, and review his/her progress in the job, in attaining the Credit Union’s goals and objectives.
8 Attend Board meetings and any sub-committee meetings. Exercisejudgementindependently from management, and report to the members at the Annual General Meeting
9 Directors occasionally attend meetings of the trade association and other external meetings where appropriate and report back to management and other directors.
