The financial services market requires Directors to have strong business acumen and a dedication to service in order to meet the demands of the highly regulated industry. Board members play a vital role in crafting the strategic direction of the credit union. As elected advocates, the board duties include, but are not limited to:
- Setting the strategic vision and direction for On Tap Credit Union
- Providing budget approval and ensuring the finances of On Tap Credit Union are handled properly
- Ensuring compliance with applicable legislation
- Monitoring financial and operational performance to meet strategic goals
- Serving on various committees
- Attending regular meetings to establish policy and business strategies
The time commitments for the Directors to prepare for and attend meetings, obtain and maintain the requisite regulatory training and continuing education are significant. This warrants fair and reasonable compensation. With the assistance of expert compensation consultants, On Tap Credit Union has established a compensation policy that outlines the performance required for compensation and provides frameworks to ensure compliance with the requirements of the Credit Union. Based on On Tap Credit Union's strong performance and forward-thinking mission, the Board established a compensation schedule for its Chair and Directors that is reasonable and consistent among financial institutions and other organizations. The compensation is reviewed annually and the Board may make changes to the compensation schedule as needed to align with the organizational requirements.
Compensation Schedule (effective June 1st, 2023):
The compensation schedule is paid monthly, with the total annual compensation as follows:
- Board Chair: $27,000 Annually
- Board Members: $24,000 Annually per Board Member
