Vancity postpones election to its board of directors and plans "virtual" annual general meeting

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      Canada's largest credit union is giving its 543,000 members a bit more time to elect four of its nine directors.

      Vancity will hold the vote from May 11 to May 29.

      Directors Theodora Lamb, Anita Braha, and Lily Grewal are wrapping up three-year terms. Another director, Teresa Conway, is stepping down for personal reasons with one year left in her term.

      Braha and Grewal are seeking reelection. Other candidates are corporate social responsibility expert Christie Stephenson, accountant Doug Enns, Squamish Nation councillor Khelsilem, and writer, artist, and filmmaker Susan Nievaart.

      The top three vote-getters will serve three-year terms, with the fourth-place finisher serving a one-year term.

      Nievaart, a deep-ecology feminist, is the only one of the give candidates who hasn't been recommended by a board nominations and election committee. It's chaired by director Niki Sharma and the only other member is Vancity board chair Jan O'Brien.

      Eligible voters will receive packages by mail about the election. 

      Vancity also announced today that it will hold a "virtual" annual general meeting online on June 15, 2020.

      Theo Lamb (seen with son Sagan) is not seeking reelection to the Vancity board of directors.

      In other Vancity news, the credit union launched a "Unity Term Deposit" on March 23 with the goal of helping people, small businesses, and nonprofit groups feeling the economic impact of the COVID-19 pandemic.

      With a one-year, none-redeemable term at a three percent interest rate, the funds will be reinvested in the local community.

      "At a time when we’re all being asked to keep our distance from each other physically, the Unity Term Deposit allows people to still come together when they need each other the most," Vancity president and CEO Tamara Vrooman said in a news release.

      “The Unity Term Deposit will allow our members to help people facing financial fallout from COVID-19. It’s a guaranteed return and guaranteed support for those in our community who need it most."

      The Vancouver-based financial institution oversees $28.2 billion in assets and assets under administration.

      To date, Vancity has completed 3,898 loan deferrals for its members.

      It's also offering minimum payment deferrals of up to six months with a 50 percent interest-rate reduction to 9.75 percent for cardholders who have felt the economic impact of the pandemic.

      Vancity has the ability to increase limits, waive fees, and offer other adjustments on a case-by-case basis, so it's urging members to call to discuss any financial issues they may be having as a result of the COVID-19 outbreak.