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Remuneration and Loans

Directors are paid an annual retainer and a per diem for attending Board and Committee meetings as well as other eligible meetings, as agreed to by the Board. In 2020, total remuneration to the Board of Directors was $251,000. ACU paid expenses on behalf of Directors amounting to $10,000.

Here is individual Director remuneration for 2020, exclusive of training and development:

Director 2020 Remuneration
Crystal Laborero CHAIR 43,197
Paul Lacap VICE CHAIR 22,097
Kevin Freedman DIRECTOR 23,305
Marina James DIRECTOR 21,732
Anne Lindsey DIRECTOR 25,597
Marlene Lock DIRECTOR 20,357
James Magnus-Johnston DIRECTOR 22,455
Priti Mehta-Shah DIRECTOR 25,197
Alain Molgat DIRECTOR 24,388
Glenn Williams DIRECTOR 10,415
Dennis Anderson DIRECTOR (retired June 2020) 12,283

As of December 31, 2020, outstanding loans to Directors totaled $335,000, of which $40,000 was at government prescribed rates of interest. Director loans totaled 0.01% of our assets.

Board training

Every year, the Board approves a training and development program for the Board, individual Directors and Board Committees. In 2020, this included: mandatory Credit Union Director Achievement (CUDA) training; Credit Union Central of Manitoba Annual General Meeting; Credit Union Central of Manitoba Directors Forum; various training courses and webinars. In 2020, $9,000 was spent on Board training and development.

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