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 2018, total remuneration to the Board of Directors was $277,000. ACU paid expenses on behalf of Directors amounting to $32,000.

Here is individual Director remuneration for 2018, exclusive of training and development:

Director2018 Remuneration
Alain Molgat CHAIR 43,887
Paul Lacap VICE CHAIR 28,555
Dennis Anderson DIRECTOR 24,250
Wilbur Coates DIRECTOR 25,136
Kevin Freedman DIRECTOR 23,695
Marina James DIRECTOR 12,869
Crystal Laborero DIRECTOR 30,337
Anne Lindsey DIRECTOR 26,978
Garry Loewen DIRECTOR 25,867
James Magnus-Johnston DIRECTOR 24,562
Nicole Ritchot DIRECTOR (retired April 2018) 10,745

As of December 31, 2018, outstanding loans to Directors totaled $509,000, of which $130,000 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 2018, this included: Credit Union Director Achievement (CUDA) training; Large Credit Union Conference; Credit Union Central of Manitoba Conference and Annual General Meeting; Credit Union Central of Manitoba Directors Forum; Canadian Credit Union Leaders Conference; and various training courses, luncheons and webinars. In 2018, $19,000 was spent on Board training and development.


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