- Call Meeting to Order
Confirmation of quorum - Approve Minutes of the April 7, 2022 Annual General Meeting
- New Business:
As special business, to confirm the repeal and replacement of the Credit Union’s by-laws - Election of Directors
- Reports
Board of Directors Chair and Chief Executive Officer
Diversity Report
Credit Committee
Audit Committee - Review of the 2022 Financial Statements
- New Business:
Appointment of External Auditors - Other Business:
To vote on the Proposed Airline Financial Credit Union Asset Purchase - Adjournment
Report of the Board of Directors Chair & CEO
In 2021, the Board and Executive teams developed a bold new Strategic Plan along with an updated Vision and Mission for Luminus Financial by responding to the needs of our member-owners and communities. In 2022, we began implementing this plan, with key tasks and outcomes falling under our four new Strategic Pillars:
- Financial Stability
- Core Operations
- Member Focused Banking
- Assurance & Trust
During a demanding year, Luminus Financial has relied on our Four Foundational Pillars to navigate challenges with unwavering conviction. Our focus on anticipating future needs and being responsive to changing circumstances means that the credit union will remain strong and innovative, while always keeping our core community values at the forefront of everything we do.
2022 Financial Results
$547,686
NET INCOME
$171 Million
IN TOTAL ASSETS
$158.7 Million
IN DEPOSITS
$3 Million
IN INTEREST PAID TO MEMBERS
$6.2 Million
FINANCIAL INCOME
$10.4 Million
IN MEMBER'S EQUITY
$147.6 Million
IN LOANS TO MEMBERS
The Purchase of Airline Financial
It is with great joy and enthusiasm that the Luminus Financial Board of Directors and Executive Team announce the proposed purchase of the assets of Airline Financial, along with the assumption of its liabilities.
In addition to providing new and improved offerings for Airline Financial members, the proposed transaction brings with it a stronger workforce to help grow our organization through more staff, expertise, and resources. We will also be moving our head office to the existing Airline Financial branch at 5401 Eglinton Ave W. Suite 110 Etobicoke, ON. This growth in size and expansion to a new location will allow us to serve our member-owners more effectively and efficiently, ensuring that the quality of service you have come to know and love will only continue to improve.
The proposed transaction is an exciting endeavor, and we are committed to addressing any questions from our member-owners and community partners. We provided an initial list of answers to some of the most frequent questions here. We will continue to update this list as the transaction progresses and hope that it helps make the transition as seamless as possible for all affected parties.
Credit Union Bylaw Changes
Luminus Financial has updated their bylaws as follows:
- New and amended definitions
- Content being removed from the bylaws to a Board-approved policy, e.g., qualifications
for directors additional to those required by the Act, nomination and election procedure - Greater discretion in the manner of voting at annual general meetings, to permit the Board to deal with circumstances which may require or make preferable a particular manner of voting
- Clarification of director term limits, permitting stricter enforcement of those limits
- Modernization of the ways in which notice can be given of a membership meeting
- Providing that each annual general meeting will consider a report on the gender diversity of the Board
Director Elections
CANDIDATES ACCLAIMED TO THE BOARD OF DIRECTORS:
Ashanna Khanna
Donna Johnson
Gavin Price
Jonathan Bowness