Tuesday, 12 December 2017 16:33

Innovation Credit Union members vote YES on federalization proposal

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Innovation Credit Union members have voted in favor of Innovation’s proposal to become the first federal credit union headquartered in Saskatchewan. Of 17,214 who voted, 82% voted in favor of the Special Resolution. 

 

Innovation’s Board President, Bruce Sack, was extremely pleased with voter turnout and members’ interest in the credit union’s future direction.
“The voter turnout was simply outstanding,” says Sack.  “It’s the largest membership vote in our history. We’d like to thank our members for their tremendous support of our proposal and for engaging in one of the most important benefits of being a member—the democratic process.” 
A positive vote is a required first step in the approval process for Innovation. Other Canadian regulatory bodies will also have to approve the credit union’s application to become a federal credit union.
“We needed 75% of voting members to vote in favor of the proposal, a clear majority in order to  proceed,” says CEO Daniel Johnson. “Our board can now confidently move forward with the application.  We’re thrilled.”
As a federal credit union, Innovation would have the flexibility to address challenges on the horizon, including a static, aging membership and growing competition from banks and technology companies who can provide financial services across the country. It would allow the credit union to
actively promote itself to non-members outside Saskatchewan. Innovation’s initial plans are to expand digitally. 
“We’re incredibly proud of our staff team who spoke to over 29,000 members about the Special Resolution.  Their passion and dedication to our future direction has been remarkable,” says Johnson.
“This was a large undertaking, our most important endeavor in the historyof our credit union, and they went far beyond my expectations, ensuring our members were well informed and involved. I’m honored to work with such an amazing team. While we are very excited about the overwhelming support from our members, we do acknowledge some members did not the support resolution.” 
Johnson continued: “We respect our democratic principle and will continue to grow our credit union
by engaging all of our membership.”
The positive vote does not automatically conclude Innovation as a federal Credit Union.  Innovation
will work to continue as a federal credit union over the next one to two years.  Exact timelines for the
approval process will be communicated.

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