Central 1 Announces Voting Results from 2025 Virtual Annual General and Special Meeting

VANCOUVER, British Columbia, July 07, 2025 (GLOBE NEWSWIRE) -- Central 1 Credit Union (“Central 1”) is pleased to announce the voting results from its 2025 virtual Annual General and Special Meeting (“AGM”) held on June 26, 2025.

Class “A” Members passed two special resolutions approving amendments to Central 1’s Constitution and Rules (“Rules”) relating to a change in Board composition and the elimination of the Double Majority.

“In an age where consumers and technology are driving rapid evolution in the financial services industry, modern governance structures are critical to remaining nimble and responsive,” said Shelley McDade, Central 1’s Board Chair. “For Central 1 — and the members and clients it provides important payments, clearing & settlement, and treasury services to — these governance changes will enable robust decision-making, driving progress and impact for Canadian credit unions and other financial service providers who bring banking choice to Canadians.”

Also approved, by ordinary resolution, was the annual appointment of the auditors and resolutions relating to the Director Remuneration cap. Voting on the resolutions closed on July 4, 2025.

In order to be approved, each of the special resolutions were required to receive the approval of: (i) not less than 50% plus one of the Class “A” members voting on the resolution (“one member, one vote”); and (ii) not less than 2/3 of the votes cast by Class “A” members voting on the resolution, on the basis of one vote per Class A share held. All voting was done by electronic ballot.

Below are the voting results on each special resolution: 

Amendments to the Rules provided for by Special Resolution 25-AGM-S-1 (the “Board Composition Amendments”) included, generally, (i) reducing the number of directors on Central 1’s Board to eleven, (ii) seven directors from Class A Member credit unions of which two must be from Small/Medium Class A Members with four unaffiliated directors, (iii) the ability to adjust to six directors from Class A Member credit unions of which one must be from Small/Medium Class A Members with five unaffiliated directors, (iv) all eleven directed elected based on capital, and (v) removal of geographic boundaries.

Amendments to the Rules provided for by Special Resolution 22-AGM-S-2 (the “Double Majority Amendment”) included (i) the elimination of a requirement that amendments to the Rules be approved by a majority of not less than 50% plus one of the members voting on the resolution, and (ii) certain provisions relating to voting procedures with respect to Rule amendments.

Amendments to the Rules approved at the AGM are subject to regulatory approval.

Central 1 announced, at the meeting, that Meridian Credit Union re-appointed Sanjit (Sunny) Sodhi to Central 1’s Board for a third term. The following directors concluded their respective terms on Central 1’s Board of Directors and are thanked for their many contributions to the Board of Directors: Connie Denesiuk, Art Van Pelt, and Cheryl Wallace.

At the close of the 2025 AGM, Central 1’s Board of Directors is composed of the following directors:

About Central 1

Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $10.8 billion as of March 31, 2025, Central 1 provides critical payments, treasury and clearing and settlement services at scale to enable a thriving credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada. For more information, visit www.central1.com.

Contacts:

Media

Heather Merry
Senior Manager, Communications
Central 1
T 1.800.661.6813 ext. 2355
E communications@central1.com

Investors

Brent Clode
Chief Investment Officer
Central 1
T 905.282.8588 or 1 800 661 6813 ext. 8588
E bclode@central1.com

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