Board Directors and Supervisory Committee compensation

TwinStar Credit Union

Notice of Officials Compensation

(September 1, 2022)

TwinStar Credit Union has established a Compensation Policy to provide reasonable compensation for its Board of Directors and Supervisory Committee (Officials) as allowed by Washington law and the Credit Union's Bylaws. The TwinStar Board believes the payment of compensation to Officials will enhance the Credit Union’s ability to attract and retain qualified Officials to represent the members. There are currently 9 members of the Board of Directors and 5 members of Supervisory Committee.

Responsibilities of Officials. The Board of Directors is responsible for the general direction and control of the Credit Union. The Directors serve on multiple committees and generally meet monthly. The Board establishes the strategic plan, annual budget and policies, and reviews the Credit Union’s financial performance. The Supervisory Committee is responsible for overseeing internal controls, conducting an annual audit of the financial statements, and verifying the accuracy of members’ accounts. The size and complexity of TwinStar requires Officials with financial knowledge, diverse skills and dedication to meet the management demands of a competitive and highly regulated financial services industry. The time demands of Officials’ meetings, meeting preparation, regulatory training and continuing education warrants fair and reasonable compensation.

TwinStar Financial Performance. TwinStar has consistently achieved strong financial performance that supports reasonable compensation. TwinStar delivers competitive financial services to our members while ensuring safety and soundness of TwinStar.  To ensure a sound future, TwinStar has built net worth that exceeds the levels required by its regulators to be classified as well capitalized and achieved strong net income to maintain or grow net worth, and manage the risks within its operations. For more information about TwinStar’s financial performance, please visit our web site at www.twinstarcu.com

Due Diligence. The TwinStar Board has conducted due diligence research on compensation structures and compensation levels of credit unions, other financial institutions and non-profit organizations of proportional size, complexity, mission and financial performance as TwinStar. The Board reviewed the peer group compensation data and market information of peer credit unions, banks and non-profit organizations for a comparative analysis of reasonable compensation in TwinStar’s regional and national market. Based on TwinStar’s strong financial condition and progressive mission the Board established a compensation schedule for the TwinStar Officials that is reasonable and consistent among peer credit unions and other organizations.

Compensation Schedule. The Credit Union provides reasonable compensation in the form of an annual stipend, paid quarterly, based on the leadership and position held and the Compensation program will begin September 1, 2022. This structure provides compensation commensurate with the respective time demands of the different positions.  The following annual compensation was approved for the Board of Directors and Supervisory Committee members for 2022-2023, following the date of this Notice:

Board Chair.................................................................................... $20,000

Director.......................................................................................... $15,000

Committee Chair............................................................................. $  3,500

Supervisory Committee Chair............................................................ $12,000

Supervisory Committee Member........................................................ $  8,000

 

The Board elects the Board officers following the Annual Meeting each year.

Should you have questions regarding this please contact our CAO Tammy Teeter at tteeter@twinstarcu.com.