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Armagh Credit Union

Succession Plan Policy
This policy was adopted by the Board of Directors of Armagh Credit Union Limited.

Signed:Position Position ________________ ________________

Date:

Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority: Registration Number 573925: Version Dec2015


Armagh Credit Union

Purpose
It is the responsibility of Board of Directors of Armagh Credit Union to emphasize the importance of continuity of management and leadership, and have a policy in place to ensure the smooth transition of authority in the case of the departure from Credit Union for example the Manager and/or a Director/a member of the Senior Management Team.

Unplanned Departure
If the departure of for example the Manager or other key staff is unplanned and without warning, the President of the Board of Directors (in their absence the Secretary or Treasurer) will immediately arrange a special Board of Directors Meeting followed by a full staff meeting to communicate the situation and the Board's decisions and planned response. The employees will be reminded that the Board of Directors is responsible for any communication related to the situation. Explanations of how the staff should handle the situation with members, vendors, etc. will be provided. Considerations for discussion include: ·Reason for departure ·A statement will be issued to employees that they will be authorized to give in response to queries from members, vendors and others interested parties. ·Staff will be told to pass more detailed queries (e.g. Press) to a nominated Director (e.g. President/Secretary/Treasurer) ·Person(s) in charge ·Projected process for recruitment of the Manager and/or key personnel with anticipated time frames ·When and how additional information will be provided

Special Board of Directors Meeting
The President will call a special meeting of the Board of Directors held no more than three working days after the Manager 's and/or the President is unavailable, then all duties fall to a member of the event of fraud or potential fraud the Board should inform the all banks, accountants. as soon as possible, but to be key personnel's departure. If Executive Committee. In the the relevant statutory bodies,

At this special board meeting, the Board of Directors will name an interim manager or nominate the management team to conduct the business of Credit Union. During this time, the management team will continue to conduct business as usual. Either at the special meeting or at the next regularly scheduled board meeting, the Board of Directors will address: · Forming a search committee or hiring an outside consulting firm, · Deciding on the time frame, within which they will work to replace the person, · Advertising outside Credit Union, the geographical area or state to fill the position, and · Making an announcement to the employees on the status and the procedures of the search. The remaining management team, (e.g. Treasurer, Manager, and/or Assistant Manager, the President, Board staff liaison officer and staff will be jointly responsible for the operations of the Credit Union until the Board of Directors makes an appointment. If a conflict of decisions comes up between management team members, the problem will then be brought to the full Board for a
Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority: Registration Number 573925: Version Dec2015


Armagh Credit Union

final decision. The President and the management team will determine the need to: · Change combinations · Change or delete security codes · Change door locks · Change computer passwords where necessary: (e.g., system server, data processor, Corporate Credit Union and other Internet accounts) ----Acquire or change Any Remote Data storage and Computer equipment; Retrieve property, policies and equipment from employees, board members and committee members.
If necessary, notification will be provided to the ILCU and the CU's banks.

Loss of Directors
The Board have in placed a Nominations Committee whose task is to look at the skill base of the Directors and take suggested nominations to the full Board. Upon completion of FCA/PRA formal procedures, the new recruits join one or more of the credit unions sub committees before being invited to join the Board initially in a shadowing capacity before replacing a retiring Director. The Board asks that Directors give (if possible) 12 months notice of retirement. The Board should annually review its total membership capacity and if necessary take a motion to the next AGM to change its membership number.

Loss of Supervisors
The Nominations Committee seek candidates for the Committee of Supervisors, any such names should be passed to the Head Supervisor for consideration by their committee.

Replacing Directors, Volunteers and Supervisors
The Nominations will people with a range of skills to complement the present Directors, Volunteers and Supervisors. Upon acceptance by the Board, each new recruit will complete the required PRA forms which must be counter-signed by the Board's compliance officer. Upon getting the required clearance from the PRA, the new people will required to spend at least one year on either the Credit Committee or the Internal Audit Committee (Supervisors), after which time they may become Directors when a vacancy occurs.

Replacing the Manager
One or two staff should be trained in the working of all aspects of the computer system including accounts. The Board must ensure that succession plans are in place.

Armagh Credit Union is authorized and regulated by the Financial Conduct Authority and Prudential Regulation Authority: Registration Number 573925: Version Dec2015