Pawtucket Credit Union

“In 2024, Credit Union's board of directors approved amendments to the bylaws as follows: 1. Article 7, Section 1 to set the board of directors' size between 9 and 13 members. 2. Article 7, Section 7 by removing the current language which limits directors from serving on the board beyond the age of seventy-five (75). 3. Article 7, Section 1 to reflect the numerical structure of the supervisory committee as no fewer than three (3) nor more than five (5) members. 4. Article 8, Section 3 by removing the current language which limits committee members from serving on the supervisory committee beyond the age of seventy-five (75)”

“The credit union is a member-only financial institution.”

“The members vote for the board of directors at the annual meeting. The members also vote on all business that is presented at the annual meeting.”

“The members vote for the board of directors at the annual meeting. The members also vote on all business that is presented at the annual meeting.”

“The form 990 is made available to all board members for review prior to filing.”

“Each member of the board of directors reviews and signs the board governance/ethics policy in april of each year. This policy includes conflicts of interest and requires notification to the full board of any actual or perceived conflict of interest and further requires such board member to absent him or herself from any deliberation or vote on all related matters. All employees, including key employees, attest to the code of conduct annually.”

“A ceo evaluation committee, comprised solely of members of the board of directors, meets a number of times each year to determine the compensation structure for the ceo. Performance of the credit union relative to strategic plan initiatives is reviewed. Financial performance compared to the financial goals set for the period as well as how the credit union compares to peer groups is also reviewed to determine overall financial performance. Salary data from independent consultants for financial institutions of comparable size is used by the committee to help determine changes in compensation. A written report of the annual review process and recommendations is prepared by the ceo evaluation committee and submitted to the board of directors. Changes to the ceo's compensation and benefits package are approved by the board of directors. Salary changes for officers are considered based on written annual performance appraisals required by each department head. Salary data from independent consultants is also used to determine appropriate compensation levels for the officers. The ceo prepares written appraisals on all executive officers. Compensation recommendations for all officers are presented by the ceo to the board of directors for their review. Changes in compensation for all officers are approved by the board of directors.”

“Copies of documents noted under this item are available to the public upon request. The balance sheet of the credit union is posted in each branch monthly and unaudited financial statements (year-end balance sheet and income statement) are included in the annual report provided to members at the annual meeting in april of each year.”

“The supervisory committee retains the audit firm and oversees the audit of the financial statements each year. The audited financial statements and management letter are reviewed by that committee as well as with the full board.”