Mr. Philip Hosford:

There are a couple of issues. We have no issue with the Central Bank approving nominations but currently there is a very defined timeline; for example, nominations must be received by a particular date, the committee would take on the nomination and it would be passed on to the annual general meeting. The draft does not mention timeframes and it seems that it is up to the nominating committee to define timeframes. It would be a good idea to have specific timeframes applying across the board and on a uniform basis for all credit unions. For example, a nomination could be in by 30 June.