Protect your Voting Rights

 

Beehive is currently a democratic institution. As at all credit unions, governance is based on the American principle of one-person-one-vote. If Beehive becomes a bank, according Beehive itself, “Some members may have a greater number of votes than other members, rather than all members having one vote regardless of the amount on deposit” (Disclosure Statement p.4). This is because voting power is determined by the amount you have deposited into the mutual savings bank.

 

Additionally, bank rules generally grant the board of directors effective control of the institution through the use of “running proxies.” These allow directors to vote on members’ behalf if the members agree, and may give the directors a controlling share of votes. Beehive plans to allow this “running proxy” voting (Disclosure statement p.25).

 

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