Wealth One Bank Of Canada – Independent Director

CALL FOR DIRECTORS

The Board of Directors of Wealth One Bank of Canada (Wealth One or the Bank) is developing an up-to-date roster of potential candidates for appointment to the Board. A vacancy for an independent director will exist as of January 1, 2021.

The Bank employs a competency-based approach to ensure selection of highly qualified and experienced candidates capable of fulfilling the Board’s legal and fiduciary role to provide oversight of the Bank’s operations and its responsibilities under the Bank Act (Canada), the bylaws of Wealth One, the mandates of the Board of Directors and committees of the Bank and all applicable legislation and regulations, including the Corporate Governance Guideline of the Office of the Superintendent of Financial Institutions (OSFI).

The role of a Director is to contribute positively and effectively to WOBC as a member of a strong and active Board. In carrying out this role, each Director will demonstrate a clear understanding of their statutory and fiduciary duties by demonstrating a continuing commitment to act at all times honestly, in good faith and in the best interests of WOBC and to exercise the care, diligence and skill of a reasonably prudent person.

ABOUT WEALTH ONE BANK OF CANADA

The Bank commenced operation in the summer of 2016 as a privately owned federally regulated Schedule I Bank with authority to operate across Canada with an initial and continuing focus on the Greater Toronto Area and the Greater Vancouver Area, where the Bank maintains retail offices. WOBC’s headquarters is in North York, Toronto.

The Bank’s strategic vision is to “become a preferred bank for the Chinese Community in Canada”. The Bank’s strategic priority is to become a preferred provider of a range of specialty banking products, predominantly to consumers and businesses within the Canadian Chinese community. The Bank will accomplish this by delivering a tailored suite of financial products that are designed to specifically satisfy the needs of customers in the Chinese Canadian community, as well as all Canadians who share similar financial needs.

During its early stage of operations, the business focus has been on the design and development of the appropriate suite of financial products; the implementation of a sufficiently robust and scalable operational and technology platform; the acquisition of the right team of management and employees to grow the Bank; and the most effective go to market strategy. Wealth One’s business proposition is currently focused on residential and commercial mortgage lending, loans secured by the cash-surrender value of eligible life insurance policies, and retail and broker originated deposit products.

As at November 30, 2020, the Bank had approximately $400 million of total assets, and $60 million of shareholders’ equity. Wealth One projects that it will reach profitability in 2021.

See the Bank’s website for additional information (www.wealthonebankofcanada.com). Also, recent balance sheets and income statements of Wealth One can be accessed at OSFI’s website (https://www.osfi-bsif.gc.ca/Eng/wt-ow/Pages/fd-df.aspx).

REQUIRED COMPETENCIES & CANDIDATE EXPERIENCE

As a federally regulated banking institution, all aspects of the business of Wealth One are closely supervised by federal regulatory authorities, most particularly by OSFI. As such, the Bank must be proactive in seeking qualified candidates for the Board of Directors who have financial, governance, and risk experience appropriate for the prudent oversight of a banking institution of the size and nature of Wealth One.

WOBC is specifically seeking individuals who ideally meet the following criteria:

Knowledge, Skills and Experience

  • Is financially literate;
  • Understands and is familiar with key components of strategy development andexecution;
  • Has proven leadership capabilities through senior executive roles with a financial institution;
  • Has experience serving on at least one board of a similar size, scope and complexity as the Bank;
  • Has working knowledge and experience operating within an OSFI supervised environment, including corporate governance principles and best practices, executive and director compensation, and committee mandates;
  • Holds a post-secondary degree and some form of governance education such as ICD.D (Institute of Corporate Directors) or C.DIR (Director’s College); and
  • Possesses demonstrated skills and experience in such areas as: o Financial serviceso Credit/Risk management
    o Real estate lending
    o Capital markets/private equity
    o Business growth and transformation o Sales and marketing

Personal Attributes

  • Willing and able to devote the time and energy needed to fully participate on a Board and act in the best interest of the organization and its various stakeholders;
  • Capacity to understand complex concepts and technical materials related to financial management and governance;
  • Collaborative team player, with a can-do attitude, willingness to consider others’ opinions, orientation towards constructively resolving conflicts, and a focus on adding value;
  • Sound judgement combined with superior analytical problem solving and decision- making skills, and the ability to balance the interests of multiple stakeholders;
  • Strong communication skills, with the ability to listen carefully, raise questions constructively and encourage and build upon open discussion of key issues;
  • Innovative and creative towards developing new ways to address business issues; and
  • Experience with the Chinese community in Canada, including Mandarin languageskills, would be an asset.To explore this opportunity in confidence, please contact:
  • Sharon Mah-Gin at 416.222.6878 or sharon.mah-gin@execsearchalliance.com
  • Theresa Wilson at 289.208.0990 or theresa.wilson@execsearchalliance.com
  • Rachel Hing at 647.477.3982 or rachel.hing@execsearchalliance.com