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A paradigm shift is happening among credit union supervisory committees. Whereas the role of the supervisory committee had been limited to its audit function, we’re now seeing that role expanding to more of an enterprise risk management (ERM) function.
The evolving business climate facing credit unions, coupled with long board tenures, means remaining relevant and ahead of the curve is more important than ever. Board evaluation is critical to an ongoing process of board renewal and improvement.
However, a recent Quantum Governance study showed only 22% of credit unions rated themselves as effective at conducting a regular process of self-evaluation, and 34% felt they were ineffective or very ineffective.
Join governance expert Michael Daigneault and learn:
Michael Daigneault from Quantum Governance, L3C shares
System selection is one of the biggest investment that your credit union will make. The board’s role in this process is oversight and direction of the system selection. Terence Roche shares three key roles of the board to keep in mind during this process.
Alec Horniman, a renowned business professor, discusses effective leadership and taking responsibility for the choices we make.
The importance of continuing professional development should not be underestimated – especially for credit union directors. Learn several practical reasons why professional development is essential.
Currency, a leading marketing agency for credit unions, helps credit unions deepen their relationships with members and persuade bank customers to become credit union members. Hear from Currency’s President/Creative Director, Tim McAlpine, speak about his own experiences as a new member of his credit union’s Board of Directors.
Explore the characteristics of highly effective boards with Carol Weisman, President of Board Builders, who has served on 35 boards and has been president of 7.
The treasurer at Community First Credit Union of Florida makes an annual report to members, works with staff to ensure correct financial reporting, complies with regulations, engages the board in strategically relevant education to continuously train board members regarding their responsibilities.
Effective chairmen are crucial. They are effective leaders and partners. They need to effectively manage the relationship with the CEO and the work of the board. They need to preside and facilitate board meetings, cultivate colleagues, and foster strong board culture.
Targeted training or committee service are two ways boards can train volunteers and assess the volunteers’ ability to serve.
An instructor from the University of Virginia explains three ways directors can make a difference in their leadership of the credit union. They can take an active role in defining the strategic future of the credit union, understand management’s performance and succession, and assess how the board performs.
The academic director … explains the chairman must establish ethical decision making practices through relationships at the board board level and with the CEO. The ethics at the board level must be consistent in the management structure in order to set the “tone at the top.”
Ongoing board education assists the board in being competent and capable of carrying out its duties. It defends the credit union against insularity, empowers directors to ask important questions, and provides a platform to understand roles, and builds a social fabric with peers.
Directors have duties of loyalty and reasonable care. An attorney and board chair puts these terms into layman’s language, giving credit union directors advice on demonstrating and documenting due diligence and understanding director insurance and indemnification to mitigate the risk.