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SkyOne Federal Credit Union reduced the number of directors on its board by updating its bylaws. The reduction was made with an eye toward having a board that represents the credit union’s changing membership and was dependent on the high level of trust among directors and the CEO. The results of this change have included a reduction in expenses, making board members feel more empowered, and positioning the credit union as a merger-ready partner.
San Francisco FCU’s board of directors implemented term limits via board policy in 2010. In 2011, the chairman of the board and the CEO look back on this board development and governance initiative.
In 2008, K-State FCU started interviewing incumbent and potential directors to ensure they understand the position, qualifications and commitment needed to participate, before adding their names to the ballot. This is especially important, CU leaders believe, as expectations of directors continue to increase.
Boards need to act collectively when requesting information directly from staff.
This article provides an introduction to concepts and aspects of IT Governance as set forth by the IT Governance Institute. The article focuses on answering "What is IT Governance?" and "Why is it important?"
Ways to help your board get focused on developing strategy.
Smart boards make knowledge acquisition and transfer regular and routine. What steps can your board take to make director development ongoing?
Boards continue to struggle with the line between effective direction and counterproductive meddling. To get a clearer picture, imagine that instead of a credit union, your board is responsible for a cookie company.
Here are some key aspects of a very good board meeting.
Having an organized recruitment process in place not only makes it possible to fill vacancies on a board in an effective and speedy manner, but it creates a foundation for building a skillful and diverse board.
Credit unions operate in a different world than a generation ago. Greater competition in the financial services marketplace, declining membership and the prevalence of mergers and expanded charters have changed the landscape. Has your board of directors evolved to keep pace with this new reality?
The Board Building Cycle, by Berit M. Lakey, Ph.D, addresses these concerns and more in a comprehensive, nine-step approach that credit unions can use to develop high-performing volunteer boards. Lakey, a credit union governance expert with more than 30 years of experience, identifies important ongoing steps for maximum board performance.
The Board Building Cycle presents practical tips, worksheets, documentation samples, links to comprehensive resources, and informative case studies. Explore each phase of the cycle to learn how you can strengthen your credit union board.
Term limits and policies to ensure board rotation have long been debated among credit union boards. While they’re not a perfect solution, they offer some important benefits.
Continuing education, which is most often either mission based or governance related, is an important way to increase the board's "intellectual capital." Doing it effectively will greatly benefit your organization through better decisions in the future.
A long-time CEO describes best practices for forging a strong CEO/chairman team.
Making things right when things go wrong takes patience, perseverance, and most of all a systematic approach: 1) fix the person’s feelings first and then 2) fix the problem at hand.