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Four essential competencies for credit union directors in the new year
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.
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.
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?
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.
Fort Knox FCU Board Secretary Dick Ardisson describes the path his board took in selecting and putting in place its governance policy.
Exceptions on compensation bar now apply to certain non-voting volunteers as NCUA rethinks reimbursement
Boards can implement this meeting tactic to “bundle” mundane and non-controversial action items for approval in one vote. Used properly, this approach allows the board to preserve more time for topics that require group discussion.