A blog addressing issues and topics of interest for Montana credit union board members. Read a new post every week.
We are very excited to launch an information platform just for the boards of directors of Montana credit unions. As your statewide trade association, MCUN works to support your credit union in any area we can, and helping you succeed as a director is an important piece of that puzzle.
Your role as a director means you need to have a pulse on the industry and it is our job to help you find resources and discussions on hot topics without you spending a lot of unnecessary time. It is our intention to post weekly and we are always open to any topics you want to know more about, or even a guest column if you feel so inclined. With that, let’s get this train rolling…
Annual Meeting Season-
Spring is symbolized by the appearance of the first robin, tulips poking up through the snow, baby lambs, and … credit union annual meetings. That’s right! This is the time of year that most credit unions hold the annual meeting of the membership. It might involve dinner or just coffee and cookies, but it always includes an update on the financial condition of the institution, a look to the coming year, and often, board member elections.
Credit unions have a volunteer board of directors. Your directors are required to be members of the credit union to be eligible for election. Each decision that is made impacts that director personally, and makes them more accountable to the membership. Those decisions are not about profits, but about the people that are served by their local financial cooperative.
The election process itself is governed by the credit union’s bylaws. There are options given in the standard bylaws for the nomination process, handling of ballots, and even the timelines and methods to notify members. Voting at the annual meeting is a right that each member (of voting age) is guaranteed. That vote is equal to each member, despite differences in use of products or account balance.
We encourage credit unions to tout the annual meeting to members as their opportunity to get involved, have their voice heard, and act like the owners of the institution - because they are! Use this forum to talk about the credit union difference and thank them for belonging. There are many resources available on credit union philosophy. If you ever need one, let us know.
Until next time, have a great annual meeting and let your fellow board members know about this resource.
Donya Parrish is the VP-Dues Supported Services for the Montana Credit Union Network. She would welcome any questions or comments on this material. You can email Donya or call her at 800-745-5546, ext. 122.