There is a lot of discussion in the credit union world about the composition of your boards of directors. Do they reflect the current membership? Are they diverse enough to understand the populations in the community the credit union would like to attract? Have they served too long? Not long enough? Or, is it possible to have a board that is more traditional but still gathers the appropriate input and information to be able to make decisions that will appeal to those groups without actually being represented by them?
This engaging article by Susan Mitchell, CEO of Mitchell Stankovich and Associates, really brings the discussion to another level. She discusses the need for modernizing board governance and really going beyond just the people on the board who show up to a meeting once a month.
She notes, “engaged volunteer board members will strive to be aware of these matters at a high level and how they can affect the credit union while refraining from getting involved in the operations of the institution. Boards should be looking on the horizon to the financial services landscape and simply guiding the credit union toward a destination that changes the lives of their members today and into the future.”
I found it thought-provoking, and I believe you will too. Let me know what you think! This line by Ms. Mitchell says it all, “We owe it to the future financial strength of our members, their communities, and the credit union community as a whole to embrace modern governance”