Beyond their fiduciary responsibilities boards can, and should, be a strategic asset to help advance the credit union’s strategy, grow business, and assist the credit union in achieving its mission. To this end, governance practices must balance the need for deep understanding of the industry, financial services, and credit unions, with board refreshment needed to effectively question the status quo and bring fresh perspectives.
Do you have staggered board terms (such that no more than 1/3 of your directors' terms are over in any given year)?
Do you have term limits, either formally or informally, for your directors?
Do you have term limits for your board chair?
Do you have a Conflict of Interest Policy?
Please complete section 1 to view your score.
The board’s ability to fulfill its fiduciary and strategic responsibilities ultimately rests upon the skills, experience, knowledge, networks, and perspectives held by the board as a group. In short, every director’s human and social capital should be viewed in the context of the portfolio of the full board.
Do you have an attribute matrix for current director assessment and future director selection?
Do you assess your board?
Is board/director education tied to annual assessment/ development plans?
Please complete section 2 to see your score.
The most important job of a board is to ensure the best leadership is in place for the Credit Union. Making sure you evaluate the CEO, tie compensation to the strategy, and have a succession plan in place is critical to fulfilling your fiduciary responsibility to members.
Is a former CEO on the board?
Do you assess your CEO annually?
Is CEO compensation tied partly to annual goals and/or metrics approved by the board (or committee)?
Do you have an emergency CEO succession plan in place?
Do you have a long-term CEO succession plan?
Please complete section 3 to see your score.
Meetings are where the work of the collective board takes place, so meeting management is critically important to governance.
Do you allow for virtual, hybrid and in-person meetings?
Does every board meeting include an executive session?
Please complete section 4 to see your score.
*Please complete all 4 sections to see your results.
