What Credit Union Boards Can Learn
You might ask, what do governance, leadership and Chile have to do with credit union boards getting it right? One thing I know to be true is the deep belief that credit union board members have in fulfilling the mission of protecting the members they serve. But I would like to propose that there needs to be increased education, accountability and better governance practices employed to ensure the soundness and security of their credit unions. Board members' passion and commitment can be channeled into better decision making and outcomes for the credit unions they serve.
It seems like the entire world witnessed the incredible rescue mission of the Chilean miners. The outcome for all citizens of the world was exhilaration. It was a testimony to the potential achieved through collaboration of mission-driven people. There are many stories that will be told in the future, but in the near term, we who are concerned about credit union members can study this event and glean lessons from this effort on many fronts, including strategic planning, brand reputation, crisis management execution and collaboration.
It is a serious responsibility to be charged with saving someone's life. Equally, it is a serious responsibility to protect a member's family assets and home. And CEOs need the support of their boards to understand these important strategies and to recognize the difficulty in executing them every day in this challenging environment.
Chilean President Sebastian Pi?era and Mining Minister Laurence Golborne reached out to families to show concern for their dire situation. Similarly, as board members, do we review data that ensures a full understanding of members' needs and values during this financial crisis? How should this impact the decisions that are made regarding your credit union's strategies to increase member value?