CEOs’ Corner: Governance Takes More Than Passion
Because credit union boards are members too, they know how they’re treated as members and what they expect from their financial institution. But at the same time, they need to be more savvy than the average member about what’s happening at the credit union.
Mimi Hull believes CEOs have a responsibility to train their boards so those boards, and likely the CEOs themselves, can be more effective. Hull is president/CEO of Hull & Associates, which provides consulting, speaking, training and facilitation services to a wide range of businesses from Fortunate 500 companies to nonprofits.
“The board needs to know their role and responsibilities, and the limitations to those. What can they do, and what aren’t they allowed to do? Another way I like to look at this is the board is the what and the staff is the how,” Hull indicated.
“One thing the board may be looking at is, What are the policies? What is the strategic plan? An appropriate conversation with the CEO is, Where do you see the organization in three or five years? Is budget and accounting information accurate? Once the budget is set, is the budget being followed?”