Real Engagement May Help Curb Recurring Board, Credit Union Issues
If credit unions want to stay two steps ahead of their competitors, a lofty yet doable goal is ensuring that their boards, supervisory committees and auditors put their differences aside and get on the same page
“Education and elbow grease are needed to make this happen,” explained Susan Mitchell, CEO of Mitchell, Stankovic & Associates, a board governance consulting firm in Boulder City, Nev.
When a board of directors wants to determine how effectively management is running the credit union, they should ask questions that will make management evaluate current strategies and initiatives, Houle suggested.
Sample questions that may help management challenge the status quo include listing the five worst and most successful initiatives during the last five years, according to Houle. A credit union can also look at what steps it has taken to improve strategic planning throughout the organization.