Letter: Are Paid Directors Best for the Industry?
Regarding Editor-Chief Sarah Snell Cooke’s column in the May 1 issue: Attracting and retaining qualified board members are critical challenges for credit unions. Similarly, board members deserve recognition for their responsibilities and also for their time, work and contributions. There is no debate about these points.
The payment of board members for their time, as the states of Washington and Tennessee now permit, is one method of addressing these issues. The Tennessee law’s requirements–a board resolution about the need for expertise, a board policy on eligibility for compensation and publication of board compensation in the annual report–are both sound and obvious.