CU Board Director Pay: Essential in Brave New World, CEOs Say
We compensate board members more out of a sense of fairness than anything else,” explained Lin Hodges, president/CEO of Associated Credit Union of Norcross, Ga.
“I just don’t think we should use the argument that people should serve on a volunteer board because we have a higher calling. I just don’t think that recognizes today’s busy world and the way our financial institutions have changed. It has become dramatically more difficult,” Hodges added.
Some CEOs provided examples about how board members contributed to the growth of their credit unions.
Hash said the longtime leadership and strategic planning oversight of MECU Board Chair Herman Williams Jr. and Vice Chair Ernest Glinka, as well as other board members, were critical to the credit union’s growth. Hash also said Williams provided him with valuable coaching and advice.