Why Are You on the Board? Letter to the Editor
Have you been on your credit union board of directors longer than 12 years? Why? Have you learned any of the new methods that will make your credit union better? Have you been an ambassador for the credit union? When you go to meetings do you network the crowd?
No? Over the years most business opportunities came from networking. Business associates, friends of friends, casual conversations, business meetings, social events, whatever. But you’ve got to pay attention.
Then get the heck off the board and let some new ideas come forward so your credit union will not be the one that will merge or default.
As directors, you are in the decision-making role for the credit union. You are required to determine the future of the credit union, protect its assets and status. Your responsibility is for long-term prosperity, essential leadership and direction.
Directors need to understand that they provide a work environment that creates motivation in people. But, many directors fail to understand the significance of motivation in accomplishing their mission and vision. Even when they understand the importance of motivation, they lack the skill and knowledge to provide a work environment that fosters employee motivation. It becomes the Rip Van Winkle effect.
Governance in the 21st century demands savvy leadership and that requires boards to re-define their desired profile, identify the key competencies needed for governance oversight, and aggressively recruit for the right match and commitment, said Les Wallace.
Credit Union boards of directors have long been comfy men's clubs or the same sig group. Credit unions with a high representation of diverse board seats exceed much higher than the old guard. Diversify, credit unions. You need to broaden your horizons, diverge and extend business activities into different fields.
As directors of boards, don't we want our credit union to exceed?
Madsen Group LLC