Credit Union Boards Need More Muscle: Infographic
While some credit union CEOs and senior managers feel their boards are well-informed, they rated board recruiting, director orientation and training and director tenure and removal as areas ripe for improvement.
That was one of the findings from the Credit Union Governance Study commissioned by Sequoia Vantage and performed by Integrated Governance Solutions.
The respondents said board and risk management governance practices were quite healthy overall but some boards may be inadequately equipped to govern in the challenging marketplace of the future.
Among the recommendations for unlocking the value of a credit union board, the study suggested equipping directors with wise counsel and effective oversight, streamlining board reporting and ensuring the voice of the member is heard.
Twenty-two credit unions with assets ranging from $18 million to $1.7 billion and memberships from 3,800 to 167,000 completed a 33-question, online assessment regarding their board and risk management governance practices. Respondents consisted of senior management from vice presidents to CEOs, 77% of which were credit union CEOs. The study was conducted from April 1 to Oct. 31, 2013.
For information about access to the full study, contact David Seibert of Sequoia Vantage at (651)-200-6800.