I have followed with some amusement and interest the recent news about directors of some credit unions receiving director fees.
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.
No job is harder for a board of directors of a credit union, but no job is more crucial than knowing when to separate the cooperative from a lagging chief executive officer and having the strength to act.
A common thread weaving its way through credit union governance discussions of late is the suggestion that a board must look like its membership. This is a false assumption that has caused many boards a great deal of anxiety not to mention pursuit of a misguided end.