Hong Kong — Tom Dorety, CEO of the $6.1 billion Suncoast Schools Federal Credit Union and chairman of the CUNA board of directors said that the way Australian credit unions address disclosing the income of credit union executives and board members might provide a compromise model in the U.S.
Dorety made his remarks after participating in a moderated conversation with Phylip Doughty, CEO of MECU Ltd., a leading Australian credit union before the attendees at WOCCU's World Credit Union Conference. In the conservation Dorety reiterated CUNA's opposition to disclosing income from credit union CEO's, but after the end of the event and speaking for himself Dorety acknowledged that changing standards of openness and increased transparency might make it very hard for credit union to wholly resist some degree of disclosure.
"If you look at where trends in this area are going, it seems unlikely that we can just dig our heels in and say we refuse to open up," Dorety said.
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Australian credit unions disclose the incomes of their board members and senior staff in an aggregate manner and in bands, Doughty explained. Thus a credit union might report that it pays its five senior executives, as a group, between Aus. $100,000 and $600,000, for example and not disclose anyone's precise salary.
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