Basic "common sense" with an eye on keeping extravagant junkets in check should guide credit union boards in dictating travel policy of volunteers, one of the industry's most prominent chairman, Wesley Bone of Maryland, said Thursday.
Commenting on a legal brouhaha surfacing this month in New Jersey over an ex-CEO's whistleblower's suit dealing with director travel pay, Bone, the chairman of the Maryland/D.C. Credit Union Association, said CU boards need to be careful about giving "carte blanche" to any director seeking reimbursement to attend educational meetings.
"Participating in credit union conferences is very important for directors as part of their education experience but you simply have to look at what is appropriate and within budget," maintained Bone, who also is a director and former chairman of First Financial CU of Lutherville.
The problem "at some of those conferences or cruises is an hour is spent in class" and the remainder can be spent frolicking, said Bone.
Bone, who has the distinction of being perhaps the only current volunteer director of a state league, has been chairman of the Lutherville CU for 37 years, stepping down as chairman of the Maryland/D.C. trade group June 12 during the group's annual meeting in Baltimore.
Bone's observations on director travel came as industry dialogue arose this week over a New Jersey state court complaint filed last December by a fired CEO at First Jersey CU of Wayne citing "lavish" spending by 12 directors and spouses on CU-sponsored cruises to Scandinavia, Alaska and Panama in 2006-2007.
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