A recent Filene Research Institute survey sponsored by CUES reveals that when it comes to credit union board governance it's a work in progress that needs to be addressed today not tomorrow.
The Tracking the Relationship between Credit Union Governance and Performance survey found that while volunteer credit union boards display a broad range of competence and engagement, there are several areas ranging from time management and director evaluations, to continuing education and CEO evaluations that continue to be a challenge.
As far as credit union financial performance drivers, continuing board education and the board/CEO relationship stand out. According to the survey, the only governance practice that yielded a strong positive correlation with actual credit union ROA performance was whether boards felt they had an effective CEO evaluation in place.
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"Credit union governance is one of those issues that never seems urgent, but thinking about it and improving it just might be a more important issue than anything else we face right now," says Mark Meyer, CEO of the Filene Research Institute.
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