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In 2004, the New York Stock Exchange mandated that the boards of all listed companies undertake an annual self-evaluation to gain perspective on how effectively they and their committees are functioning. Many other organizations, including credit unions, followed suit as a matter of good governance. Board assessment processes, however, often become a missed opportunity to gain real insights. Filling out a form to satisfy the NYSE requirement can become a routine, “check the box” exercise, instead of a deep look into board effectiveness and culture. Assessment is an opportunity for boards and directors that are serious about continuous improvement to lean forward, take a hard look at themselves and produce a practical action plan to enhance effectiveness.

Stuart Levine

Credit Union Times

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