Let's examine governance:

Accountability is the foundation of good governance and is defined as a performance of tasks by an individual or individuals, subject to oversight for justification. Evaluation is key in ensuring accountability and effectiveness, and demonstrates an understanding of performance.
Transparency and accountability are central to the concept of good governance; the revelation of information and intelligibility processes enable board members to scrutinize proceedings.
Responsiveness by looking at what the concept can contribute to the operation of credit unions and the work on credit union governance, which relies on technical strength and capacities of the providers.
Rule of law and good governance requires the legal framework that is enforced periodically by external auditors. The impartial enforcement of laws and regulations comes with an independent and incorruptible method; this manner shields boards of guards against any wrong.
Stability focuses on future financial and technology structures to the institution viable for years to come.
Equity is the difference between the value of the assets and the value of the liabilities of something owned or to be owned. (Typically, the board's credit committee oversees this process).
Inclusiveness offers access to useful and affordable financial products and services to meet members' needs.
Empowerment is to ensure the credit union member's sustainability and helps the member stay a step ahead in life and business, and assists in financial decisions both present and future.
Broad-based participation means that each credit union member can vote on policy and financial participation developments at annual meetings. Credit union members can volunteer their time on various committees and also sit on the board.

We must recognize that technology and the continuous broad changes in the credit union industry require progressive thinking to embrace business in new ways. The role of the volunteer board member is not just to connect existing resources, but to build strong relationships that will help with credit union performance. The volunteer board member should introduce new mechanisms to accelerate and improve the performance of the institution, and to provide fellow board members with innovative ideas and new approaches.

Instant Insights /

Adopting a Growth Mindset for Your Credit Union Board

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