New findings about CU board productivity in CUES report. Source: hxdbzxy/Shutterstock

Effective board governance is the foundation for great member service, the acquisition of next-generation leadership and resilience. The challenges resulting from the COVID-19 pandemic are being followed by a recovery, an uneven economic environment, and heightened competition for members and employees. Credit union boards must be engaged, focused, knowledgeable and able to respond to these emerging conditions. The credit union’s primary stakeholders – its members, employees and communities – all are counting on it and their future depends upon it.

Stakeholders have a real interest in having their governing board function at peak performance. This starts with nominating and electing highly committed directors who bring independent business judgement, and the ability to tackle important strategic issues and manage risk effectively. They must diligently exercise their fiduciary duties of care, loyalty and obedience, and understand their responsibilities despite being volunteer board members. Serving as a board director carries the same risk and responsibility as serving as a director in the for-profit sector.

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