By Jessica Jones
The regulations and compliance issues directors face continue to increase and become more complex, while member needs and credit union growth always remain crucial. And time is a precious commodity.
“Many directors volunteer for their boards in addition to their full-time jobs,” said Laura Lynch, products and services coordinator for CUES. “Plus, more and more credit unions are now implementing director term limits. This means higher turnover and more frequent orientations for new board members.”
“Having a resource that helps these new directors orient themselves into their new position is beneficial to both the individual director and the credit union as a whole,” Lynch said.
With all of these important obligations, changes and decisions vying for your directors’ time and attention, having a solid foundation of knowledge on board governance and responsibilities, as well as your credit union’s history and mission, is invaluable, says Lynch.
Lynch recommends boards provide each director with a resource binder in which to keep important information and educational articles. Include sections on the basics of board responsibilities and financial ratios, as well as guidance on strategic planning and committee structure. Also include your credit union’s history, and mission and vision statements.
“Providing each director with key information improves communication and helps ensure every board member is knowledgeable about his or her duties and role at the credit union. It’s a first step in building a high-functioning board,” said Lynch.
Jessica Jones is a freelance writer.
CUES’ Director Tool Kit™ makes a great gift for board members. This resource helps all of your board’s directors, new and veteran alike, understand their responsibilities and guide your credit union. Learn more about it today.
