What Board Research Has Found
Non-U.S.-based credit unions were exposed to some of the most extensive research and analysis done on boards of directors by The Credit Union Executives' Society.
CUES' research found the highest board member satisfaction in traditional risk management and fiduciary duties. It found the lowest board member satisfaction in board building activities. Also driving board dissatisfaction can be meeting too often, said Linda Stemper of CUES.
Believing in the CEO is so important. "If you don't believe in your CEO, you shouldn't be on the board," said Stemper. Other findings:
* When nominating committees are used for board selection, credit unions are more likely to have a higher level of satisfaction."
* A survey done by CUES of credit union directors in the U.S. probed what is important for recruiting board members: responses included informal term limits, Director Emeritus Program, treat board recruitment as product you need to sell, job descriptions, educational opportunities and focused board meetings, among other issues.
"Budget education for the board as if you were a for-profit company board," said Stemper.