It’s a story that’s repeated all too often in credit unions across the country. The Annual Membership Meeting is just around the corner and that includes director elections. So the Chair quickly forms a Nominating Committee and directors scramble to find willing candidates to fill the open positions. But many times this process results in choosing “less than ideal” replacements because of the time constraints.
The job of building the board is more than 'JUST FILLING SLOTS' – it is about being strategic in the way a board looks at its composition and its governance responsibilities. That is where board succession planning comes in. Board succession planning is the process through which a board takes a proactive approach to ensuring that it has, and continues to have, individual directors who, at a full board composite level, possess the skills, qualifications, experience and attributes necessary to govern well on behalf of the credit union’s members.
According to “The Board Building Cycle” by Berit M. Lakey, there are nine steps to finding, recruiting, and engaging credit union directors that address two major purposes . . . to replenish the board’s people-power by bringing in new members and to strengthen the board’s performance. Effective boards don’t happen by accident. Just as you plan for the strategic direction of your credit union each year, it’s critical that you also plan for the strategic future of your board of directors.
At OnBalance we are here to help you with this important initiative as well as Strategic Planning. To learn more about all of the products and services we offer visit us at www.curesources.coop/onbalance or contact Karen Houston-Johnson at email@example.com, Howard Bufe at firstname.lastname@example.org or Dean Borland at email@example.com .