How do you know whether your credit union board is doing a good job or not?
We frequently hear from board members that their board governance “must be effective” because the credit union is performing well.
But how do you know who is driving the credit union’s performance? Is it the board, or is it the senior management team? How can you tell if your board is effectively contributing to the development of the credit union’s strategy and results?
Aprio hosted a webinar with Quantum Governance’s CEO & Co-Founder, Michael Daigneault, to review effective ways of evaluating your credit union’s governance. He reviewed assessment types, how and when to use them, and the benefits of assessment for your organization.
Learn practical guidance on evaluating your credit union board.
Key takeaways from the webinar
Some standout soundbites from Michael Daigneault, Quantum Governance’s CEO
“Who’s really in charge of a credit union? On paper the board has oversight but the CEO has authority and persuasive power that can feel even larger. Truth is, credit union leadership is both the board and the executive and they need to work extremely well together.”
“How do you know a credit union board is performing? Just asset size growth is not a good indicator, you have to look deeper. Multiple metrics can help from board engagement including attendance and decision making, through to achievement of strategic objectives and evaluations.”
“What’s the right assessment to use? When you think about assessments, think beyond surveys and think beyond the board itself. There are many assessment tools and you need to select what’s right for your purpose. For example, most credit unions have small leadership teams. Individual one-on-one interviews with credit union board members and its executives can be practical and invaluable.”
“Is there an assessment for how boards communicate? Yes, among the important assessments are ones asking about how your board members receive information and communicate. How is information shared, is there equal access via a board portal, and is information both secure and convenient to stay engaged?”
“What’s a useful outcome of an assessment? A really good assessment process should not just churn out data and a report, it should provide a roadmap forward. It should also deepen relationships across the board and with leadership. The true outcome is aiding leadership in your ability to work together, be productive and strategic.”
More about the speaker
As the CEO of Quantum Governance, Michael brings more than 30 years of training and experience as a consultant, speaker, and dynamic workshop facilitator. In particular, he has worked with credit unions, large and small, to advance their governance and strategic efforts, strengthen their boards, and analyze their committee efforts. More than 50 percent of Quantum Governance’s clients are credit unions. He has provided governance direction, strategy, and facilitation services to boards, governance committees, supervisory committees, and senior executives worldwide.
Michael is a nationally recognized speaker, having presented at conferences including The Credit Union Executives Society, Board Source, The Conference Board, The Ethics Officers Association, and Independent Sector. He has also published articles on these topics for a wide variety of trade journals and magazines, including CU Magazine and CU Update, to name a few. Quantum Governance is a unique L3C organization that integrates the best elements of both the nonprofit and for-profit communities into one practice. It is a low-profit, limited-liability service organization dedicated to the public good and one of the first legal hybrid organizations in the United States.
State of Credit Union Governance – Want perspective on how you’re doing? Participate in Quantum Survey
Every two years, Quantum Governance does a North America-wide study on credit union governance authored by Quantum Governance and published by CUES. Does your credit union want to be a part of the survey and receive the findings? Canadian credit unions wishing to sign up, please email gisele@quantumgovernance.net to receive the survey and an advanced copy of the supplemental report in appreciation for your participation.
The survey will be out in mid-November and The State of Credit Union Governance 2022 Report will be published in March 2022. View 2021 Study (CUES members)
Better board communication & governance management
If you have any questions on how board portal technology can best support your credit union board engagement, governance, and streamline board meeting preparation, please reach out to us at Aprio.
