In a rapidly evolving business landscape, where regulatory requirements, stakeholder expectations, and organizational challenges are constantly changing, a regular survey of directors is essential for credit union boards to maintain their relevance and impact.
A board governance survey empowers the board to evaluate its effectiveness, identify areas for improvement, and enhance overall governance and performance in the following areas:
- Board structure and composition
- Leadership and culture
- Organizational performance
- Financial oversight
Benefits:
- Enhanced Governance: Identify governance gaps and areas where board practices can be enhanced, leading to more effective decision-making and oversight.
- Improved Communication: Gain insights into board member strengths, weaknesses, and working styles, leading to better collaboration and communication.
- Strategic Alignment: Evaluate the board's alignment and ensure that decisions are consistent with the credit union's mission.
- Accountability: Hold individual board members accountable for their roles and responsibilities and promote a culture of ownership and dedication.
- Risk Mitigation: Identify weaknesses in governance processes in order to proactively address risks and vulnerabilities.
Key Components:
- Preparation: Board members receive information about the survey's purpose, methodology and expected outcomes.
- Survey: Board members complete a questionnaire that covers various aspects of board performance.
- Confidentiality: To encourage open and honest feedback, the survey process is conducted anonymously.
- Report: Following the completion of the questionnaire, a report is provided, allowing board members to collectively identify areas for improvement.
Governance experts recommend conducting a survey every other year. If you have not taken a survey in the past year, now is the time! Help your credit union board thrive, purchase now. Questions? Contact CUES at 800.252.2664, or email pands@cues.org. In Canada, call 604.347.7097.