In response to economic disruptions, the federal government is asserting higher standards of governance for all financial services institutions, including credit unions.
During our presentation at the most recent Reality Check Conference, we obtained responses on the current governance practices at almost 70 credit unions across the country. Forty-three percent had no board member criteria selection process in place, 32% did not review governance practices and other related policies annually, 47% had succession plans in place for their CEO or board, but not both, and 11% had no plans for either. Unfortunately, these responses indicated a critical gap that exists in the CU industry.
The National Association of Corporate Directors 2009 public company governance survey found financial oversight and internal controls are top issues.
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