MADISON, Wis. (2/15/12)--A new white paper from the Credit Union National Association (CUNA) reveals that most credit unions do not have a reliable system for attracting the next generation of board members.
CUNA's paper examines the demographics of community credit union board members, the issues that arise from the findings and strategies for successful board succession and retention.
The paper, "Effective Credit Union Board Succession Planning," commissioned by CUNA's Community Credit Union Committee, evaluates the changing demographics of community credit union board members and notes that many boards struggle to reflect the growing diversity of their members, with women and minorities being underrepresented.
Through credit union case studies and a list of expert recommendations, the paper shows how successful board succession planning looks in the real world, discusses what credit unions can do to reverse certain negative trends and provides instructions for how credit unions can prepare for the future.
Some example topics include:
- Creation of an associate director program;
- (Re)consideration of term limits;
- Development of an "evergreen" list; and
- Continuing education requirements.
"CUNA's Community Credit Union Committee has done an excellent job of identifying and addressing a critical issue facing many credit unions," said Todd Spiczenski, CUNA vice president for the center for professional development.
"Many credit unions face serious problems if board succession plans are not effectively put into place and changes are made to attract new board members," he added. "This white paper provides many practical tips and suggestions that any credit union can incorporate into its daily operations to reverse the worrisome trends seen in board demographics."
To view the full white paper, at no cost, use the link.
To learn more about CUNA's Community Credit Union Committee and its mission, use the link.