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Hyland Exec pay was task force hot button
WASHINGTON (3/5/08)—National Credit Union Administration (NCUA) board member Gigi Hyland said Tuesday that if there was a “hot button” topic as her agency gathered information for its Outreach Task Force, it was whether or not information should be gathered or revealed on senior executive officer compensation. Hyland, addressing the Credit Union National Association’s (CUNA) Governmental Affairs conference, said credit unions identified privacy issues and regulatory burden as among their primary concerns related to the subject. She noted, however, that the cross-industry direction of public policy in this area is toward disclosures of executive compensation. In fact, the task force report pointed out that increased transparency of executive compensation would improve "accountability and be more consistent with the prevailing public policy." Hyland detailed the recent Outreach Task Force report--unveiled last week. She noted that the 85-page report carries 12 recommendations allocated to three areas in addition to compensation reports: Membership profile and financial services; low-income definition; and NCUA outreach. Hyland, who chaired the task force, said only two of the recommendations would require public notice and board action. But she underscored that the process begun by the task force is far from over. The fact-finding group spent about a year delving into internal information within the agency as well as conducting Town Hall-style meetings to gain insights from the credit union movement. Now that the report has been issued, Hyland said, the three members of the NCUA board must digest and discuss the recommendations prior to deciding what actions to take.
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