CUNA Releases New White Paper, "Effective Board Succession Planning"
CUNA recently announced the release of the new white paper, “Effective Credit Union Board Succession Planning” commissioned by CUNA’s Community Credit Union Committee. This study examines the current demographics of community credit union board members, the issues that arise from these findings and strategies for successful board succession and retention. The new white paper is available here.
This newly released white paper evaluates the changing demographics of community credit union board members and reveals that most credit unions do not have a reliable system for attracting the next generation of board members. Furthermore, many boards struggle to reflect the growing diversity of their members, with women and minorities being underrepresented. Through a series of credit union case studies and a list of expert recommendations, this white paper illustrates how successful board succession planning looks in the real world, what credit unions can do to reverse certain negative trends and provides concrete instructions for how credit unions can prepare for the future. Some examples include:
- Creation of an associate director program
- (Re)consideration of term limits
- Development of an “evergreen” list
- 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. Commissioning this white paper will prove to be incredibly valuable to CEO’s and Boards of Directors. The strategies presented will help to ensure a credit unions board stays functional and competitive in the years to come.” said Todd Spiczenski, Vice President Center for Professional Development at CUNA. “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. 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 learn more about CUNA’s Community Credit Union Committee and its mission visit cuna.org/initiatives/community_CUs.