Board vs. CEO – Who’s in charge of your credit union?
by. Emily Maxie
Credit union CEOs and board of directors have different, but very important roles in the organization. The board’s role is to govern, while the management’s role is to manage. When both understand and respect each other’s roles the credit union is stronger and more successful.
The board of directors provides leadership and oversight. They are guardians of the mission, and they ensure compliance with legal and financial requirements. They are policymakers, ambassadors, partners with the CEO, and strategic thinkers.
The role of a credit union CEO continues to evolve for a variety of reasons, including the growth and complexity of the credit union industry, the increasing professionalism and specialization of the operation, and the growing challenges facing many credit unions today on federal and state levels.
While there is no one “right” role or standard job description of the CEO, the following constitute the 10 basic duties:
- Commit to the mission
