Plenty of surveys tell us what CEOs think about their boards. In general, they would like a bit more of a risk-taking attitude, less diving into tactical/operational areas, enhanced governance literacy and lots more tech savvy. During my work with over 300 boards over 20 years and many educational seminars with credit union board members, I’ve developed my own list of what might be worthy considerations for your board to discuss early in 2018.

1. Greater board insight into strategic thinking. Most surveys testify that directors would like more strategic dialog, and most CEOs wish that their boards were more strategically savvy. Your board can raise its level as a strategic asset by investing more in the following: tracking such trends in the financial industry as mergers, digital strategy, customer experience advances and customizing products by member life stage (younger, older, business, retired). Increasing efficiency in fiduciary oversight can repurpose board time for more dialogue on strategic trends and more discussion about how your strategy is performing. Don’t overlook the need to understand what disruptive/innovative directions your CU might want to consider.

 

continue reading »