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CUES partners with Quantum Governance, L3C on Board Self-Assessment
MADISON, WI (June 3, 2014) — In her 2012 Harvard Business Review blog post, A More Effective Board of Directors, Ana Dutra, CEO, Mandal Global Advisors, states, “The definition of board effectiveness has shifted dramatically over the past decade. In the aftermath of the global financial crisis and numerous corporate scandals, a director now confronts not only complex oversight accountability, but also personal risk and liability.” Dutra goes on to emphasize the importance of assessing performance in developing a high-functioning board of directors.
This is why CUES is pleased to announce a partnership with Quantum Governance, L3C that will help credit unions use self-evaluation to realize their board’s full potential. Self-Assessment for Credit Union Boards provides the means to efficiently gather honest feedback from board members and the organization’s senior management on key areas of governance, which are: vision, mission, and strategy; board structure and composition; fiduciary oversight; governance and leadership; and the supervisory committee. Armed with this valuable data, boards can identify ways to leverage their strengths and opportunities, while improving weaknesses and addressing threats.
One unique aspect of this anonymous, online assessment is credit unions can choose the scope and method of information dissemination that works best for them. There are three tiers: 1) assessment only; 2) assessment and summary report, which includes some analysis; and 3) board assessment with facilitation, which includes the self-assessment survey, along with a document review and interviews. This last tier transforms information into action via an in-person retreat with the board.
“In a recent survey conducted by Quantum Governance, of roughly 100 credit union board members, only 22% felt they are effective or very effective in their assessment practices,” notes Chuck Fagan, CUES president/CEO. “We believe having a comprehensive, effective method of self-assessment in place is an excellent first step in fostering a culture of continuous improvement throughout the credit union.”
Michael G. Daigneault, CEO, Quantum Governance, observes, “Credit unions are known for the long tenure of their board members, which presents an interesting challenge in terms of board rejuvenation. Self-assessment is an effective way to infuse an organization with new ideas and fresh perspectives.”
Visit cues.org/SelfAssessment for more information.
Quantum Governance, L3C provides credit unions, nonprofits, corporations, associations and governmental entities with strategic, cost-effective governance, ethics and management consulting, facilitation and evaluation. It is a low-profit, limited-liability service organization dedicated to the public good and one of the very first such legal hybrid organizations in the United States.
CUES is a Madison, Wisconsin-based, independent, not-for-profit, international membership association for credit union executives. CUES’ mission is to educate and develop credit union CEOs, directors and future leaders.