 |
DESCRIPTION
OF THE POSITION OF A
BOARD OF DIRECTOR
- ROLES & RESPONSIBILITIES
OF A DIRECTOR
The roles and responsibilities
of a Credit union Director are within an Organization
framework, which includes Management and Board.
There are THREE important components to think
about at all times in the performance of our
duties:
- People
- Money
- Development
As a Director, you will
be called upon to make decisions as to what
should be done. You must exercise this Authority
in a manner, which serves the best interest
of the membership.
You are responsible to perform assigned functions
to the best of your ability in accordance
with directions received.
Both individual Directors and the Board of
Directors collectively remain accountable
for assuring that the Credit Union is functioning
within the law and in accordance with the
wishes of the members.
Directors are required to act honestly and
in good faith, in the best interest of the
Credit Union and to exercise the care and
skill that a reasonable prudent person would
exercise in comparable circumstance.
There are five basic
Board functions:
1. Decision Function- The
Board is primarily concerned with decisions
on the Board course of action rather than
decisions concerning the implementing of a
course of action.
2. Advisory Function- The Board acts in an
advisory capacity for both management and
the Membership.
3. Trustee Function- The Board functions as
a trustee for members and creditors by assuming
responsibility for the effective administration
of the Credit Union.
4. Perpetuating Function- A fundamental task
of the board is to provide for the continuity
of the Credit Union.
5. Symbolic Function- The Board of Directors
is considered as a symbol of strength and
leadership capable of motivating people towards
the achievements of goals.
In conclusion, the following performance problems
should be avoided:
- Lack of attendance
Breach of Confidentiality
Conflict of interest
DIRECTOR TIME REQUIREMENTS
Term - 3 years
Meeting Requirement -
- Board meeting- 1 per month, usually
Monday, Bloor & Islington, approx 3 hours
- Annual meeting - 1 per year, usually
the first Wednesday in March, approx 2 hours
- Budget meeting - 1 per year, usually
October, Bloor & Islington, approx 2 hours
- Committee meetings - 6 to 8 per year,
Bloor & Islington, approx 2 hours
Average number of meetings 2 to 3 per month
- Annual Strategic Planning Session:
Weekend usually in the fall. Out of Town location
Board Make Up
- 9 Directors
- Elected by the membership, on secret
ballot at the Annual General Meeting. Each candidate
is allowed a 2 minutes presentation speech.
Director Training
- 12 Training sessions of approx 3 hours,
evenings, bloor and islington
- Completion 1 ½ years
Equipment Required
- Computer
- Internet connection
- Personal Handheld (Palm)
|
|
