Skip to main content

What CEOs Want Their Board to Know

By Leisa Goodman CUES

In his work coaching more than 300 boards, Les Wallace, Ph.D., has found common themes among their CEOs.

“There are many items CEOS regularly ask me to remind their boards of,” said Wallace, president of Signature Resources, Inc., and facilitator of CUES’ recent Board Chair Director Seminar.

  • Bowling, golfing or skiing might be great networking venues, but the relationship needs to stay professional and not cross over into buddy territory. 
  • Remember to give feedback in a professional manner and setting, not on the golf course or at the bar. 
  • Rules of engagement help everyone to know what to expect. This can include having regular face-to-face meetings scheduled outside of board meetings and using advance agendas.
  • CEOs appreciate timely, specific feedback, with solid examples and data, not speculation or hints.  

Wallace has also found a common thread when it comes to CEO stressors. “In addition to running one of the most challenging businesses in the world, credit union CEOs can be most stressed by their board,” he said. Frequently mentioned points of pain include: 

  • lack of clarity from the board to the CEO, or irregular feedback and evaluation;
  • board members who aren’t literate in governance;
  • boards “getting in the weeds”—the details—of management;
  • board members who are not up to date on national and regional banking issues; and
  • the board makeup not matching the future needs of the CU, or being conservative to the point that innovation stops.

According to Wallace, it’s also important for boards to remember that one of their most important duties is to help their CEO be as successful as possible. He recommends:

  • doing annual CEO goal-setting, review and evaluation with entire the board—not committees. The chair and vice chair may deliver the final report, but the entire board needs to be accountable.
  • supplementing the annual review with mid-year feedback on CEO performance. Tell the CEO what the board wants—and listen to feedback.
  • recognizing that there’s no textbook answer to how often the CEO and chair should touch base. However, a weekly email or phone conversation is a great starting point. The team can decide from there what’s needed.
  • having a personal management development plan, with at least part coming from sources outside the CU world.
  • having an annual facilitated retreat to help align vision and strategy.

CUES SKYBOX a Credit Union Blog - Home

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

NCOFCU Newsletter

The Bucket Coach is a financial advice book designed by Fire Services Credit Union, Tronto, Canada. and written exclusively for Fire Fighters It's a practical guide for household financial management, including investments, credit and mortgages, and retirement. Developed with contributions from Fire Fighters," NCOFCU Newsletter : " Kevin Connolly Chief Executive Officer    Fire Services Credit Union Phone: 416-440-1294 ext 301  Toll Free: 1-866-833-3285 E-mail:  kevin@firecreditunion.ca 1997 Avenue Rd Toronto, ON M5M 4A3 
Post a Comment
Read Complete Article HERE>»

CUNorthwest Todd A. Powell Award is SFCU CEO Gayle Furness.

Spokane Firefighters Credit Union Big Enough to Serve. Small Enough to Care. This year’s recipient of the CUNorthwest Todd A. Powell Award is SFCU CEO Gayle Furness. Like Todd, Gayle has been instrumental in the growth, as well as the safety and soundness, of the credit union. Congrats to Gayle for living up to the standard that Todd created for our organization and the greater credit union community. __ ________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board
Post a Comment
Read Complete Article HERE>»

The Shrinking Pool of Small Credit Unions: Why It Matters & What We Can Do About It. - Henry Meier, Esq.

  Henry Meier, Esq. Henry Meier is the former General Counsel of the New York Credit Union Association, where he authored the popular New York State of Mind blog. He now provides legal advice to credit unions on a broad range of legal, regulatory and legislative issues. He can be reached at (518) 223-5126 or via email at  henrymeieresq@outlook.com . For as long as I’ve been around the industry, I’ve heard concerns about the demise of the small credit union. But I’ve come to realize it’s a lot like the weather: Everyone talks about it, but no one does anything about it. This is unfortunate. We need credit unions of all shapes and sizes to survive, and if we don’t take action soon, it will be too late.  Fortunately, there are steps the industry can take to potentially decrease the rate at which small credit unions are disappearing by making it viable for credit unions to survive by getting larger credit unions interested in making the necessary investments to keep the sma...
Post a Comment
Read Complete Article HERE>»

What Are Your Plans -As Government Shutdown Continues, Credit Unions Expand Offers of Assistance

BILOXI, Miss.— With the federal government shutdown now entering its second week, an increasing number of credit unions across the country are offering relief and financial assistance. All indications are the shutdown is no closer to ending than it has been since it began on Oct. 1. While the House has passsed a continuing resolution (CR) to fund government operations in the short term, the Senate remains at an impasse, even as it has scheduled a vote for today. In addition to the earlier assistance reported by the CU Daily  here , the latest pledges to support members include: • In Biloxi, Miss., Keesler FCU said it is offering paycheck relief for all eligible federal employees affected by the shutdown and will advance the amount of direct deposit paychecks for eligible members during the shutdown for up to 90 days. There is no cost or fee to enroll in the program. • In Nebraska, Cobalt Credit Union is offering furloughed members loans of up to $5,000 with no fees or interest...
Post a Comment
Read Complete Article HERE>»

Sunday Reading - FIRE, 101 - “financial independence, retire early,”

  Retiring at 30     FIRE, 101 Most US workers aim to retire around age 65—but for many followers of the FIRE movement, which stands for “ financial independence, retire early ,” that’s not the case. FIRE followers, who range from low- to high-income workers, typically prioritize high savings rates, relatively frugal living, and aggressive investing strategies in an effort to work less and enjoy life more in the long-term ( see five distinct approaches ). While many proponents argue that the movement is more of a mindset about achieving financial freedom than any ...
Post a Comment
Read Complete Article HERE>»