The Code of Governance for Credit Unions
The code has 45 elements
Req'd |
Gold |
|
Compliance & Continuity |
8 |
3 |
Integrity and Acountability |
8 |
5 |
Skills & Ability |
6 |
3 |
Structure & Good Governance |
8 |
4 |
Of the 45 elements, 30 are required standards that the credit union must reach to achieve the first steps in complying fully to the code. The majority of these required standards are elements that the credit union must reach anyway as a requirement of regulation. In including these regulatory elements into the code, the credit union is able to demonstrate to its stakeholders in simple language the steps it must take to protect the interests of its members. On achieving the required standards the credit union can use a statement such as:
“Xxx Credit Union is committed to the code of governance for credit unions and has achieved the required standards. All those involved in the operation of the credit union are committed to achieving full compliance with the code of governance for credit unions and will at all times act in the best interests of the members.”
On achieving a further 15 elements, the credit union will have achieved full compliance to the code and will be in a position to report to members that:
“Xxx Credit Union is committed to the code of governance for credit unions and has achieved full compliance. All those involved in the operation of the credit union are maintaining compliance with the code and at all times act in the best interests of the members”
In developing the code in this way ABCUL believes it's one that all credit unions would be able to sign up to regardless of size. In recognising that credit unions in the UK vary greatly in size, scale and resources it is very likely that the ability to comply will differ greatly. Those credit unions that are unable or unwilling to comply with any element of the code should give reason for non-compliance in the annual report to members.
Let us know if you are using the Code of Governance, we need the name of your credit union and your assessment scores if you have them. We also need the number of members in your credit union. Your score will not be published but will enable us to display a benchmark on how you compare with other similar credit unions.
285 Kb pdf