Skills & Ability
The Board and Senior Management must ensure that all those involved in the operation of the credit union will have the opportunity to develop the skills and knowledge necessary to operate the credit union successfully.
Skills and Professional Development
The Board aims to achieve diversity of financial, business and/or membership development skills within its number. To that end all Board and Committee members are made aware that they must ensure that they have at least the basic financial and business skills including the ability to interpret financial statements. Board members should commit to reaching this minimum level within a year; and maintaining throughout office, that minimum level of skill. The Board must ensure that any person appointed in a senior management role also have the relevant skills to fulfil that role.
This means that…
|
25 |
Within three months of taking up their role, each elected member, volunteer and employee of the credit union is given a formal induction into the credit union and an ongoing personal and professional development plan relevant to their role and consummate to the resources available to the credit union. REQ |
|
26 |
The Board assesses the skills required for any senior post within the credit union and ensures that senior managers appointed to the credit union have sufficient skills and qualifications to enable them to properly fulfil the role to which they are appointed. REQ |
|
27 |
Each Director receives training at, or at a level equivalent to, ABCUL Foundation Training for Credit Union Directors, within an 18 months of holding office and within a year is able to interpret the management information received as part of their role. REQ |
|
28 |
Each elected member of the credit union will take a refresher course appropriate to their role in the credit union at least every 3 years. GOLD |
|
29 |
The Board undertakes a formal and rigorous annual evaluation of its own performance; the chairperson acting on the results of the performance evaluation by recognising the strengths and addressing the weaknesses of the Board and planning accordingly. GOLD |
The Board in Control
The Board has a collective understanding of the level of responsibility and commitment it is expected to commit to fulfil its function as the governing body of the credit union.
This means that…
|
30 |
All those involved in the operation of the credit union have demonstrated due diligence in understanding the level of time and commitment they as individuals will be expected to commit as part of the governing body of the credit union. He/she is satisfied that they are provided with sufficient training to equip them for their role to allow them to give strategic direction to a business at both times of growth or periods of challenge. REQ |
|
31 |
All Board and Supervisory Committee members have acknowledged an understanding of the legal and regulatory environment in which credit unions exist, are aware of the collective legal responsibilities of the governing body of a credit union and fully conversant with the roles and responsibilities of all elected members and employees. REQ |
|
32 |
The CEO/Senior Manager of the credit union is at the centre of the decision making processes of the Board and is in a position of influence. The Board is satisfied that this person is not subject to the undue influence of one or more of the directors to an extent that may be detrimental to good governance in the credit union. REQ |
|
33 |
The Board will conduct an annual review of the quality and level of information it receives as a governing body in order that it can ensure informed decision making and sufficient levels of control of the business of the credit union. GOLD |
