Good Governance: Fiduciary and strategic thought needed

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Finding the right balance between operational oversight and visionary dialogue in your boardroom is worth the Michael G. DaigneaultI’ve long said that being a CEO of an organization is one of the hardest jobs in the world. I’ve had the opportunity to help lead a number of organizations myself and have found myself being challenged to find the right balance between fiduciary and strategic agenda items at board meetings.Having formally observed a number of credit union board meetings in recent years, I have realized that this struggle is shared by many credit union CEOs and board chairs. And the proof of this difficulty goes well beyond the anecdotal. In recent assessments of credit unions throughout the United States, a surprising number of credit union board members reported a lack of genuine strategic dialogue at their monthly board meetings.Finding the right balance between operational oversight and strategic dialogue is a real struggle. But one that is very much worth fighting. There are a number of reasons why such a balance is difficult to achieve, but I’d like to focus on one reason in particular: Many credit union leaders get “stuck” in one mode of thought. What do I mean by that?CEOs and board members frequently lack a framework or vocabulary to ask the full range of questions necessary to effectively carry out their governance responsibilities. As such, and often by default, many credit union boards spend the majority of their time in the fiduciary realm of thought. continue reading »last_img read more