A year ago, CCUA launched a new and important initiative in partnership with York University’s Schulich School of Business to create “the Directors DNA”, which will establish a baseline of skills, competencies and attributes required of a high-performing credit union director.
During its National Conference for Credit Unions in early May, CCUA and Schulich launched its Executive Summary which outlines key findings from the study, which incorporates significant input from executives, regulators, faculty, and directors through multiple interviews and individual assessments with a sample of Canadian credit union directors from coast to coast.
The Summary results show that much emphasis is placed on the experience and competencies of the individuals serving as our directors, however the inherent attitudes and attributes also contribute to a director’s ability to serve on the board. The attributes indicate the inherent potential of our director’s tendency to be goal oriented, independent and team oriented thinking, as well as the ability to ask probing questions using emotional intelligence.
“These research findings are meant to assist both current and future Credit Union Directors in their professional development needs, and should be used by boards to inform future requirements or assist in the director recruitment process,” explains Korinne Collins, vice president, Professional Development and Education, CCUA.
The study highlighted a few key industry trends that credit unions should consider carefully, including:
- Credit union boards generally lack diversity of thought;
- The industry is slow to change and there is a need for speedy change. We need to increase the sense of urgency and longer-term focus. Accelerate speed and transformation;
- There is a need for rebranding and a reinvigorated value proposition; and
- Credit unions need to ensure that the team orientation (also can be seen as compliance) isn’t so strong that it impedes innovation, change and making difficult decisions;
- There is a vast difference between the challenges and opportunitiesbetween community-oriented boards and corporate-oriented boards, which is often related to size and complexity of the credit union;
- There is a big technology gap; and
- Mergers and acquisitions will be a big topic in the following years
“This research and analysis provides great insight into a group of people who have the capacity and accountability to shape the future of the Canadian credit union system, adds Collins. “By having a deeper understanding of the type of people who serve on credit union boards, we can more accurately identify gaps and opportunity areas for future director curriculum development.”
CCUA will also work with boards and individuals who may want to do their own assessment and compare it to the DNA. This may also inform future board recruitment decisions.
As more directors and boards complete their assessments, the data and understanding that we have of our system will become more and more robust. This will ensure ongoing alignment between needs, professional development offerings, and services for all credit union boards.
To read the Executive Summary, click here.