!
!
[CU Name] Board Member Job Description
Courtesy of Quantum Governance, L3c
Authority
The Board of Directors is the legal authority for the [CU Name]. The Board of Directors
governs through exercising both its formal authority (i.e., to select the CEO) as well as its
informal authority of influence and persuasion (i.e. to help shape the strategic goals of the
credit union). The Board traditionally delegates the authority to carry out the operations
and management of the to the CEO and should actively support – as well as hold
accountable – the CEO in carrying out the credit union’s collective vision, mission and
strategic goals.
Responsibility
Board members must effectively carry out their vital leadership, legal, and stewardship
responsibilities and act in the best interests of the members of the credit union. As such,
Board members are responsible for providing effective governance and leadership to the
credit union. Board members play a vital role – often in constructive partnership with senior
management – in crafting the strategic direction of the credit union. They do so based on
their shared understanding of the purpose and goals of the credit union as well as their
vision as to how to best serve the evolving needs the credit union’s members.
Collectively, the members of the Board are legally responsible for the credit union and all its
activities. Working together – and in constructive partnership with management – the
Board also has the responsibility for establishing and shaping the vision, mission and goals of
the credit union. They also must provide ongoing oversight to ensure the financial
soundness and sustainability of the credit union. Accordingly, the Board ensures the
finances of the credit union are handled properly; approves and monitors the annual budget;
ensures compliance with applicable legislation; establishes and monitors financial policies
and practices.
A general understanding of the principles and fundamental governing concepts of the [CU
Name] Board are broadly stated below. These governance principles shall not prohibit the
Board's detailed review of and understanding of the credit union’s operational or other
efforts as may be occasionally warranted by special circumstances. (Please note also the
board’s duties below.) The [CU Name] Board will:
a. Govern and lead to actively advance the vital mission of [CU Name].
b. Carry out its legal duties of care, loyalty and obedience to [CU Name] and its
mission.
c. Focus appropriate efforts and discussion at the fiduciary, strategic and
generative levels of governance.
d. Actively support – and hold accountable – the CEO and staff.
e. Hold itself accountable to the highest levels of integrity.
f. Actively lead and manage its own governance structure, culture and efforts.