Board of Directors Position Description

The Board of Directors first loyalty must be to the membership, not to self-interests, the Chief Executive Officer, or to the staff. The Board must be proactive, focusing on the future, holding the CEO responsible and accountable for meeting agreed upon goals.

Board Duties Include:

Making and evaluating policies; member service; and community representation. The Board is responsible for its own development, its own discipline, and its own performance. A copy of the agreement which each Director must sign is attached to this position description. A Director is empowered only as a member of the Board, taking action as the Board. For most purposes, a Director is an ordinary member of the One Service Credit Union.

A Director Has Many Legal Obligations Which Include:

Duty of Care
Requires the exercise of care, diligence, and skill that an ordinary, prudent person would exhibit.

Duty of Loyalty
Requires pursuit of the organization’s (not personal) best interests, and the diversity of the membership.

Duty of Obedience
Requires actions in accordance with One Service Credit Union’s rules and in furtherance of its goals as stated in the mission statement, charter, and by-laws.

The Tasks of a Director Include The Following:

Strategic Planning

Being forward looking
Developing a vision for the One Service Credit Union
Approving and developing the One Service Credit Union mission statement, plans and goals
Developing a succession strategy for the staff, committees, and the Board
Developing and approving contingency plans

Policies

Developing and approving policies that guide the Credit Union
Evaluating and updating existing policies
Discussing the effects of policy decisions on the membership

Supervision

Evaluating the performance of the Chief Executive Officer
Holding management responsible for meeting mutually established goals
Determining parameters for compensation
Emphasizing superior quality and service to the staff
Recognizing exceptional performance

Member Service

Collecting information about member satisfaction
Reviewing and analyzing member surveys
Looking for new and better services for members
Seeking ways to increase the field of membership

Community Representation

Contacting key persons from the credit union community and the diverse areas of representation regarding credit union matters
Providing advice and guidance to management of the Credit Union
Enhancing the Credit Union’s reputation with the credit union community

Financial Governance

Authorizing and approving adequate resources for operation through the annual budget
Participating in the development of asset-liability management policies
Developing and determining savings and loan rate policies; approving the rates
Reviewing and discussing delinquencies
Reading and understanding financial statements
Understanding overarching credit union law and regulations
Providing adequate training opportunities

Effectiveness

Evaluating the effectiveness of the Board
Evaluating accomplishments compared to established goals
Considering ethical situations before they arise
Evaluating member feedback
Participating in training to enhance skills

The Following Skills Are Desirable in a Director:

Leadership expertise
General business experience
Understanding of financial matters
Accounting/auditing experience
Public relations experience
Miscellaneous qualities including experience in legal/regulatory compliance; technology; marketing/sales; and human resources

To accomplish these tasks a Director must demonstrate personal credibility, integrity, and ethical compliance as part of a team. A Director must prepare for meetings in advance, and be an active participant in discussions and decisions, keeping the best interests of the membership in the forefront. A Director must use common sense, and have a caring personality and a willingness to get involved.

If you are interested in serving on the OCU Board of Directors, please contact Jim Furman, CEO at info@onecuny.com.