April Update from our Chairman of the Board
1 Apr 2015
There are much greater requirements and obligations that require the Board to understand, be well trained in, be able to apply and comply with regulations and laws, all of which are designed to keep our members money safe. The Board has three sub-committees that concentrate on different parts of governance - Audit & Risk, Training & Remuneration and Rules. These sub-committees help ensure the Board has more in depth discussions and knowledge around subjects such as risk management.
There are numerous legislative changes that affect the Credit Union. Later this year the law around the legal identity and operating models will be changed and shortly new legislation that requires all lending to be "responsible" will be enacted. Our Credit Union is already undertaking this and always looks at the wider picture before approving loans to our members. You will have also noticed a change with our staff being more focussed on you, our members. Engagement with members has been enhanced and members are put at the centre of everything they do.
Our Credit Union is charging ahead under the leadership of Helen Hatchard. More members trust us with their deposits and those deposits in turn are helping other members with loans and it is in this environment, of a well-run business, that boards need to look at where to next and review its own abilities and make up. The Board is undergoing continuous learning which involves Institute of Director courses and getting expert advice where necessary. Governance of our organisation needs to be strong, focussed on a plan and be fl exible enough to encourage changes that are required by law or by the environment that we operate in.
Later this year we will have vacancies on our Board for directors and a trustee. If anyone is considering standing I urge them to make contact early so that they can be better informed about the process, legal requirements and job description. My email address is firstname.lastname@example.org.
Whilst governance is hard work I find being involved in the development of our organisation intrinsically very rewarding.
Chairman of the Board