As corporate governance continues to be an essential issue affecting today’s credit unions, many best practices have been developed to create efficient and effective governance principles.
For credit unions, governance best practices are centered on their responsibility to their members and the general public.
Since the ultimate mission of credit unions is to serve their members, they must operate in a manner that produces member confidence through means of transparency, compliance and accountability.
One of the best ways a credit union can practice good governance is to work with a third-party election vendor to establish a fair and transparent election process.
By removing staff members from the election as much as possible and bringing in an election expert, you eliminate any questions of interference or manipulation, this shows your members that the results are unbiased and accurate.
Pairing online voting with multiple reminder emails in your promotion strategy is a great way to increase voter participation rates while safeguarding your organization against claims members weren’t provided proper notifications for an election.
This level of transparency and accountability is essential for the board of directors to operate cohesively and productively, allowing them to achieve balance within the organization and remain accountable for their actions.
Interested in learning more about how your credit union can ensure best governance practices during your next election? Contact us today, we’re here to help!
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