Board of Directors Duties and Responsibilities
The guideline highlights that the board of directors, usually serving on a voluntary basis, is elected by credit union membership during the annual general meeting (AGM) and reports to the general membership. The board of directors is part of the overall management team that includes a supervisory or audit committee and a credit committee, and has the ultimate decision making authority and responsibility for directing and controlling the affairs of the credit union and providing effective and efficient management of overall operations. In doing so, it approves policies that direct operational management and delegate the necessary authority to staff so they can fulfil their job responsibilities.
The guideline proposes that duties and responsibilities should be clearly stated in the job description given to all perspective board members so that expectations are perfectly clear. It sets out a list of items that should be included in the job description of each member.