Development Best Practices in Credit Union Supervision: Board of Directors Duties and Responsibilities

This paper discusses the role of the Board of Directors (BoD) in a credit union. It presents specific operational guidelines for the BoD on:

• Constitution;
• The position in relation to the operational management;
• Prerequisites/ competencies such as:
  • Personal skills;
  • Knowledge of key functional areas relevant to credit unions;
  • Interpersonal skills.
• Specific duties and responsibilities such as:
  • Participation in meetings;
  • Planning, decision making and advisory roles;
  • Monitoring, review and reporting roles;
  • Representation of the credit union in the community.
• Systems to ensure accountability of the board members.