#8186
Dianne BrownDianne Brown
Participant

This case study is a good example of the Board of Directors relying on management for most of its information. This is a good example where a Board should have looked to additional resources, A great source is the independent Auditor that already audits on behalf of the membership. They will usually provide some sound financial advise on future projects. Early on it might have been valuable for SWP to reach out to survey the membership, looking for some collective needs and understandings of the future vision they may have. Test the growth strategy against the information that the member survey provided. Alignment with the membership might have provided for a different outcome overall.

This study is also a good example of not having a ‘risk management’ understanding within the organization. The ageing membership and member equity should have been regular report to the Board, both a governing policy and operation policy should have been in place to direct and manage this specific risk. Board diversity or independent opinion might have allowed for this specific risk to be picked up earlier on.

1+

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Janet Taylor (Corporate Secretary)

Libro Credit Union

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Arctic Co-operatives Limited

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Sherwood Co-op

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