#8338
Cheryl WallaceCheryl Wallace
Participant

I thought I had put in comments on SWP but can’t find any so I will add here. There have been some excellent insights and comments so I am not sure I can add anything that hasn’t been said.

There were so many factors of the failure from lack of knowledge and expertise on the board to a changing industry to too much control by management. SWP was being lead too directly by the CEO and the board didn’t have the confidence / expertise / knowledge to challenge the decisions or put in appropriate governance policy to help mitigate the issues.s

In one of the comments Enron was mentioned. Too much diversity and expertise can be as much of a detriment as not enough. Group think or too diverse thinking each has its challenges. All organizations need to bring in outside experts and additional education that is tailored to its own issues. Even in the credit union world the issues I may have on my board may be very different from the issues on a similar sized CU.

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Libro Credit Union

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