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    • #8155
      Jen BudneyJen Budney
      Participant

      Hi everyone,

      Please use this thread to answer the following questions. It’s a great opportunity for everyone to learn from each other:

      1. How does your co-operative approach choosing the right view of the future?
      2 What processes has your co-op put in place to minimize issues like bias, groupthink, or overconfidence?

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    • #8195
      Tina NgoTina Ngo
      Participant

      1. It is hard to know which view is “more” right. There are many view that is consider to be right for the future is a view that align with the company vision. Thus, having a clear vision and where we want the company to go and be is important to selecting the right view of the future.

      2. We use the power of 3 C’s, collaborative, Curious and Courageous in our groupthink. Having the right person for the job is important, thus, it’s important to bring in the appropriate stakeholders with the right skill-set are important. It’s like the flashlight on the cavern. Having a diverse set of skills allow the group to tackle the problem from multiple points to come up with better solutions.

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    • #8197
      Carol RipleyCarol Ripley
      Participant

      1. I agree with Tina’s comment that there isn’t always just one right view of the future. However, it is so important for a Strategic Planning Session to be rooted in a consensus view of the Vision for our cooperative. Once the Board and senior management agree on that, the Strategic Plan becomes much more focused. As well, it is important to look at the entire environment, both internally and externally, to help inform the best view of the future at the point in time that you are looking at the future. This is where a diverse Board can contribute so much in terms of alternative perspectives, especially if the Board’s diversity mirrors the diversity of the membership base.

      2. I certainly am not positive that we have overcome these issues. I like to think that our focus on Board education, term limits on directors, and encouraging directors to attend cooperative conferences and events to get exposure to other ideas does help to a large extent. Annual Board assessments are also helpful in focusing the Board on governance areas where we may not be utilizing best practices in Board oversight.

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    • #8202
      John KortramJohn Kortram
      Participant

      1. How does your co-operative approach choosing the right view of the future?
      One of our ways of dealing with defining the right view of the future lies in the process. We do not decide on the Monday that Wednesday afternoon we are going to define our view of the future. It is a cyclical progressive process, planned well in advance, with lots of outside subject matter reading material, presentations from management. Secondly we use contributions from outside parties and further a well structured discussion with questions to retain focus. I have experienced that the kind of board culture and diversity (Page) are key to the quality of this process.
      2 What processes has your co-op put in place to minimize issues like bias, groupthink, or overconfidence?
      In addition to the comments provided in point 1. The process starts with the identification of skill sets represented on the Board against a skills and competencies matrix and a nomination process with the support of an external bureau and an endorsement procedure. Peer coaching, evaluation processes, external directors, mutual respect and ditto behavior, self declaration of conflict of interest and a skilled Chairperson are some of the others ways dysfunctional decision making processes are kept out of the board room.

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    • #8226
      Jen BudneyJen Budney
      Participant

      Thanks for these comments, everyone. It seems clear that healthy boards need to be vigilant both about consistent and frequent board education, but ensuring diverse perspectives are brought to the table regularly, either by ensuring diversity on the board or bringing outsiders in frequently for consultation, etc. – and board evaluation is essential.

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    • #8231
      Jan O’BrienJan O’Brien
      Participant

      It is very difficult at the best of times to model the future but in the midst of the pandemic it is even harder. Bringing in outside experts who have access to many different sources of information is a good starting point. Having a clear vision along with a set of principles provides a framework for assessing different directions. Seeking diverse voices on the board is also essential. A thorough assessment of directors and the board as whole is very helpful in illuminating gaps.

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    • #8310
      Cheryl WallaceCheryl Wallace
      Participant

      My credit union board brings in out side experts and with a very diverse board brings different perspectives to the table. Management also has a lot of insights. We also ask for specific reporting and trend analysis. We have the diversity of board members throughout the region which also provides good information of what is happening in specific communities.

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    • #8318
      Louis-H. CampagnaLouis-H. Campagna
      Participant

      I’ve found the notions around Prospect Theory quite useful and have already made use of them around a Board table strategy discussion.

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