Corporate Governance – Credit Unions
Corporate Governance has been described as ‘The Management of Management’.
It is measured by the quality of the decision making structures at the top of every organisation together with the clarity and completeness of communication between the ‘governance level’ of the organisation and the ‘management level’.
Communication ensures that expectations and decisions are clearly articulated from the Board to management and that outcomes and achievements are clearly reported back to the Board.
Part IV of the Credit Union Act 2012 sets out clearly the Regulatory Requirements for the system of governance for Credit Unions. The Central Bank of Ireland (CBI) are the Regulatory body charged with the supervisory oversight of Credit Unions in Ireland.
The new regulatory framework combines requirements that came into effect in 2013 arising from the introduction of the Fitness and Probity regime for credit unions and the commencement of the majority of the sections of the 2012 Act. The new regulatory framework, including the remaining sections of the 2012 Act and the Regulations, applies to all credit unions.
At Governance Matters we advise Credit Union Boards and Management on all aspects of Corporate Governance including:
- Appropriate Board and Committee Structures
- Roles and Responsibilities of Boards, and individual Board members
- Documentation and clear communication of Board policies and values
- Board and Management Fitness and Probity Framework
- Definition of Board reports required from Management
- Delegation of authorities to the Management
- Board Training Needs Assessment
- Delivery of Board Training
- Board and individual Directors’ effectiveness assessment
- Effectiveness of meetings and decision making processes