4 minutes
Asking good questions applies to boards of directors wanting to be better. Many board “self-assessments” exist to help boards look in the mirror and set a course for improved governance. In addition, I’ve found 10 questions that can get a deeper, more reflective outcome than asking how board meeting agendas are set and what reports boards should receive. Here are some key questions your board might ask itself this new year.
1. What Should We Stop Doing?
In Good to Great, Jim Collins found deciding what not to do was a common leadership practice of the most successful executives. When done with serious reflection, paring down until only the most important tasks remain helps people focus and make better use of their precious time.
2. What Don’t We Know That We Should Find out More About?
One of the benefits of having new people enter a conversation is that they frequently ask questions people had never considered and challenge others to go beyond complacency into greater intellectual inquiry. Scanning the unknown is a strategic exercise. What are you curious about? Make time to answer this question, too.
3. What Are Boards Outside the Credit Union Movement Working On?
While the credit union industry has upgraded its attention to governance in the last decade, credit unions are not necessarily where the most forward-thinking governance dialogue is occurring. What are other boards undertaking—and coping with? What can you learn from them?
4. What Does Our Executive Team See as the Five Biggest Risks We’ll Face as the New Year Rolls In?
Enterprise risk management conversations are in their infancy in the credit union boardroom. Why don’t you jump-start the conversation by talking with those most likely to know the real risks your organization confronts? This could include your CEO, your regulator, your key suppliers and your legal counsel.
5. What Board Competency and Experience Mix Do We Need Within the Next Five Years?
Finally, board composition is a robust conversation in the credit union movement. The answer to this question is most likely not what your current board looks like.
6. If Our Younger Members Could Redesign Our Services, What Would They Do?
Everyone wants the next generation of customers and members. Try thinking like they do by sorting through this question. Better yet, have a focus group of young members work on answering this for you.
7. What Five Changes in Governance Should We Make to Become Better?
Only about half of credit union boards do any self-assessment, despite it being common to high-performance governance. Start simply with this question to get the ball rolling.
8. What Conference/Topical Workshop Outside the Credit Union Industry Should We Be Attending This Year?
Like all enterprise domains, credit unions become provincial about “how we do things around here.” Getting outside the credit union industry and experiencing some conferences and training elsewhere can freshen your perspective and even change conversation in the boardroom. Governance, social media, Millennials, innovation, organizational culture are all good targets for learning.
9. What Was the Best Decision We Made as a Board Last Year?
Self-assessment is not all about what needs fixing. Being appreciative of good decisions and governance progress is a great exercise for a board.
10. In Addition to These Nine Questions, What Do Each of Us Believe We Should Be Asking About Ourselves as a Board?
And then there are those questions each board member has that need to see the light of day. Asking these questions is liberating to board members who need “permission” to get their perceptions out in the open.
Somewhere in these questions is a safe starting point for your board. Some can be answered during a short board development session in a normal meeting (such as No. 2, 7 and 10). Some (like No. 4, 6 and 8) might provide more robust and deeper conversation at the annual retreat. Best wishes for great inquiry and a terrific 2016.
Les Wallace, Ph.D., the 9Minute Mentor, is president of Signature Resources Inc. He is co-author of A Legacy of 21st Century Leadership and author of Principles of 21st Century Governance. He is a frequent speaker and consultant on leadership and governance. Reach him at les@signatureresources.com.
