STRATEGIC THINKING AND PLANNING ARE CENTRAL TO THE PURPOSE OF ALL BOARDS. A CLEAR STRATEGIC DIRECTION IS ESSENTIAL AS ORGANIZATIONS NAVIGATE A MULTITUDE OF CHALLENGES INCLUDING STRONG COMPETITION, EVER-INCREASING REGULATORY REQUIREMENTS AND EMERGING TECHNOLOGIES. |
Paul Holden, Chair, CUCM Board of Directors
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A board’s role, working in conjunction with management, is to oversee the development and execution of an effective strategy. For CUCM’s board of directors, strategic planning has long been at the heart of everything we do. The board works collaboratively with management to discuss, review, revise and adopt a strategic direction that will benefit CUCM and, in turn, the Manitoba credit union system.
This work takes on even greater importance in times of change and uncertainty, which is why in a year marked by an unparalleled global health crisis — which quickly spiraled into an equally daunting economic crisis — CUCM’s board remained steadfast in its commitment to providing sound stewardship and meaningful input into the organization’s strategic planning process. In the earliest days of COVID-19, this meant quickly pivoting from the comfort and familiarity of in-person meetings around the board table to a new world of learning to work as a group in virtual environments.
By necessity, this was a transition the board and management were required to make in short order, as the board was briefed by management on a weekly basis at the outset of the pandemic. These briefings were an essential part of the board’s work in the first half of the year, providing directors with updates on the status of employee health and safety measures, CUCM’s business continuity plans, impacts to normal business operations and credit union engagement and support.
As the trade association for the province’s credit unions, CUCM embraced its role as a key partner and thought leader throughout the pandemic, reacting immediately to ensure it was effectively meeting credit union needs. I’m proud to say that the board, in turn, adapted quickly and adeptly to this new reality, taking on the challenges of an accelerated schedule, new meeting environment and vastly increased workload with great vigor and resolve.
Despite the pressures of COVID-19, the board’s traditional work continued. To that end, the board conducted its annual planning session in mid-October, convening virtually to provide input into the development of CUCM’s 2021 Corporate Strategic Plan. Reflecting on the current context and uncertainties, the board used the session to refine and validate the 2021 plan, consider the strategic direction for CUCM for the next five years and ensure CUCM resources are allocated for the effective execution of the plan. The board also used the planning session to dedicate time to reviewing and considering CUCM’s strategic investment strategy as it relates to services offered to credit unions through companies that CUCM owns or partially owns.
Work related to a board-sponsored research project was also a significant part of the board’s focus in 2020, as directors met on several occasions to give careful consideration to the project’s highly important research and findings, as well as the input received from credit unions throughout the province. The project looked ahead to 2030, researching optimal models for serving members into the future. The project generated great debate and discussion in all corners of the Manitoba credit union system, a direct reflection of how imperative it is to examine the long-term future of co-operative financial institutions in our province. As credit unions look towards the next decade, it is evident the rapid evolution of the financial services industry will necessitate a response from the system. While the system continues to engage in important conversations about adapting business models to meet member needs long into the future, as a board and as an organization, we are grateful for the feedback credit unions provided on the project. The input was an invaluable part of the research process and will provide ongoing value as CUCM considers its strategic plan into the future.
CUCM’s board, led by its Governance and Conduct Review Committee, also devoted time in 2020 to re-examining the system’s peer group structure in response to the changing structure of the credit union system in light of recent credit union amalgamations. As a democratic organization controlled by its members (credit unions), CUCM strives to maintain a democratic structure that achieves a fair and equitable balance between credit union contribution to, and representation in, the affairs of the organization. As such, it was necessary to re-balance the peer groups to accommodate the amalgamated credit unions. Based on a recommendation from the Democratic Control Review Committee, the board thoughtfully studied the options and voted to approve a new peer group structure that more accurately reflects the size of the credit unions and peer groups within the Manitoba credit union system.
In closing, I would like to thank CEO Garth Manness and CUCM’s management team for their continued efforts on behalf of all Manitoba credit unions, particularly through such a demanding year. COVID-19 was a test for all, and CUCM rose to meet the challenge it presented, providing credit unions with the critical support and expertise needed to plot a course through a period of unmatched upheaval. I would also like to recognize management’s support of the system’s governance process, from peer group meetings to system meetings to CUCM board meetings and planning sessions. Finally, I would like to thank my fellow board members for their leadership and service on behalf of their own peer groups and the entire Manitoba credit union system.
This work takes on even greater importance in times of change and uncertainty, which is why in a year marked by an unparalleled global health crisis — which quickly spiraled into an equally daunting economic crisis — CUCM’s board remained steadfast in its commitment to providing sound stewardship and meaningful input into the organization’s strategic planning process. In the earliest days of COVID-19, this meant quickly pivoting from the comfort and familiarity of in-person meetings around the board table to a new world of learning to work as a group in virtual environments.
By necessity, this was a transition the board and management were required to make in short order, as the board was briefed by management on a weekly basis at the outset of the pandemic. These briefings were an essential part of the board’s work in the first half of the year, providing directors with updates on the status of employee health and safety measures, CUCM’s business continuity plans, impacts to normal business operations and credit union engagement and support.
As the trade association for the province’s credit unions, CUCM embraced its role as a key partner and thought leader throughout the pandemic, reacting immediately to ensure it was effectively meeting credit union needs. I’m proud to say that the board, in turn, adapted quickly and adeptly to this new reality, taking on the challenges of an accelerated schedule, new meeting environment and vastly increased workload with great vigor and resolve.
Despite the pressures of COVID-19, the board’s traditional work continued. To that end, the board conducted its annual planning session in mid-October, convening virtually to provide input into the development of CUCM’s 2021 Corporate Strategic Plan. Reflecting on the current context and uncertainties, the board used the session to refine and validate the 2021 plan, consider the strategic direction for CUCM for the next five years and ensure CUCM resources are allocated for the effective execution of the plan. The board also used the planning session to dedicate time to reviewing and considering CUCM’s strategic investment strategy as it relates to services offered to credit unions through companies that CUCM owns or partially owns.
Work related to a board-sponsored research project was also a significant part of the board’s focus in 2020, as directors met on several occasions to give careful consideration to the project’s highly important research and findings, as well as the input received from credit unions throughout the province. The project looked ahead to 2030, researching optimal models for serving members into the future. The project generated great debate and discussion in all corners of the Manitoba credit union system, a direct reflection of how imperative it is to examine the long-term future of co-operative financial institutions in our province. As credit unions look towards the next decade, it is evident the rapid evolution of the financial services industry will necessitate a response from the system. While the system continues to engage in important conversations about adapting business models to meet member needs long into the future, as a board and as an organization, we are grateful for the feedback credit unions provided on the project. The input was an invaluable part of the research process and will provide ongoing value as CUCM considers its strategic plan into the future.
CUCM’s board, led by its Governance and Conduct Review Committee, also devoted time in 2020 to re-examining the system’s peer group structure in response to the changing structure of the credit union system in light of recent credit union amalgamations. As a democratic organization controlled by its members (credit unions), CUCM strives to maintain a democratic structure that achieves a fair and equitable balance between credit union contribution to, and representation in, the affairs of the organization. As such, it was necessary to re-balance the peer groups to accommodate the amalgamated credit unions. Based on a recommendation from the Democratic Control Review Committee, the board thoughtfully studied the options and voted to approve a new peer group structure that more accurately reflects the size of the credit unions and peer groups within the Manitoba credit union system.
In closing, I would like to thank CEO Garth Manness and CUCM’s management team for their continued efforts on behalf of all Manitoba credit unions, particularly through such a demanding year. COVID-19 was a test for all, and CUCM rose to meet the challenge it presented, providing credit unions with the critical support and expertise needed to plot a course through a period of unmatched upheaval. I would also like to recognize management’s support of the system’s governance process, from peer group meetings to system meetings to CUCM board meetings and planning sessions. Finally, I would like to thank my fellow board members for their leadership and service on behalf of their own peer groups and the entire Manitoba credit union system.