WOCCU Seeks Input on Principles of Credit Union Governance
Madison, WI – World Council of Credit Unions,
Inc. (WOCCU) has posted its newly developed
Principles of Credit Union Governance for
comment, welcoming input on this draft version.
WOCCU has developed the principles to address
the challenges of organizational power within
credit unions at three separate levels. These
Principles have already been circulated to the
Chief Executive Officers of WOCCU members for
review and comment. WOCCU now seeks input from
credit unions, members of credit unions and the
The Principles of Credit Union Governance
consist of the following levels: external
governance, internal governance and individual
governance. External governance represents the
responsibility of the Board of Directors and
management to members and the public at large.
It includes areas such as full financial
disclosure and transparency, ensuring safeguards
and adequate oversight, the need for independent
external audits, and compliance with external
legal and regulatory requirements. Internal
governance addresses the role of delegates
representing members in the General Assembly and
the election of the Board of Directors and
committees; it defines the responsibilities and
accountability of the General Assembly, the
Board, management and staff. Finally,
individual governance deals with individual
Board and committee members on issues such as
integrity, code of conduct, conflict of
interest, and qualifications.
In December of 2003, WOCCU added Good
best practices principles as the fourth mission
of WOCCU, with the goal of identifying,
analyzing, and sharing such practices with the
international credit union community. Although
all organizations must address the issue of
governance, credit unions, as cooperative
institutions, face different governance demands
than banks and other for-profit institutions,
because they must also meet the needs of their
members, who are also owners.
Please direct all comments regarding WOCCU'S
Principles of Credit Union Governance to Karen
Cak Niederkohr at kcniederkohr
@woccu.org by November 15, 2004.
To view WOCCU'S Principles of Credit Union
To learn more about Good Governance,
World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 60,500 credit unions in 109 countries serve 223 million people. Learn more about World Council's impact around the world at www.woccu.org.