"Why don't you go..."!
Spent the last few weeks listening to many people analyze the big
loss in the SECU Board election. And yes, it was a big loss, and no it
wasn't because it was "rigged", or that "they" cheated, or because everyone who
"voted wrong" was uninformed.
Hope we all remember that this week! Having the freedom to choose our leaders every now and then is perhaps more important than who happens to be in charge until the next election. We can always throw the... well you know. At least, lets hope ithat's still possible.
Asked all kinds of folks what they thought, including avid supporters and fierce adversaries, current and former board members, current and former employees, advisory board members, media folks... most anybody who has provided advice or told me where to go over the past 18 months. As you might imagine the responses ranged from the emotional "Remember the Alamo" to a strong encouragement for me to go "get intimate with myself". If your name appeared on one of those many email requests: Thanks for the feedback... well mostly.
Was struck by the following thoughts and comments:
1)
Give the board some space over the next six months. Let the performance
of the CU and the board play out for a while. The board has not been
receiving complete information. The board may not have been paying
attention, it is now.
2) The one thing that needs to be done
is to try and better inform the membership about how SECU is different
as a cooperative. Members need to understand "what's in it for them".
3) Your candidates were an odd mix and not diverse. Hurt your chances.
4) Explain, explain, explain. Don't just criticize, present alternatives, and why.
5) Stop sounding disgruntled and speak as an "activist investor".
6) Focus on the board, emphasize accountability. Leave the staff out of it.
7) Process for assuring contested elections is firmly in place, if needed.
8) Give it up; can't overcome the $$$ and power of incumbency. It is what it is.
9)
The member-nominated group was more successful than might appear.
30,000 votes was amazing in a short time, 60,000 votes "for" out of 2.8
million with all the money spent wasn't exactly a mandate.
10) The members may "have spoken", but there is always next year. Watch and wait, see what happens. The truth will out.
If you didn't get a chance to speak or vent, would
welcome your additional thoughts and comments.
Hope that #10 above applies to November 5th in the USA! But, given all the
possibilities for the next few days, I'm heading for a bunker.** ** Bought out all the baked beans and most of the peanut butter and crackers at Food Lion. Western N.C. folks had already cleared out the toilet paper... see you whenever!
I'll be exercising my duty and voting today just as I did in the CU election. I want to thank those who sacrificed for me to be able to do this... I think a trip to Arlington cemetery should be a requirement for everyone in a HS civics class to see what was sacrificed so we can live the way we do ... I also think those who take the CU for granted need to understand what it is that makes us different than other financial institutions. I was privileged to serve with those at the credit union for many years and want to thank my Lord and Savior Jesus
ReplyDeleteChrist for leading me to this fine institution.
BTW, I'm not anti-bank, I'm just pro-credit union ...
"There is a Difference"!
Make sure your vote counts, JB. Sure as hell didn't last election.
ReplyDeleteThank you for all you are doing. "When there are no guardrails for a financial institution, anything goes." https://chipfilson.com/2024/10/what-to-do-when-credit-unions-go-rogue/
ReplyDeleteThe board members have a responsibility to help set guardrails and accountability.
"Illinois" ... why doesn't that surprise me?
Deleteanyone remember the Savings and Loan Crisis (S&L) ?
DeleteGood comments and reflection. There has also been feedback about this forum. Usually, comments that disagree with another commenter are allowed. Comments that challenge Mr. Blaine’s facts, data and logic or conclusions are often not posted. The premise of the resolutions was transparency, and it’s a great principle to stand on. The Board needs to be far more transparent, and that will solve many things. But how can we believe so strongly in that but then not allow full transparency on this blog. Yes, it’s a personal blog, but it has turned into broad forum. Debates can be won on the merits and all the facts, so why not let all points of view in? When both sides are dug in on distrust, and believe the other side is simply spreading misinformation, or stretching the truth, progress will never be made. By suppressing alternative views, it also gives readers and supporters the false view what the majority sentiment might be. Blog reading member nominated supporters didn’t see the landslide coming because they thought the blog represented the views of the broader membership, and clearly it didn’t. To #5, I agree that being perceived as disgruntled and having a personal agenda will always be an issue if you don’t allow challenging posts and comments, but I disagree about being an activist investor. That’s for profit thinking, to own or buy more shares, often to get a board seat to force an agenda. Investors get to vote with the # of shares they have. We are a cooperative, only one vote per member. You built this great forum, let all members voices be heard, even if they are employee members and ELT and Board.
ReplyDeletedisagree with your "didn't see the landslide coming..." Last year caught the board by surprise. This year the precedent is set to mail ballots when there is a contested election but no one had any idea how that would go. Could anyone believe that the member nominated candidates could beat the incumbents? Unlimited funds that were used unlimitedly! Incumbents have the advantage of knowing exactly who the members are. etc etc. That the member nominated candidates received 30,000 votes is astounding!! that the incumbents after mailing over 2 million ballots and spending over $ 3 million, (will members know just what was spent?) got 60,000 votes not so much. A financial alternative to a bank or industry standard CU was a terrific business model for North Carolina. SECU served its members will and earned their trust. Please stop squandering that legacy. Especially thru deceit.
DeleteWell said. I do believe the blog has had a negative impact on transparency as any words or actions can be spun without context. The real question is where do we go from here. How can we unify even though we may not always agree. While not perfect, I do believe that SECU is STILL the greatest financial institution and cares deeply for our members. Wish we could all just get in a room, hash it out, and move forward. We are only hurting ourselves.
DeleteI agree!! sure wish the board would be willing to have some of those "listening sessions" that members could attend and ASK questions. All across the state. Willing to submit ahead of time, especially if the board would publish the questions so members could view what had been asked/covered and what had not.
DeleteThomas Jefferson wrote that, "The natural progress of things is for liberty to yield and government to gain ground."
ReplyDeleteThis statement is often interpreted as a warning against allowing government to become too powerful, highlighting the need for constant vigilance to protect individual liberties. - I googled the quote, Charity
DeleteBusiness' can also become too big to care about their members/customers ...
DeleteI worked for SECU before and after the turnover, so I have seen the differences. For many reasons, I was uncomfortable with the changes so I joined this group of kindred spirits. The snarky comments with opposing opinions are not appreciated. I also don't appreciate comments directed at the blog author. Of course, I hope that information posted here is from a reliable source and few if any corrections are required. For that reason, I would want to know if factual info is not correct. Example would be - if someone commented that he/she knew for a fact that our members were given words to say at the annual membership meeting in 2023. That's the end of my tantrum for now. The people who are part of the SECU for All movement are caring individuals. So proud of our efforts. Thank you all!! I am Charity, and this is my opinion.
ReplyDeletefirst and foremost, I thank Jim, Jean, Susie, Julian, and Kirby for all of their efforts in standing up for the direction our CU so successfully followed for over 85 years. It will be my hope that the current Board will pay attention to the membership's input and questions as we move forward. Patty
ReplyDeleteAbsolutely! Thanks Patty - Charity
DeleteThe fact that Mark Fleming likes every LinkedIn post by former CEO Hayes speaks pretty clearly where their support was. They were all in. Still are?
ReplyDeletewhat did you expect they are all ideologically inbred and deeply out of touch.
Delete