✅ Why you should want to serve as a SAFE Board member: "Benefits of Serving on the Board of Directors". [link - see "Board Governance"]
✔ "Serving on our Board provides opportunities to network, grow your personal brand [?!], support initiatives that resonate with you while serving our members."
✔ "These experiences will help you advance in your career and life."
😎 For credit union boards, priorities are important! First things first! 1) enhance your personal networking, 2) grow your "personal brand" [?!], 3) support your personal initiatives, 4) advance in your career... and oh yeah 5) "while serving our members"!
Houston we have a governance problem...
ReplyDeleteJB - you've been known to be satirical at times, so I thought this was a joke. Until I clicked on it and read it myself. This is shocking. This describes the PTA, a book club, or maybe a chamber board - not a multi-billion dollar, highly regulated financial institution! Unbelievable...Joking aside, this is problematic.... a board's fiduciary duty takes 2 primary forms a duty of care, and a duty of loyalty...
ReplyDeleteDuty of loyalty is avoiding conflicts of interest (e.g. financial gain), and always placing member interests above you own. They are LITERALLY promoting being on the board for self-interest - to build your brand and network. "Support initiatives that resonate with YOU"? So personal agendas as welcome, I gues.... Are you kidding me? In terms of conflict of interest? No problem here, except for the directors that votes yes and will get $125k as a BECU board member.. no, nothing to see here...
Duty of care is about being informed, thoroughly prepared, understanding the risks, utilizing experts - and importantly, credible challenge of managements assumptions, interrogation of their recommendations, doing due diligence, etc. But not at SAFE, we'll teach you about governance and leadership, and that "support" means all you have to do is say yes to what management wants. Can you picture the SAFE and Boeing CEO's in front of the SAFE Board? "Trust us, this is good for your members" Any questions? No, but let's do rock, paper and scissors to see who gets the $125k board seat...
Never seen anything like this. Not funny anymore and time for SAFE members to litigate.
OMG! 12 selfserving clowns
ReplyDelete10:53 Wouldn't say this is a group of clowns, might have trouble arguing with the self-serving part.
ReplyDeleteIt is, however, an unusual CU board. A vocal member critic of the merger, Dr. Scott Rose, has stated that over half of the SAFE Board weren't members before they were elected, which seems to be confirmed by their board profiles.
That doesn't sound kosher; Dr. Rose says it's illegal ... might have trouble arguing against that, too.
agree.. not being members first isn't illegal, nor is their "election" process. Violating their fiduciary duty by giving the CU away and not doing proper due diligence is illegal - at least in terms of giving board liability and giving the member a cause of action.
DeleteSounds like corruption
ReplyDeletehttps://www.reuters.com/sustainability/boards-policy-regulation/spacex-ipo-gives-musk-sweeping-power-curbs-shareholder-rights-2026-05-06/
might keep this information handy for down the road if you get my drift...
ReplyDeleteBTW, This is not an oversight... This is a method to be practiced more and more ...
ReplyDelete