Review And Reflection - Part 2: The October, 2022 Annual Meeting - "The Resolution"

  ... a tangled web!

It has been a difficult three years of controversy for the members, staff and Board of SECU. How did all this get started, have any disagreements been resolved?

An easy place to start is two years ago with the resolution which was presented at the October, 2022 SECU Annual Meeting. Please take a few minutes to read it [link], so you can judge for yourself the tone and tenor of the request.

The first few paragraphs simply provide a brief summary of the scope and success of the Credit Union over its 85 year history - a very positive record. Never heard much disagreement with that record. 

Lets highlight a few statements in the resolution:

"Most noteworthy, SECU enjoys a sterling reputation built upon high standards and the dedicated work of a committed staff, active volunteer advisory boards, and excellent leadership from the Board of Directors."

And then these two notes:

"Over the last year, SECU has experienced a period of transition with the easing of the pandemic, with new leadership, and with great upheavals in the U.S. economy and world politics. Transitions of this magnitude always create uncertainty."

"Calls for “a change in our culture and a new direction” for SECU, however, have greatly heightened concerns among the staff and membership. Much of this concern may be unjustified, resulting from incomplete information, the always active rumor mill, or internal differences of opinion on new programs or ideas. Better communication can possibly allay these concerns, if unjustified."

The resolution then called for the Board to address with the membership what seemed to be the most pressing six concerns -  open membership, a merger with Local Government FCU, risk-based lending, tax prep services, business/commercial lending, and the continued commitment to North Carolina.

The motions within the resolution were for the SECU Board of Directors to review and respond to the membership, after statewide discussions with the staff and all advisory boards. The fundamental questions were: Who are we? Where are you leading us? Why are you taking us there?

In addition, the Board of Directors was asked to update and make available to all member-owners its’ Strategic Plan for SECU - clearly explaining the Board’s recommendations for a new culture and new direction for SECU. 

The resolution was approved by the members - even seconded by a Board member. The SECU Board committed to a series of "Fireside Chats" over the next several months to fully address and explain the issues.  

Everyone seemed to agree: Transitions of this magnitude always create uncertainty; much of this concern may be unjustified; better communication can possibly allay these concerns...

Potential concerns politely addressed, better communications and explanations forthcoming...    

Kumbaya! Problems resolved...

... what went wrong?

 

 

Time For A Little Review And Reflection - Part 1: "What Next?"

  ... if anything.

The decisive reelection of the four incumbent directors at the SECU Annual Meeting was a great disappointment - well, at least to some of us!  Took a week off to lick some wounds and give this extended, two-year odyssey some thought.

✅ The first thought was to reaffirm that the results of the election were fair. The SECU Board deserves kudos for creating an independently controlled voting process, which has greatly enhanced the ability of SECU members to vote. Despite criticism over costs, the Board has established an important precedent by adding a mailed-ballot option for every member in 2024. The relatively minor costs of the the mailing were well worth the significant increase in member interest and participation. Having @100,000 SECU members vote in 2024 vs @13,000 in 2023 is very positive for SECU, as a member-owned cooperative.  Yes, some folks may want to grouse about some of the policies and tactics used by the Board, but it is seems reasonable for the Board to seek to make its preferences known to the membership.

✅ The second thought was that it might be wise to pause and review what has occurred over the last two years - why we are here, what brought us to this point, what has changed.

✅ The third thought was to take a closer look at where SECU is heading, based upon the analyses and forecasts presented by the Board at the Annual Meeting. 

✅ The final thought was to establish a "baseline" against which SECU members may evaluate the prudence and progress of the Board's strategic goals against the realities of the financial marketplace.

For folks who would like to comment and weigh in, hope you will do so through the "SECU For All" site [link], where much good discussion has been occurring; and which will help better legitimize the "debate" when an identity is attached.

Will start tomorrow with a look at that "Resolution" which was approved by the membership two years ago at the October, 2022 Annual Meeting [hope you will read it - here]. What was all that about? 

This review and reconsideration won't take long... and anyway what did you have planned for the next few weeks as we all wait for the results of "that other election"?

... what are you talking about? There was another election going on...?