In Brief
When the Board of a large financial cooperative wanted to attract more experienced directors to their Board, they came to Watson for help in identifying potential candidates. We helped them review and adjust their recruitment process to ensure they were getting the right people around the table to navigate an increasingly complex sector and take the organization to the next stage of its evolution.
Our Engagement
With increasing regulatory demands, changing consumer behaviour, a difficult-to-navigate economy, and technological advancements and new entrants to the sector creating competitive pressures, our client’s sector is under pressure. They need a strong Board that is ready to make the decisions that will shape the organization’s present and future.
When they asked Watson for help in identifying director candidates, we started by reviewing their appointment processes. What we found were processes that were not effective in supporting the identification and recommendation of the types of candidates that would be the best fit for the organization’s needs.
We worked with the Board to improve their nomination and assessment process by broadening the pool of potential candidates, introducing a rigorous assessment process that assessed all candidates (both internal and external) on criteria relevant to effective director performance and the Board’s needs, and strengthened the process to recommend qualified candidates to the membership for election. Over time, the Board’s composition changed to more accurately reflect the needs of the Board in keeping with its evolving responsibilities and the complexity of the industry.
For nearly two decades we’ve worked alongside this highly committed and capable Board to help navigate their journey effectively. Since our first engagement almost 20 years ago, the Board has continued to engage Watson every year to support director search and selection, Board and director evaluations and effectiveness, CEO performance and feedback, and special projects on high-stakes subjects.
Impact
With the right people around the table, the Board has been able to provide more effective leadership and guidance to the organization, strengthening the business fundamentals of the credit union, making bold strategic moves, and evolving its business model as it expands nationally.
We continue to be their partner of choice, with our longstanding relationship and deep understanding of the business enabling us to connect the dots and see issues from a broad perspective. The Board has strong governance and a clear path forward to help the organization thrive.
