Millions of Canadians and business owners are members of co-operative financial services in Canada. Their financial security and success depend on the commitment and capabilities of the board of directors they elect.

That's why it's surprising how many credit union members are unaware of what their board of directors do and how important it is to be an educated participant in the electoral process. As in any democracy, the people elected to represent member interests are responsible for and accountable to the economic well-being of the people who voted them into office.

A credit union is a business and must be run accordingly. Your board of directors sets short- and long-term strategies, as well as the policies and procedures affecting everything from business operations to community involvement to dividends. The board also represents the membership's collective values concerning social, environmental, and economic responsibility.

A director position is voluntary although expenses are covered, and an honorarium is often provided. A director can devote up to 20 hours a month preparing for and attending regular monthly board meetings. Additional time is also spent serving on various advisory committees with specific responsibilities such as Community Leadership, Financial Policy and Governance.

While a good heart and clear mind are important attributes, a prospective director should also possess pertinent experience and skill sets. Overall, the board needs to be strong in many areas, so a diversity of directors who bring different types of knowledge is important. Annually, the directors look at the competencies of the board and identify areas to strengthen.