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Voting Poll Results: Boards And CEOs Both Play a Role in Lack of Retirement Planning

WEST PALM BEACH, Fla. - When a credit union CEO approaches retirement age with an inadequate retirement plan, whose fault is it? According to Credit Union Times' just expired voting poll, which had one of the largest turnouts with 526 votes, the majority (51.9%) feel that the board and CEO...

By Staff Writer | Updated on September 28, 2004

WEST PALM BEACH, Fla. – When a credit union CEO approaches retirement age with an inadequate retirement plan, whose fault is it? According to Credit Union Times’ just expired voting poll, which had one of the largest turnouts with 526 votes, the majority (51.9%) feel that the board and CEO share the blame equally. Interestingly, though the board is ultimately responsible for establishing CEO compensation, only 11% said the board was responsible, while more than 31% said the CEO was responsible. Here is the question and results: In those cases where the credit union CEO is nearing retirement with no retirement plan or one that’s not adequately funded, whose fault is it? * The board; it’s ultimately its responsibility to compensate the CEO

11.22% * The CEO; he or she needs to alert the board of this compensation void

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