MADISON, Wis. — In the Filene Research Institute brief, "A Seat at the Table: Young Adult Directors and Board Advisors," author Ben Rogers dives into the touchy subject of what credit unions can do to add a young voice to their typically aging boards.
In the brief, Rogers builds off a previous Filene study conducted by William Brown, a governance specialist at Texas A&M University. Brown surveyed 379 board members representing 713 credit unions from across the United States and found that 75% were older than age 50, 25% were 49 or younger and 6% were 39 or younger.
Rogers said that he believes that a governance problem is already starting among credit unions with board members not wanting to retire because they fear there is nobody to replace them. In five to 10 years, Rogers said that when many board members do retire there will be a huge gap to fill, but he stressed to credit unions that replacement for the sake of replacement is not the answer.
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