Board Oversight Committee - Assessing the Board. Úna Mc Devitt , B.Comm , FCA, MScOB. Two Key areas. 1. Know your duties under the legislation 2. Translate this into practice. 1.The Legislation. Part IVA Credit Union Act 1997 (as amended)
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ÚnaMcDevitt, B.Comm, FCA, MScOB
1. Know the legislation
2. Meet at least once a month (S.76O(a))
3.Draw up detailed checklists of all the areas that have to be assessed
4. Assign duties to the members of the BOC
5. Record observations and finding
6. Report to the Board at least 4 times in every year (S.76O) (written report within 2 weeks S76O(2)
7. Keep minutes of all meetings under 2 and 6
The BOC needs to draw up a work-plan that ensures all areas of the BOD duties are assessed. The work-plan should include:
Needs to be heard, understood and acted upon.