|
CUMIS Governance Task Force
The Client
Since 1937, The CUMIS Group has marketed
a diverse portfolio of insurance, retail and wealth management products
by working closely with Canadian credit unions, caisses populaires,
provincial centrals and francophone federations, the Credit Union
Central of Canada, Co-operative Trust Company of Canada and their
members.
The Challenge
The CUMIS Governance Task Force was established
to identify and recommend ways of maximizing the effectiveness of
governance at CUMIS. The impetus for this initiative was the boardıs
commitment to improving governance and risk management partly in
response to a 1999 report by the Office of the Superintendent of
Financial Institutions (OSFI). SFI).
How KTA Helped
KTA worked with the CUMIS Governance Task
Force, engaging directors in a facilitated process that resulted
in the Task Force making thirty-one recommendations to improve governance
effectiveness including: clarifying the duties and responsibilities
of directors; improving the board meeting structure and clarifying
information requirements and processes, defining the annual strategic
planning process and timeline as well as the respective roles of
the board and management in the planning process; and, standardizing
director orientation, development and evaluation practices. The
Task Force report and its recommendations were approved unanimously
by the CUMIS Board.
What We Delivered
Capitalizing on the Board's willingness to
undertake a comprehensive exploration of corporate governance issues,
the CUMIS Governance Task Force and KTA took the opportunity and
brought about change that, in the words of the Task Force, made
the CUMIS board a better board, enhanced CUMIS competitive advantage,
and enabled CUMIS to realize its vision to be the best at serving
our customers.
|
