The Credit Union Advisory Committee (“CUAC”) has published its report into the issues and challenges facing Credit Union Directors and to explore their role in the context of the current governance structure. A combination of focus groups, questionnaire and an online survey provided all Directors with a unique opportunity to voice their opinions, and the level of responses received demonstrated the value of this exercise. In total 924 Directors from 83% of Credit Unions contributed to the survey process while 36 Directors participated in focus groups. Arising from the results of the survey, CUAC has made recommendations to the Department of Finance, the Central Bank of Ireland and Credit Unions to consider which cover three areas: (i) legislation, regulation, supervision; (ii) structure and workings of the Board; and (iii) supports.
Diarmaid O’Keeffe, Partner and Head of Audit at EisnerAmper Ireland, was appointed by the Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, to CUAC in September 2018. CUAC was established in 1997 to advise the Minister for Finance and Public Expenditure and Reform regarding the improvement of the management of Credit Unions; the protection of the interests of members and creditors of Credit Unions; and other matters relating to Credit Unions upon which the Minister and the Central Bank of Ireland may from time to time seek the advice of the Committee.
Commenting on the Report, the Minister for Finance and Public Expenditure & Reform, Paschal Donohoe TD said:
“I welcome this Report, and commend CUAC for giving all Directors an opportunity to voice their opinion directly. This report provides valuable insights into the role of Credit Union Directors, from 924 Directors themselves, and contains a considerable amount of data which can be used to benchmark the sector, now and into the future. Volunteer Directors perform a vital role in safeguarding and improving the sector whilst also upholding the unique ethos of the movement. It is now important that all stakeholders involved in the sector consider in detail the recommendations the report sets out to aid the role of these Directors.”
To read the Report, please click here.
EisnerAmper Ireland have advised and audited some of the largest credit unions in the state, advising in relation to the merger transactions and providing training and consulting services to Credit Union Management and Boards of Directors. If you have any questions in regard to EisnerAmper Ireland’s services to the Credit Union sector, contact Diarmaid O’Keeffe.Latest News