{"id":5364,"date":"2017-07-19T10:44:23","date_gmt":"2017-07-19T08:44:23","guid":{"rendered":"https:\/\/www.polyas.de\/blog\/?p=5364"},"modified":"2017-07-19T10:44:23","modified_gmt":"2017-07-19T08:44:23","slug":"credit-union-elections","status":"publish","type":"post","link":"https:\/\/www.polyas.de\/blog\/en\/electoral-research\/credit-union-elections","title":{"rendered":"The Essentials about Credit Union Elections"},"content":{"rendered":"

Credit union elections are a vital aspect of any financial cooperative. As cooperatives are owned by their members, members are responsible for electing the board of directors. The board, in turn, manage the credit to handle the management of the credit union.<\/p>\n

<\/p>\n

While legislation regarding credit unions varies internationally, it shares one common feature: credit unions exist for the benefit of their members.<\/p>\n

In contrast to most banks, which are managed for the benefit of their shareholders, credit unions focus on the maximum benefit of their members and the community as a whole. Credit unions are financial cooperatives and work as non-profit organizations. Profits made are reinvested into the credit union or are passed onto their account holders. Credit unions typically provide more affordable loans and better rates of interests as the membership is\u00a0working together for the benefit of the community.<\/p>\n

Read more about the history of credit unions and an introduction to credit unions.<\/a><\/p>\n

 <\/p>\n

A board of directors to manage the credit union<\/h3>\n

In order to run the credit union efficiently, there needs to be high level management. In short, a board of directors. The board\u00a0assess risks, determine the direction of the credit union and decide on interest rates on loans and savings. A good board will work for the benefit of all members. The board is always accountable to its members in the form of elections. Democratic values lie at the heart of all cooperatives and financial cooperatives in particular. Board members who are\u00a0seen as doing a poor job will not be reelected when their term is over.<\/p>\n

The term of office is on average three years but can vary between credit unions.\u00a0Larger credit unions are often split into regional or local branches. Smaller divisions help to better serve their local communities while being part of a larger community enables access to more resources and economies of scale.\u00a0Local divisions elect delegates\u00a0to represent them on a national, or regional level and elect the board of directors on their behalf, usually at an AGM.<\/p>\n

 <\/p>\n

Learn more about the board of directors in credit unions<\/a><\/p>\n

Voting systems in credit union elections<\/h3>\n

While shareholders in\u00a0companies can have several votes, credit union elections are conducted based on the ‘one member – one vote’ policy. This cooperative principle ensures that all votes are weighted the same. Regardless of how much money a member has invested into the cooperative, or has saved in their accounts, members are all equal.\u00a0The larger the membership, the more complicated the voting procedure becomes. Online voting can help you reach more voters in your credit union, increasing voter turnout.<\/p>\n

Read more about how online voting works and how it supports your credit union.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Credit union elections are a vital aspect of any financial cooperative. As cooperatives are owned by their members, members are responsible for electing the board of directors. The board, in turn, manage the credit to handle the management of the credit union.<\/p>\n","protected":false},"author":268,"featured_media":5288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","ub_ctt_via":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[893],"tags":[860,1126,975],"featured_image_src":"https:\/\/www.polyas.de\/blog\/wp-content\/uploads\/2017\/07\/Credit-Unions.jpg","author_info":{"display_name":"Jaqueline Bargmann","author_link":"https:\/\/www.polyas.de\/blog\/author\/j-bargmann"},"yoast_head":"\nThe essentials about credit union elections and positions<\/title>\n<meta name=\"description\" content=\"Credit union elections are an essential part of every financial cooperative. 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