Peer-to-peer evaluations are critical to on-going board excellence

first_imgAs the financial services industry becomes more competitive and institutions continue to face regulatory and economic pressures, the need for a focused, informed board of directors is critical. In this challenging environment, it is essential that every board member be fully engaged in the institution’s governance, policies and procedures, and strategic direction in order for it to be successful in fulfilling its obligations to depositors and shareholders.Board member responsibilities begin with a commitment to be actively involved in all leadership aspects of the institution, including:actively participating in all board meetings;selecting qualified executive officers;providing governance on institutional policies related to safety and soundness;maintaining awareness and compliance with all state and federal regulations;assessing established business strategies; andserving as ambassadors for the purpose of growing the institution’s market share.The consequences of having directors who aren’t fully engaged or who don’t have the best interest of all stakeholders in mind can negatively impact an institution’s ability to make prudent business decisions and to meet its strategic objectives. If allowed to continue, this can result in potential regulatory consequences, and in the worst cases cause the institution to fail.What’s more, if directors don’t possess the basic knowledge required to understand the institution’s financial and accounting practices, neglect to complete their responsibilities or disregard the importance of protecting the interests of all stakeholders, they can be subject to civil monetary penalties imposed by regulators and civil liability.While large institutions are expected to incorporate self-assessment practices into their board governance, initiating a process that establishes strong expectations for board involvement and responsible decision-making is beneficial for smaller institutions as well. This can be accomplished through the implementation of an on-going board member evaluation process.Boards are only as strong as the weakest linkIn many institutions with long-term board members and legacy policies, member evaluations often aren’t given the serious attention they deserve. And while it’s no secret that board members don’t relish the idea of evaluating their peers, when an individual board member is no longer providing value to the group, it is distracting and affects the performance of the entire body.Unfortunately, in many cases institution and board leadership take the seemingly easy way out when it comes to removing non-contributing members by implementing a mandatory retirement age requirement or relying on the eventual retirement decision of individuals who may have lost interest or the ability to provide value. These strategies offer two very pronounced limitations to the preferred outcome of improving the quality and effectiveness of board membership.First of all, age isn’t always an indicator of whether or not someone is an effective, contributing board member. Automatically removing a member from the board at an arbitrary age can result in the loss of relevant industry and community knowledge, along with valuable institutional support and strong leadership abilities. And relying on underperforming members to decide on their own when it’s time to leave can take years and result in the loss of opportunities to make changes that would benefit the institution, both now and in the future.These two scenarios are often the result of a board review process that is limited to a perfunctory self-assessment – where board members are asked to rate their own proficiencies and identify areas of potential weakness. This can have little value if a director is only concerned about his or her own needs, or doesn’t want to appear at odds with the opinions of the board chair or specific committee leadership. Too often the result of this type of review only serves to fulfill a board requirement and leads to the continuation of the status quo, whether good or bad.Peer-to-peer review allows relevant across-the-board assessmentHowever, by developing a peer-to-peer review system for evaluating each member’s contributions, board leadership demonstrates its commitment to maintaining quality involvement of all board members, all the time.Anonymous peer-to-peer evaluations provide a vehicle for obtaining feedback to evaluate each person’s value as a board member. To be effective, the process should include the following elements to ensure consistent, quality input on issues that directly relate to the successful oversight of the financial institution:a clear, upfront establishment of process objectives, as well as criteria to be used for member evaluations;development of an unbiased format that provides constructive, non-personal information;identification of a neutral party to gather and share individual feedback; andconsideration of how the evaluation responses will affect on-going board membership.Once the evaluation process is complete, underperforming members can be counseled and given the opportunity to improve their performance or increase board involvement before a final recommendation is made to find a replacement.Planning and expectations promote healthy board involvementWhile the issue of dealing with underperforming board members is difficult, if a board is going to function as a unit, it is incumbent on every member to fully commit to his or her responsibilities for the duration of their board service.The process can be eased by implementing clear expectations of membership requirements during the recruiting process and addressing institutional leadership needs on a regular basis. It is also imperative that board members are given the training and information they need to stay aware of changing market and regulatory conditions. When weaknesses or deficiencies are observed, it is the responsibility of board leadership to address the situation immediately with the individual member and discuss possible solutions.With this process in place, every member will have a better understanding of what is required to have and maintain a seat at the board table.About JMFAJMFA is a leading provider of profitability and performance-improvement consulting. For more than 35 years, JMFA has been recognized as one of the most trusted names in the industry for earnings enhancement and expense control programs, training and development, and recruitment services, as well as product, service, pricing and technology-improvement consulting. Simply stated, JMFA’s programs and services are designed to increase income or reduce expenses. JMFA is proud to be a preferred provider among many industry groups. To learn more about JMFA, please visit www.JMFA.com or call (800) 809-2307. 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Keith Hughey Keith joined JMFA in 2012, with more than 35 years of consulting and managerial experience. Until founding his own practice, J. Keith Hughey Company in 2008, he was a principal … Web: www.JMFA.com Detailslast_img read more

Arsene Wenger picks his two favourites to win this year’s Champions League

first_imgPSG superstar Mbappe is a doubt for the side’s quarter-final (Picture: Getty)Kylian Mbappe is a doubt for PSG’s clash with Atalanta after sustaining an ankle injury in last week’s Coupe de France final victory over Saint-Etienne but Wenger is confident the forward will feature.‘I saw what happened to him. I think that he will play, and I think that he is also convinced of that,’ the ex-Arsenal boss, now FIFA’s Head of Football Development, added.‘Something tells me, and I am used to watching athletes at the highest level when they are really very badly injured. ‘I think there is a sense of confidence, watching him closely. ‘I am practically certain that he will play against Atalanta. For Mbappe, I believe enormously so.’Which team will win this year’s Champions League?PSG0%Atalanta0%Atletico Madrid0%Leipzig0%Juventus0%Lyon0%Manchester City0%Real Madrid0%Napoli0%Barcelona0%Bayern Munich0%Chelsea0%Share your resultsShare your resultsTweet your resultsFollow Metro Sport across our social channels, on Facebook, Twitter and Instagram. For more stories like this, check our sport page.MORE: Santi Cazorla proves he still loves Arsenal with message to club after FA Cup win against ChelseaMORE: Mikel Arteta contacts Barcelona midfielder Ivan Rakitic over Arsenal transfer Arsene Wenger picks his two favourites to win this year’s Champions League Arsene Wenger has named PSG and Manchester City as his Champions League favourites (Picture: Getty)Former Arsenal manager Arsene Wenger has picked out Manchester City and Paris Saint-Germain as his two favourites to lift the Champions League trophy this season. Europe’s premier competition had to be put on hold back in March due to the coronavirus crisis but will restart over the coming days, with Juventus entertaining Lyon (Agg 0-1) and Manchester City playing host to Real Madrid (Agg 2-1) on Friday night.The remaining round of 16 games take place the following evening as Napoli travel to Barcelona (Agg 1-1) and Bayern Munich (Agg 0-3) look to defend their lead at home to Chelsea. Advertisement Advertisement Tom OlverMonday 3 Aug 2020 8:20 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link1.5kShares Manchester City entertain Real Madrid at the Etihad this Friday (Picture: Getty)PSG, Atalanta, Atletico Madrid and Leipzig have already secured their place in the quarter-finals which will be played out as single-leg knockout ties in Lisbon from August 12-15.AdvertisementAdvertisementADVERTISEMENTAsked to predict this year’s winner, Wenger told Europe 1: ‘When you are playing a match against Atalanta or Atletico Madrid, anything can happen. ‘But for me, Manchester City and PSG are the two favourites in terms of their potential. ‘Aside from that, honestly, PSG, I feel they are a little bit less strong than 3 or 4 years ago.’ Comment PSG are looking to bag their fifth trophy this season (Picture: Getty)The Frenchman believes the quality of European football has suffered a ‘general decline’ over the last few years which has created a golden opportunity for the Ligue 1 champions.‘In terms of their holistic setup, PSG were maybe a bit more complete 3 to 4 years ago, in all positions,’ Wenger said.‘The competition was stronger as well. ‘But I think that there has been a general decline in the quality of European football at the very, very, very highest level and they are still amongst the two or three best in Europe.’More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalHe continued: ‘We shouldn’t be looking for false reasons why PSG have not yet won the Champions’ League. ‘Even Real Madrid didn’t win it sometimes during 10 to 15 years, then they won it three times in a row.’last_img read more

Governor Wolf Orders Flags At Half-Staff To Honor Officer John Wilding

first_imgGovernor Wolf Orders Flags At Half-Staff To Honor Officer John Wilding Flag Order,  Press Release Harrisburg, PA – Governor Tom Wolf today ordered the Commonwealth flag in the Capitol Complex and at Commonwealth facilities in Lackawanna County lowered to half-staff in honor of fallen Scranton Police Officer John Wilding who died Sunday, July 12, 2015 as a result of injuries sustained in the line of duty.“Today, we lower the Commonwealth flag to honor the ultimate sacrifice made by Officer Wilding. I invite all Pennsylvanians to participate in this tribute to pay respect to a fallen hero,” said Governor Tom Wolf.The Commonwealth flag shall remain lowered until sunset on the day of Wilding’s interment. July 13, 2015center_img SHARE Email Facebook Twitterlast_img read more

Rugby star keen to offload Brisbane investment home

first_imgAnthony Fainga’a joined the Brumbies this season. Picture: Chris Hyde/Getty ImagesAFTER returning to his roots in Canberra with the Brumbies, former Queensland Reds rugby star Anthony Fainga’a has declared he’s willing to negotiate on the sale of his investment home here.He developed the luxury five bedroom, three bathroom home at 37 Salaria Drive, Seven Hills, with younger brother Vili Fainga’a. 37 Salaria Drive Seven Hills Qld 4170. Picture: Realestate.com.auSeven Hills has seen median prices rise 26.3 per cent in the last five years, according to CoreLogic data, with the median asking rent sitting at $510 a week.The Fainga’a brothers have been tossing up whether to rent the property out instead – looking at a price of around $1,100 a week, but last week decided to put the home up for negotiation.They had hoped for a price over $1.19 million for the triple-storey executive home which has a butler’s pantry, outdoor entertainment zone with 6m ceilings and a garage big enough for two cars and a motorcycle. More from newsMould, age, not enough to stop 17 bidders fighting for this home5 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor5 hours ago37 Salaria Drive Seven Hills Qld 4170. Picture: Realestate.com.au 37 Salaria Drive Seven Hills Qld 4170. Picture: Realestate.com.au 37 Salaria Drive Seven Hills Qld 4170. Picture: Realestate.com.au 37 Salaria Drive Seven Hills Qld 4170. Picture: Realestate.com.au 37 Salaria Drive Seven Hills Qld 4170. Picture: Realestate.com.aulast_img read more

Construction Continues at IJmuiden Sea Lock

first_imgAt the end of last year, BAM and VolkerWessels reported disappointing financial results related to the new sea lock project in IJmuiden, the Netherlands.The reason for the higher costs, they said, was the robustness of the caissons and the need to recalculate their structural strength.The impact of this development on the completion date of the project is now being calculated and discussed by Rijkswaterstaat and contracting consortium OpenIJ.“We will inform you of any consequences of these developments as soon as more information becomes available,” the consortium said.Meanwhile, the Port of Amsterdam announced that from 9 April 2018 to 4 May 2018, the IJmuiden Middle Lock will be obstructed due to modifications carried out to the fendering system and the canal bed protection of the Middenbinnentoeleidingskanaal (the inner approach channel to the Middle Lock).“These activities are the result of the construction of the new sea lock. Ships will therefore have to use the other locks of the IJmuiden lock complex. This may cause some delay. A service technician is available 24/7 to guarantee that lock passages can continue as normal,” the port said.When completed in 2019, the new lock chamber will be 70 meters wide, 500 meters long and 18 meters deep, making it the biggest sea lock in the world.last_img read more

World’s ‘most premature baby’ ever survives against all odds

first_imgNZ Herald 9 November 2017Family First Comment: Just over 21 weeks!!! (NZ allows most abortions up to 20 weeks)“against all odds, the (3 year old) little girl who weighed just 15 ounces at birth is thriving, attending pre-school, has no medical conditions, and is scoring just as well on developmental tests as any other child her age.”The most premature baby ever born is defying doctors’ expectations with her incredibly strong health three years on, according to a new medical report on the unprecedented case.According to the Daily Mail, the little girl was born at 21 weeks and four days in San Antonio, Texas, in 2014.Her mother Courtney Stensrud, now 35, had been hospitalised with a common placental infection and ruptured membranes at just three months pregnant, and was told she had to deliver immediately to avoid losing the baby.Lying in the maternity ward, Stensrud remembers frantically searching on her phone for examples of any other babies born at 21 weeks, to no avail.But now, against all odds, the little girl who weighed just 0.425 kgs at birth is thriving, attending pre-school, has no medical conditions, and is scoring just as well on developmental tests as any other child her age.READ MORE: http://www.nzherald.co.nz/lifestyle/news/article.cfm?c_id=6&objectid=11942321last_img read more

Drug education unit hosts workshop for grade 4 students

first_img Share Share 32 Views   no discussions EducationLocalNewsPrimary Drug education unit hosts workshop for grade 4 students by: – June 14, 2012 Tweetcenter_img Sharing is caring! Share The National Drug Abuse Prevention Unit has taken its educational campaign to the classroom in an effort to educate children on the dangers of drug use and abuse.A press release issued by the Director of the National Drug Abuse Prevention Unit, Jacinta Bannis, indicates that ten drug education workshops have been taking place at various centres around the island.These workshops commenced on June 8th and will climax on June 19th, 2012. The release further indicates that grade four students are being targeted to participate in these workshops.“Five grade four students from each primary school have been attending the workshops and overall about two hundred and eighty (280) students will participate in these workshops”.The topics which are being covered include; “definition of a drug, types of drugs, effects of drugs on the body, how drugs impacts the individual, the family and the Society, alternative to drug use, classification of drugs and refusal skills”. “At the end of the workshop student will sign a pledge to remain Drug Free. It is anticipated that students will share the information gathered at the workshop with their class, clubs, family and friends. Teachers who accompanied the students are encouraged to reinforce the lesson in their class room teaching,” Bannis noted.The Unit also expressed thanks the Ministry of Education, principals, teachers and parents for their collaboration during these workshops, and “look forward to continued partnership in the coming school year”.Dominica Vibes Newslast_img read more

Wednesday is the first ever ‘Family Fun Day’ at the Franklin County Fair

first_imgFranklin County, In. — Today at the 2018 Franklin County 4-H Fair it is “Pork Day” and the first ever “Family Fun Day.”The Swine Show starts at 9 a.m. Members of the Knights of Columbus will prepare pork chop dinners from 11 a.m. to 2 p.m. and 4 to 7 p.m. The midway opens at 6 p.m.Tonight is the first ever “Family Fun Night.” There will be an obstacle course, pie eating contest, celebrity sheep show and a tug-of-war competition. All the action gets underway at 5 p.m.The telephone number at the Fair Office is 765-268-0429last_img

Real loans Odriozola to Bayern

first_imgRelatedPosts Bayern Munich fans undergo Super Cup coronavirus tests Vidal lands in Milan to complete move from Barca to Inter Bale completes Tottenham return from Real Madrid Spanish right back Alvaro Odriozola has joined Bayern Munich on loan from Real Madrid until the end of the season, the German champions said on Wednesday. The former Real Sociedad defender, 24, joined Real Madrid in 2018 but has played only four La Liga matches this season. “Following internal discussions, we agreed to follow the wishes of head coach Hansi Flick in strengthening the defence and decided to go for Alvaro Odriozola,” Bayern Munich chairman Karl-Heinz Rummenigge said in a statement. “We are delighted about the signing and thank Real Madrid for the friendly and cooperative talks.”Tags: Alvaro OdriozolaBayern MunichKarl-Heinz RummeniggeReal Madridlast_img read more

Pardew pleased with Magpies draw

first_img Press Association The Magpies missed a chance to pull eight points clear of the relegation zone after failing to build on Yoan Gouffran’s early goal at The Hawthorns. The visitors squandered a number of chances to make the game safe before half-time but West Brom responded after the break to claim a point through Billy Jones’ equaliser. Romelu Lukaku also hit the bar and Rob Elliot produced a fine save to deny James Morrison as the Baggies looked the most likely winners in the second half. Pardew said: “I’m really pleased with a point, it is important at this stage of the season.” Newcastle boss Alan Pardew felt his team were inching closer to safety after being forced to settle for a 1-1 draw at West Brom.center_img He added: “We have got four games to go and I don’t really care where we finish in the league as long as we are in the league. You need to make sure you secure the points and don’t rely on other people not getting them. It is very important now we keep battling to the end. “The club is in a great financial position, we have good players and if we have them all fit, we are stronger than we were. Therefore, I would expect us to challenge for top 10 next season but we have got to stay in the division.” The first half ended with a controversial incident as James Perch was penalised for a foul on Jones on the right edge of the box. Replays however showed a double error by the officials. The incident occurred inside the box but the tackle by Perch appeared a clean one. It was perhaps just as well West Brom wasted the opportunity but both managers had different opinions on the matter. Pardew said: “I certainly didn’t think it was a foul. I was standing in a direct line with his foot and thought he got the ball. I didn’t see anything wrong with it.” West Brom head coach Steve Clarke said: “The referee gave a free-kick and the challenge was clearly inside the box. On another day we might have got it.” Clarke felt the Baggies’ lack of recent action showed in the early stages but was pleased with their recovery after half-time, saying: “I was a bit concerned we had only played two games in 34 days and I think that showed at the start. Newcastle picked up the game much quicker than we did. In the first half they were better than us.” last_img read more