Invite members to celebrate and participate

CU Annual Meetings: Celebration or Obligation?

We’ve worked with credit unions for a long time, and we love how much variety there is. Every credit union is unique in how they connect to their members and their communities.

We’ve also noticed a lot of variation in how credit unions think about their Annual Meetings and Annual Reports.

For some, it’s just a boring annual legal obligation, to be handled with the smallest amount of fuss or expense. For others, it’s a yearly celebration, a chance to throw a party, brag a little (or a lot), re-connect with their members, and get fired up for the coming year. And some are in the middle, where they might throw a celebration only on significant dates, like a 50th or 75th anniversary.

Here’s why we think credit union Annual Meetings and Annual Reports should get a lot more love and a lot more celebration every year.

The Board election is core to the credit union difference

The Board members and management listen carefully to what members need and want every day, but the Board election is the centerpiece of the Annual Meeting. Voting for the Board is fundamental to the members’ power, and “one member, one vote” is fundamental to the credit union difference. 

Member participation should be encouraged and welcomed. Some CUs are now bringing in even more members with online annual meetings, and expanding ways to review Board candidates and vote online or by mail. 

This is where you show them the money

Of course, lots of businesses have to disclose financials. But credit unions have an opportunity every year to go further and explain exactly what the numbers mean to every member, not just the credit union as a whole. It’s also a chance to show members one of the fundamental differences of credit unions, that earnings are invested in them and their communities, not sent to shareholders.

It’s a chance to highlight the personal impacts

Of course, credit unions are all about people. And Annual Meetings and Reports are a chance to celebrate some of those personal stories. Not just the new home or car, but families getting control of their debt, communities that are becoming better places, kids learning how to manage their finances.

Again, this is a chance to show the credit union difference in action. It’s sharing your history and your shared values, and deepening your connections to your members.

Time to share the future vision

Speaking of shared values… the Annual Meeting and Annual Report are a prime chance to share that future vision. How is the credit union’s leadership planning to shake things up and make the world a better place in the next year, and the next five years? What are you publicly committing to? Exactly how will you serve your mission?

By clearly communicating what’s important and what you’re working toward, you can help members see that they’re part of something bigger than a checking account or car loan. More CU members need to understand how they’re part of making positive change in the world. 

Celebrate and connect

From their beginning, credit unions were and still are all about “people helping people”. And people love a party, right? But celebrations aren’t just for fun; celebrations mark important achievements and moments, and it’s well worth taking a little time once a year (or more) to celebrate and enjoy each other’s company. No matter how big a credit union gets, it’s all about humans and human connections.

Many ways to be involved

Whether your Annual Meeting is a gala ball or a cookout, leverage technology to get as much participation as possible. Can members attend via Zoom, vote, and ask questions online? Is your Annual Report a piece of paper or an interactive experience on your website that members can really dig into and understand? 

The more you invite and enable members to celebrate and participate, the stronger your credit union will be. Annual Meetings and Annual Reports are perfect opportunities to do just that.

Need a hand with your next Annual Report or Annual Meeting? We’re happy to help!

Brian Wringer
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