Would your members take time to attend your annual meeting? Is it an occasion the owners look forward to? Will they learn something new? Have a chance to meet board and senior staff? What would the local newspaper or the credit union press write about the event?
Every credit union that has issued news releases or been in the press this past year knows the value of public coverage. The annual meeting is an opportunity to celebrate results, profile the leadership and show respect for the owners who make it all happen.
The “Woodstock for Capitalists”
This weekend in Omaha, NE Warren Buffet will lead Berkshire’s annual meeting. It is a multi-day event for shareholders who travel from across the country and even foreign countries to attend. The excitement and preparations are described in the WSJ article from April 29. The company has sent tickets to over 138,000 shareholders and another 6,000 to non-owners who want to attend the event and pay $5.
The actual meeting is so popular that CNBC will broadcast the event live-in Mandarin and English. The high point will be the initial open-ended Q&A with Buffet and deputies answering questions from viewers and attendees—for hours on end.
This public dialogue always makes headlines as the annual report has been released months earlier. Not just owners, but the general public is interestedd in Buffett’s observations on tariff’s impact, economic uncertainty, the role of America in the world. Viewers will want to know what the company might have in mind with its $350 billion in cash.
Buffett’s annual conclave for individual owners is a long standing show of respect to those millions of small shareholders versus the billions owned by investment companies such as Vanguard or Fidelity. He rewards their loyalty by being with them, talking openly and sharing his leadership approach including succession.
The spirit is that “we are all in this together” and “I work for you.” His approach is an example of a leader accountable to owners and creating a community of shared purpose.
A Buffet without Buffett
What credit union wouldn’t want this same spirited outcome? But few even try even though the cooperative model presumes this same common interest among member-owners.
One credit union that has attempted to create is own sense of shared accomplishment and celebration is the $160 million Affinity CU in Omaha, NE.
At the annual meeting I attended two years ago there were talks by the state regulator, the President of the Iowa Foodbank as well as the required CEO and Chair reports. Scholarship winners were recognized, there was a free buffet dinner for entire families, prize giveaways and even video of one of the members telling his story.
The meeting included the election. After which all board members, new and old, took their oath of office, in front of the owners.
This was an occasion combining all the elements that make Berkshire’s effort a national news event. It is not an organization’s size and resources that creates owner excitement for this required meeting. Rather it is the measure of leadership’s respect for the owners for whom they work.