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Bill would let state‑chartered credit unions allow member vote to compensate directors; supporters say it aids governance
Summary
Senate Bill 25 would permit state‑chartered credit unions to allow members to vote to compensate board members. Supporters — including trade groups and credit‑union CEOs — said modest compensation helps recruit and retain directors with specialized expertise; witnesses said the change would be optional and subject to member approval.
Senate Bill 25, presented to the Commerce Committee at the request of credit‑union trade groups, would let New Hampshire state‑chartered credit unions offer compensation to their directors if the membership votes to allow it.
Sponsor Sen. Dan Innes said the bill brings state law into alignment with practices in 16 other states and is an enabling statute that would not force any credit union to pay directors. “Nothing in this legislation would force a credit union to compensate their board members,” Innes said. “It is enabling legislation only.”
Witnesses for the bill included Ron McLean,…
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