Phil Kenkel
Bill Fitzwater Cooperative Chair
Oklahoma State University
The board chair (also referred to as the chairman, chairwoman or chairperson of the board of directors) is a key leadership position. The board chair is a member of the board of directors who is elected by the board for a specified term. The bylaws of a cooperative will generally define the process for selecting the chair and the chai’s rights and duties.
The chair serves as leader and manager of …
Phil Kenkel
Bill Fitzwater Cooperative Chair, Oklahoma State University
Every individual should understand the role of the board of directors. While there are differences across the business forms, the board of directors is an important part of the governance of investor owned corporations, cooperative corporations and not for profit corporations. Understanding the functions and role of the board of directors will help you better understand those specific business forms. Additionally, many individuals are asked to run for or serve on …
By Phil Kenkel, Vice Chair, Cooperatives CoP and Bill Fitzwater Cooperative Chair, Oklahoma State University, phil.kenkel@okstate.edu.
In a recent national project academic, researchers, cooperative managers and members, USDA, agricultural foundations and other stakeholders collaborated to identify the critical issues facing agricultural cooperatives. A two-stage Delphi survey was conducted, followed by expert panel sessions in Washington, D.C. and Minneapolis, Minnesota. The material below summarizes some of the findings from the project
Identifying and recruiting quality directors with essential skills are …
By Phil Kenkel, Vice Chair, Cooperatives CoP and Bill Fitzwater Cooperative Chair, Oklahoma State University, phil.kenkel@okstate.edu.
In a recent national project, academic researchers, cooperative managers and members, USDA, agricultural foundations and other stakeholders collaborated to identify the critical issues facing agricultural cooperatives. A two-stage Delphi survey was conducted, followed by expert panel sessions in Washington, D.C. and Minneapolis, Minnesota. The material below summarizes some of the findings from the project.
A wide variety of governance issues including board member …
Authors: Phil Kenkel, Oklahoma State University, phil.kenkel@okstate.edu, and Bill Fitzwater,
Oklahoma State University
Strategy Board of director meetings are designed to conduct business, communicate with the manager and plan for the future. Parliamentary procedure can help boards accomplish these objectives.Planning is a process of setting objectives and determining what must be done to accomplish them. One director of an agricultural cooperative defined planning as:
Authors: Phil Kenkel, Oklahoma State University, phil.kenkel@okstate.edu, and Bill Fitzwater,
Oklahoma State University
The cooperative audit should include a review of the balance sheet, income statement and statement of cash flows. The underlying documents supporting the information is given in these financial statements, along with verification of accounts receivable and payable balances with cooperative customers, and a review of the inventory quality, quantity, valuation, records and procedures. The auditor also will verify the existence of recorded securities and review justification …
Authors: Phil Kenkel, Oklahoma State University, phil.kenkel@okstate.edu, and Bill Fitzwater,
Oklahoma State University
The Sarbanes Oxley Act of 2002 mandated that firms which issue publicly traded securities must have a formal audit committee. The act also included requirements for the composition and functioning of the audit committee. Although the Sarbanes Oxley Act does not apply to most cooperatives, this increased focus on the board’s role with respect to the audit has encouraged cooperatives to evaluate forming an audit committee or …
Authors: Phil Kenkel, Oklahoma State University, phil.kenkel@okstate.edu, and Bill Fitzwater,
Oklahoma State University
Board minutes are an official record of corporate business. They provide a record of action or evidence of interaction. Copies of the Articles of Incorporation, bylaws and minutes of recent board meetings are the primary documents subpoenaed when the cooperative is involved in any legal action. It is imperative that board minutes are always considered a priority and recorded professionally.…
Authors: Phil Kenkel, Oklahoma State University, phil.kenkel@okstate.edu, and Bill Fitzwater,
Oklahoma State University
If ever there was a gap between a job’s glamour and its importance, such is the case for a board secretary. It is of utmost importance to have the right person taking the minutes. Usually cooperative boards appoint a board secretary who records minutes during the meeting, transfers the minutes into a professional, readable format and submits the minutes to the board for approval at the next …
