•  Board members must excuse themselves from participating in discussions and voting on matters from which they or their family have a potential conflict of interest. •  The board must approve loans to directors or management. All such insider loans must be made within the approved credit policy parameters and will be reported on a regular basis to the full board.
•  Directors with delinquent loans more than three months will be removed from their position. Competence •  All members of the board should have basic financial literacy, including the ability to interpret financial statements and standards, or commit to acquiring these skills through education or training within the first year of service.