CFA Society Toronto - Board


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MANAGEMENT OPERATING GUIDELINES INTRODUCTION The board's main focus is to ensure the society provides the most benefit possible towards ALL its members. The board's focus therefore is on 1) ensuring the organization has ongoing capacity to provide that benefit, and 2) the parameters within which the organization will function i.e. the values and ethics by which that work will be accomplished. The following is a detailed description of the board's key duties. The Board's Mandate 1. Preserve, and, when necessary, reshape the mission. o It is the board's primary responsibility to create, review and amend the mission statement and purpose articulating the society's goals, means, and primary constituents served. In the same manner, the board should make certain that the organization acts upon its approved plans and should measure proposals against previously approved plans. o The board's responsibility is to determine which programs are consistent with the society's mission and to monitor their effectiveness. 2. Select the CEO. o The second most important role of the board is the selection of the CEO to provide full-time leadership for the organization and to recommend and implement the policies and programs approved by the board. 3. Ensure the organization is well managed. o While the board should not manage the society directly, it should be satisfied that it is managed effectively. To achieve that task, the board should ask enough questions to satisfy that internal controls are in place to prevent fraud or non-compliance, that proper ethical and governance standards are followed, and that society programs have clearly defined purposes and are successful in achieving them. o Through the CEO, management will establish systems to ensure that an appropriate and responsible level of internal control is in place for the society. The confidence of the board in the ability and integrity of management is the paramount control mechanism. 4. Enhance the organization's public standing. o The board should clearly articulate the organization's mission, accomplishments, and goals to the public they serve and garner support from the charterholder community. 5. Exercise financial stewardship. o The board approves the annual budget recommended by the finance committee and management. Ensures proper financial controls are in place. 6. Ensure that the board has the right skills and practices to do its job. o The board needs individuals with a deep commitment to the fundamental purposes and mission of the organization. After that criterion has been met, the board also needs individuals with specific skills and know-how, so that issues can be viewed through multiple dimensions: legal, financial, public relations and communications, general management, professional development, and others. o The board also needs to be attentive to its own internal processes, so that its meetings focus only on board-level matters and do so in a way that draws upon the combined expertise and experience represented at the table. CFA Society Toronto Board Manual 2016 Page 15 of 194

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