CFA Society Toronto - Board


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Page 17 of 196

MANAGEMENT OPERATING GUIDELINES 7. Ensure legal and ethical integrity and maintain accountability. o The board is ultimately responsible for ensuring adherence to legal standards and ethical norms. 8. Participate in effective organizational planning o Although management is heavily involved in generating information, material and generally leading the process of strategy development, the board is an active partner in the strategic planning process and ultimately has the responsibility to approve the plan. 9. Be supportive advisors to management. o The board should ensure that the staff has the moral and professional support they need to further the goals of the society. There must be a clear understanding of and respect for the roles, responsibilities and expectations between the board and management/staff and to respect the organizational structure of the society. o As a rule, a director/officer has no authority to direct management office employees. Board member's requests for information should be coordinated, where practicable, through the CEO or designate. So, Who Makes The Decision? Beginning in 2007 the mandate of the boards changed to focus on the community we serve, developing and forging future pathways for our membership. This change was a fundamental change where the board had an operating management philosophy. To ensure that CFA Society Toronto board members have a clear sense of their collective direction, the following guide was prepared to define key operating roles and interfaces. Scope of Operations Board Mission - how to fulfill it better, how to help serve Policies that impact the mission Preparation/execution of individual portfolio tactics Partner in strategic planning process Executive Committee Board supervision/management and assessment Oversee standing and ad-hoc committees Bank signatories for cheques issued Liaison with society management Advisor to CEO Management Execution of strategy and tactics Responsible for marketing, branding, promotional activities Responsible for the budget/matters relating to revenues, expenditures, margins & pricing Provide support to board chairs and committees Liaison with CFA Institute and Canadian region CFA Society Toronto Board Manual 2016 Page 16 of 194

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