The Executive Committee consists of the Chairpersons of the standing committees of the Association, the Board Chairperson, and the President of the Association. The President of the Association will serve as the Chairperson of the Executive Committee.
The purpose and operation of the Executive Committee are as follows:
PURPOSE:
- Approval – to review, comment, and if appropriate, approve initiatives.
- Communication – to provide a communications forum to discuss all aspects of Association activities, including operations, strategies, attitudes and results.
- Counsel – to provide the Association President with reactions, advice, criticism and questioning of strategies, plans, policies and activities.
- Consensus – to build common understanding, values and culture for the Association.
- Performance Appraisal/Compensation – facilitated by the Board Chairperson, set annual performance objectives and priorities for the President. Establish compensation plan for the President, review performance annually against established criteria and approve overall compensation package.
- Planning – update and maintain the Association’s annual and strategic plans.
- Environmental Assessment – review the Association’s ongoing environmental assessment and integrate findings into Association projects, objectives and activities.
OPERATION:
- The Association President, as Chairperson of the Executive Committee, shall convene regular and special meetings of the Executive Committee in order that it may effectively fulfill its duties and responsibilities. Specific situations requiring regular and special meetings of the Executive Committee include:
- Periodic meetings to review activities of the various Association committees and progress of other initiatives.
- A meeting prior to each scheduled meeting of the Board.
- A meeting prior to the October meeting of the Board at which performance objectives are set and evaluation of performance is discussed with the Association President; initial discussions about the annual compensation plan for the Association President will be held during this meeting. The Board Chairperson will consult with other Executive Committee members to evaluate performance and set objectives; it is the Board Chairperson’s responsibility to facilitate this session of the Executive Committee and to conduct the performance appraisal process.
- As required, the Executive Committee will meet to approve programs and initiatives brought before it and recommend action on certain items to the full Board as required (see Approval Process).
Chair: Marc Magnoli, JPMorgan Chase Bank, N.A., Chairman
- Doris Fritz, Fidelity Institutional Retirement Services Company
- Steve LeLaurin, INVESCO Advisers
- Gina Mitchell, SVIA
- James King, Prudential Financial
Approval Process
Approval by Three-Fourths Vote:
Unless there exists an Association bylaw that states otherwise, the level of approval discussed below shall be by simple three-fourths (75%) of the parties involved. In all cases, items approved by any party will be communicated to the next level of approval authority as soon as it is practical to do so.
Items Requiring Full Board Approval:
Items requiring full Board approval shall be first considered and recommended for approval by the Executive Committee of the Board. Items requiring full Board approval include:
- Minutes of Board Meetings.
- Changes to the Bylaws and Articles of Incorporation.
- Strategic plan and annual budget.
- Major initiatives to be undertaken by the Association.
- Adoption of all official SVIA positions or policies.
- Contracts involving total expected expenditures of $20,000 or more to be entered into by the Association.
Items Requiring Executive Committee Approval:
All items requiring full Board approval shall require prior consideration and recommendation of the Executive Committee.
Items that may be approved by Executive Committee without seeking full Board approval include:
- Initiatives to be undertaken by any of the various committees of the Association (it is the responsibility of the Committee Chairpersons to seek Executive Committee approval for such initiatives.)
- Release of any SVIA position, survey or other Association product outside of the Association.
- Non-routine and significant expenditures required as part of the ongoing operation of the Association.
- Contracts involving total expected expenditures over $5,000 that will be entered into by the Association.
- Other items that any member of Executive Committee recommends to Executive Committee for approval.
- Annual compensation package for the Association President.
Items requiring Approval of Association President:
The Association President is responsible for overseeing and approving the ongoing operations and expenditures of the Association. Any item not specifically identified above as requiring Executive Committee or full Board Approval should be submitted to the Association President for approval. The Association President is responsible for determining whether any item