The Board has established three standing committees (each with a clear purpose and terms of reference) to assist it in the responsible discharge of its duties.
Audit and Finance Committee
- Monitor the annual and quarterly statements, returns and any other public financial reports or disclosures of FaithLife Financial.
- Monitor the activities of the Investment Committee with respect to FaithLife Financial's assets.
- Monitor activities of FaithLife Financial which may have an impact on its financial well-being.
- Monitor financial control procedures.
- Monitor the work of the external auditor of the organization.
- Monitor the activities of the Investment Committee with respect to the organization's assets.
- Monitor the independence of the External Auditor
Governance and Human Resources Committee
- Developing the approach of FaithLife Financial to matters of corporate governance policy and making recommendations to the Board with respect to such matters.
- Monitoring the Board on the effectiveness of the Board as a whole and the Committees of the Board.
- Considering the mandates of the Committees of the Board, selection and rotation of Committee members and chairpersons, and making related recommendations to the Board.
- Monitoring the Director orientation and governance education program of the Board.
- Considering the appropriate compensation to be paid to members of the Board and making related recommendations to the legislative Board.
(b) Human Resources
- Recommend the Board policy on human resources principles and compensation philosophy and principles.
- Monitor overall organizational employment health, performance and engagement.
- Recommend the CEO Position Description and CEO employment and compensation terms.
- Recommend the design and oversee that implementation of the annual CEO performance evaluation.
- Recommend upcoming annual variable compensation KPI categories and targets of the CEO.
- Measure and assess actual variable compensation results for the CEO and make a recommendation to the Board regarding payout.
- Establish SRA Pension Plan objectives and eligibility.
- Approve CEO personal development plan.
- Monitor executive management appointments, total compensation, succession planning and personal development plans.
- Monitor FaithLife Financial's Pension and Benefits Committee.
- Recommend amendments to the Pension Plan and material changes to the Benefits Plan as proposed by the Pension and Benefits Committee. Materiality with respect to changes in benefit coverages (excluding changes in premium rates on existing benefits) is set at 10% of total FaithLife Financial group benefit costs (higher or lower), and/or a change in the benefit carrier.
Risk and Compliance Committee
- Monitor and recommend policies related to risk indicators and assessment, and risk management.
- Monitor legal and regulatory compliance, environmental compliance, and safety matters.
- Monitor new business/operational initiatives undertaken by FaithLife Financial.