Board Committees

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 FaithLife Financial including investment activities which may have impact on its financial well-being.
  • Monitor financial reporting internal control procedures.
  • Monitor the work of the external auditor of FaithLife Financial.

Governance Committee

  • Develop the approach of FaithLife Financial to matters of corporate governance policy and make recommendations to the Board with respect to such matters.
  • Monitor the Board on the effectiveness of the Board as a whole and the Committees of the Board.
  • Consider the mandates of the Committees of the Board, selection and rotation of Committee members and chairpersons, and make related recommendations to the Board.
  • Monitor the Director orientation and governance education program of the Board.
  • Consider the appropriate compensation to be paid to members of the Board and make related recommendations.

Human Resources and Nominations Committee

(a) 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 monitor the implementation of the annual CEO performance evaluation.
  • Monitor executive management appointments, total compensation, succession planning and personal development plans.
  • Monitor FaithLife Financial's Pension and Benefits Committee.

(b) Nominations

  • Manage and act on Board-approved nominations strategy.
  • Monitor the election process and implementation.
  • Determine Board of Director candidates for Board approval.

Risk and Compliance Committee

  • Develop, monitor and recommend policies related to risk appetite, acceptable risk tolerances, risk indicators and assessment, and risk management.
  • Develop, monitor, and recommend policies with respect to Capital Adequacy.
  • Monitor legal, regulatory and environmental compliance and safety matters.
  • Monitor new business/operational initiatives.