About Us
Governance
Governance
Board of Directors
Responsibility of the Board
Board Committees
Nomination and Election of Board Members
Board Evaluation
Board of Directors
|
P. Wayne Musselman | Toronto, Ontario |
| Stanley W. Lee Vice-Chair | Vancouver, British Columbia |
| Dieter E. Kays President and Chief Executive Officer | Wellesley, Ontario |
| Geoff R. Bellew | Waterloo, Ontario |
| Ronald E. George | Calgary, Alberta |
| Keith W. Golem | Waterloo, Ontario |
| Christopher J. Kopka | Minneapolis, Minnesota |
| Walter S. Rugland | Appleton, Wisconsin |
|
Lester H. Stahlke | Edmonton, Alberta |
| Ronald W. Walter | Saskatoon, Saskatchewan |
| Dale E. Wilcox | Waterloo, Ontario |
| Harold H. Witte | Edmonton, Alberta |
All directors of FaithLife Financial are Christians. None are employees and none are involved in its day-to-day business operations, with the exception of the President and CEO. Except through their individual insurance and/or annuity contracts which give them membership in the organization, directors have no material interest in any contracts with FaithLife Financial.
FaithLife Financial's Board is the representative legislative and governing body of the organization. The Board performs an overall directing and monitoring role, while the role of operational leadership is delegated to the President and Chief Executive Officer and supporting management. The Board's responsibilities are to:
- Design the Board structure and processes.
- Govern the strategic process.
- Delegate management authority and responsibilities to the CEO.
- Monitor compliance and measure results.
The Board is accountable to the members of FaithLife Financial for fulfilling the expectations of the responsibility of governance. The election of Directors to the Board is the primary means of accountability.
Nomination and Election of Board Members
Nominations for the position of Board member are made annually by the Board of Directors and, in a manner prescribed by the Board, adult benefit members of FaithLife Financial may make additional nominations. If more candidates are nominated than positions available, an election is held. Otherwise candidates are declared elected by acclamation.
Each adult member has the right to vote in an election. Each member ballot is forwarded to an independent administrator for the purpose of counting, compiling and reporting voting results. The required number of candidates receiving the highest number of votes is deemed elected and serves for a term of four years or until their successors are elected or appointed.
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, Risk, Compliance and Finance Committee
The responsibilities of the Audit, Risk, Compliance and Finance Committee are to:
- Monitor the annual statements, returns and any other public financial reports or disclosures of the organization.
- Establish policies related to risk indicators and assessment and risk management. Monitor legal and regulator compliance, environmental compliance and safety matters.
- Monitor management compliance with all legal and regulatory compliance issues.
- Monitor internal 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.
Governance Committee
The Governance Committee is responsible for:
- Developing the approach of the organization 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.
Human Resources Committee
The responsibilities of the Human Resources Committee are to:
- Recommend the Board policy on human resources principles and compensation philosophy and principles.
- Recommend the CEO Position Description and CEO employment and compensation terms.
- Evaluate CEO performance.
- Establish upcoming annual variable compensation KPI categories and target of the CEO.
- Monitor CEO personal development plans.
- Monitor executive management appointments, total compensation, succession planning and development plans.
- Monitor the organization's Pension and Benefits Committee.
- Recommend amendments to the Pension and Benefits Plan.
The Board conducts a self-evaluation each year with the objective of improving its own work. Its purpose is to allow Board members to better understand their own roles and responsibilities and how they can fulfill their obligations effectively. The process emphasizes development of the Board's team building skills, provision for a structure for problem solving and increased accountability within the organization.