We’re a membership organization of Christians, this means our leaders and governing body work in the best interest of our membership – not third-party shareholders.
FaithLife Financial’s Board of Directors
As FaithLife Financial’s governing body, the board of directors oversees all matters involving FaithLife Financial and focuses on serving the interests of our members, now and into the future.
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 missional and strategic planning process.
- Delegate management authority and responsibility 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.
Bylaws & Letters Patent
View the detailed Bylaws and Letters Patent by visiting the Bylaws & Letters Patent page and please download and file it with your policy.
A Director election will occur in the fall of 2018. Members will receive information about the Director election via Canada Post early in the fall. We encourage you to review all of the Director election information and to cast your vote.
The Board consists of individuals who possess skill and experience prerequisites that are based on the strategic needs of FaithLife Financial and federal regulatory requirements. Preference is given to candidates who have previously served on a governance board, have a background in financial services and bring the needed skills, knowledge and experience. Individuals also need to demonstrate a commitment to a Christian fraternal organization, good communication skills, prudent judgment, self-awareness, integrity, accountability and objectivity.
The call for Members to submit Director Proposals has typically been made each spring through Connections. To give the Board more time to complete the rigorous selection process, the call for Directors is being made in future fall issues of Connections. The deadline for receipt of submissions for 2019 Board positions is January 15, 2018. We are also encouraging Members to submit Director Proposals throughout the year.
- All candidates will undergo a rigorous selection process to ensure that they meet the Board’s requirements. Based on the current and future needs of the Board, it is possible that a Member proposal for a Director may not qualify for election to the Board.
- If incumbent Board Directors are approved by the Board to fill all vacancies, they will be acclaimed and no election will be held.
- If there are additional vacancies, the Board will approve the most qualified nominees to create a slate for election by Members, which will be conducted through the fall issue of Connections. This will be a confirmation election, where Members will be asked to vote “yes” or “no” for each candidate. A simple majority of “yes” over “no” votes will elect a candidate.
As well as keeping you informed, we welcome your feedback regarding the work of FaithLife Financial’s Board. Please share your comments by sending an e-mail to: firstname.lastname@example.org
The Board has established four 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, capital adequacy 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.
- 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.
- 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.
- Monitor legal, regulatory and environmental compliance and safety matters.
- Monitor new business/operational initiatives.
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.
Director Compensation for 2018
|Compensation Component||2018 Director Compensation|
|Board Membership Retainer||$25,059 per annum|
|Board Chair Retainer||$41,765 per annum|
|Committee Chair Retainer||$33,412 per annum|
Deductions, as follows, would be made:
- $500: for missing a half-day of meetings;
- $1,000: for missing a full day of meetings;
- $2,500: for missing the full two days of board and committee meetings
Karen C. Bjerland, BA, FIC
President, Chief Executive Officer & Corporate Secretary
K. Alan Uffelmann, MBA, CPA, CMA
Vice-President, Finance and Chief Financial Officer
Joe Alvarez, MBA, B.Sc
Vice-President, Operations and Business Development
Lawrence Guenther, FCIA
Vice-President and Actuary, Chief Risk and Compliance Officer
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