As outlined in the I-CAR Bylaws, the Chairman, subject to the approval of the Board of Directors, shall annually appoint such committees deemed necessary. The committee’s authorization to continue activities concludes annually, and the committee needs to be re-authorized or re-appointed annually.
Below are the 2016 Committees and their key functions:
- Oversight responsibilities for the financial reporting process, the system of internal control, the audit process, and I-CAR’s process for monitoring compliance with laws and regulations.
Compensation & Human Resources Policy Committee
- Assist the I-CAR Board of Directors in fulfilling its oversight responsibilities with respect to compensation and benefits policies and programs and application of same.
- Assist the I-CAR Board of Directors in fulfilling its oversight responsibilities with regard to the alignment of the organization's human resource systems with the achievement of the objectives of the organization.
- Assist the I-CAR Board of Directors in fulfilling its oversight responsibilities relating to non-compensation related human resource strategies and practices of I-CAR, such as: employee recruitment, hiring and retention; employee relations; leadership development and succession planning; maintaining a diverse leadership team and workforce; employee communications; employee engagement; employee recognition; performance management; progressive discipline, and others.
- Acts on Behalf of the Board Between Board Meetings
- Carries Out Special Projects for the Board
- Reviews Recommendations of the I-CAR Leadership Team prior to Presentation to the Board
Finance & Investment Committee
- Oversees the Financial Affairs of I-CAR
- Responsible for Investment Policies and Parameters; Oversees the Results
- Recommends Reserve Goals
- Reviews Agreements for Financial Impact
- Reviews and Recommends Financial Actions Related to Strategic Activities
- Reviews and Makes Recommendations on the Budget
- Reviews Bylaws, Policies, and other governance materials of I-CAR to ensure that they are reflective of legislative and/or regulatory requirements, and/or changes in the business of the organization
- Ensures that the Board Member Orientation Materials are reflective of current Board governance policies and materials relative to the organization
Recruitment, Development & Succession Committee
- Responsible for an ongoing written process for board member evaluation (annual board evaluation survey) that is submitted to the I-CAR Executive Committee and Board of Directors for consideration.
- Responsible for a formal and standardized board application process (board candidate application, board responsibilities document, and board matrix).
- Responsible for assisting the Nominating Committee in attracting and recruiting nominees for the Board of Directors to submit to the I-CAR Nominating Committee for consideration and to ensure that there is adequate representation on the Board from each of the six industry segments.
Strategic Planning Committee
- Responsible for assisting staff in the development of strategic priorities and initiatives (strategic plan) for the organization and validation of key strategies