On August 15, 2022, the NAIFA Board of Trustees approved recommendations of the Governance Committee to restructure the NAIFA Board of Trustees, create a new resource board for NAIFA, and modify the timeline for Governance Committee announcements of Board candidates.
To oversee the operations of NAIFA, the new model reduces the size of the Board of Trustees, as of January 1, 2024, so that four At-Large Trustees work with the five titled Officers. In addition, in 2023, the restructured governance model includes a new resource board for the association, of flexible size and composition, to provide critical resources, advice, and support to NAIFA. Finally, to accommodate the implementation of the new Board structure, the Governance Committee timeline has been modified.
In particular, the NAIFA Board approved revisions to the NAIFA Bylaws to (i) restructure the Board of Trustees to govern the association, as of January 1, 2024, to be comprised of the five titled Officers and four At-Large Trustees, as nominated by the Governance Committee and elected at the annual meeting, and to eliminate the Executive Committee provided for in Article VII, Section 4; (ii) establish a resource board, as of January 1, 2023, appointed by the Board of Trustees, with such name as the Board of Trustees determines, of flexible size and composition, to serve as an advisory resource for NAIFA; and (iii) immediately reduce from 60 to 45 the number of days before each annual meeting for the Governance Committee to select and announce the candidates for vacancies on the Board of Trustees.
Revised Board of Trustees (2024)
A smaller Board of Trustees will be nimbler and more cohesive in focusing on the day-to-day oversight of the association. With the changes to NAIFA’s structure, and the changing role and demands of Board service, the smaller Board will better oversee the operation of NAIFA by expanding participation in the current substantial work of the Executive Committee, which the restructured Board will replace. The 9-person Board of Trustees is expected to meet frequently to provide direction and functional oversight for NAIFA as fiduciaries of the association. The Governance Committee will nominate the members of the revised Board of Trustees using the current nomination process, with nominees elected by NAIFA members at the annual meeting. At-Large Trustees will be elected to staggered two-year terms.
New Resource Board (2023)
The new resource board will be comprised of leaders and representatives from a wide spectrum of industry constituencies. This stakeholder involvement in NAIFA’s governance will increase corporate and industry support for NAIFA, resulting in expanded resources and membership growth. The resource board will add critical expertise to NAIFA’s governance, to help the association make better, more informed decisions; will help NAIFA strengthen its relationships with other industry groups; and further amplify the NAIFA brand among industry leaders. The resource board will be appointed by the revised Board of Trustees, will be flexible in its size and composition, and will reflect all facets of the insurance and financial services industry.
Resource Documents: