Board of Directors
The Board of Directors is the decision-making body for CIfA. The Board sets CIfA’s strategic direction and has oversight of the ten-year Strategic plan and rolling 3-year business plan and the resources needed to deliver them. The Board has overall legal and fiduciary responsibility for CIfA,. Board members should be familiar with the role and overall purpose of the Institute.
Decisions made by the Board should be in the best interests of the Institute and based on information provided by CIfA staff, and taking advice from Advisory Council where necessary. Board members are not there to represent specific areas of the profession or to focus on a single issue.
The Board is not responsible for the day-to-day activities and tasks that deliver these strategies and plans. This is the role of CIfA staff.
Chair of the Board
The Chair is responsible for leading the Board and ensuring the Board is clear on its responsibilities and remit.
The Chair works collaboratively with the co-CEOs and relevant staff to set the agenda and timings for each meeting. They have responsibility for leading meetings, providing a positive environment to allow all Board members to actively participate and express their views and thoughts. A key skill for the Chair is to be able to guide discussions towards a consensus view or next step and sum up discussions so that everyone understands what has been agreed.
The Chair also has a key relationship with the co-CEOs. This needs to be collaborative and built on mutual trust and respect, to ensure a good flow of communication and understanding of the Institute’s work. The roles of the Chair and co-CEOs are very different. The Chair leads the Board while the co-CEOs are responsible for running the Institute, managing the budget and leading the staff.
Honorary Treasurer
The Honorary Treasurer is responsible for overseeing the financial management of the Institute. This includes making sure that accurate financial records are maintained and that financial reports are prepared for the Board. Again, the Treasurer will work collaboratively with CIfA staff responsible for the financial management of CIfA to gain an overview of the financial procedures and understand the financial reports.
Advisory Council
The Advisory Council is a wider group of CIfA volunteers, there to represent the interests of the membership and offer a diverse range of advice and opinion to the Board on policy and strategy. The Advisory Council does not have the same legal and fiduciary responsibility as the Board.
Advisory Council also offer opinions to the co-CEOs and CIfA staff to inform and shape the delivery of the activities in the Strategic plan and rolling 3-year plan. Advisory Council also has a role in highlighting issues, opportunities and challenges in the sector and discussing potential initiatives and solutions to address these.