1 fiduciary responsibilities cbb members and sbc directors
TRANSCRIPT
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Fiduciary ResponsibilitiesCBB Members and SBC Directors
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The Cattlemen’s Beef Board and QSBCs operate through the direction of Board members and directors
The role of a Board member or director encompasses several important powers and responsibilities
Fiduciary Responsibilities
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The role of a Board member is more
than merely an honorary position
Active involvement
Participation
Fiduciary Responsibilities
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Board members occupy a position
of trust and confidence. As a result,
they have a “fiduciary” relationship
to the Board
Fiduciary Responsibilities
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A “fiduciary” is a person who is required to act in
scrupulously good faith, and primarily in the interest
of another
Members of the Beef Board and QSBCs must act
in the general interests of the beef industry and not
in his/her own interest or that of industry segments
Fiduciary Responsibilities
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When a member has a personal
interest in a matter being
considered by the Board, he/she
should not vote on the question
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Business Judgment Rule:
So long as members conduct the business
of the Beef Board or QSBC in accordance
with their fiduciary responsibilities, they
remain free from personal liability, even if
the Board incurs financial or other harm
through their poor judgment
Fiduciary Responsibilities
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Board members are liable for:
Acts of dishonesty
Willful misconduct
Gross negligence
Fiduciary Responsibilities
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Board members are bound to care for
Board property and conduct and
manage its affairs in good faith, and for
a violation of these duties, resulting in
waste or a reduction of Board assets,
they can be held accountable
Fiduciary Responsibilities
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Personal conduct
Operate in a business-like fashion
Respect sexual harassment policies
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Fiduciary Responsibilities
10 basic responsibilities
of nonprofit boards
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1. Determine organization's mission
and purpose
It is the board's responsibility to create and
review a statement of mission and purpose
articulating the organization's goals, means
& primary constituents.
10 Basic Responsibilities
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2. Select the chief executive
Boards must reach consensus on the
chief executive's responsibilities and
undertake a careful search to find the most
qualified individual for the position.
10 Basic Responsibilities
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3. Provide proper financial
oversight
The board must assist in developing the
annual budget and ensuring that proper financial
controls are in place
10 Basic Responsibilities
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4. Ensure adequate resources
One of the board's foremost
responsibilities is to provide adequate
resources for the organization to fulfill its
mission.
10 Basic Responsibilities
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5. Ensure legal and ethical integrity
and maintain accountability
The board is ultimately responsible for
ensuring adherence to legal standards
and ethical norms.
10 Basic Responsibilities
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6. Ensure effective organizational
planning
Boards must actively participate in
an overall planning process and
assist in implementing and monitoring the
plan's goals.
10 Basic Responsibilities
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7. Recruit and orient new board member
and assess board performance
All boards have a responsibility to articulate
prerequisites for candidates, orient new
members, and periodically and
comprehensively evaluate its own
performance.
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8. Enhance the organization's public
standing
The board should clearly articulate the
organization's mission, accomplishments,
and goals to the public and garner support
from the community.
10 Basic Responsibilities
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9. Determine, monitor, and strengthen
the organization's programs and
services
The board's responsibility is to determine
which programs are consistent with the
organization's mission and to monitor their
effectiveness.
10 Basic Responsibilities
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10. Support the chief executive and
assess his or her performance
The board should ensure that the chief
executive has the moral & professional
support he or she needs to further the
goals of the organization.
10 Basic Responsibilities