Five standing Committees support our Board of Directors in its stewardship of ForestersTM. A sixth, ad hoc or temporary, Committee – the Nominating Committee – is also constituted in advance of each International Assembly and on an as required basis to seek and qualify potential Board candidates. The Board can strike other Committees on a standing or ad hoc basis as necessary in order to fulfill its stewardship responsibilities.
The primary accountabilities for each of the Board Committees, including the Nominating Committee, are described below.
Inspection and Audit Committee »
Investment Committee »
Fraternal Committee »
Human Resources and Compensation Committee »
Ethics and Governance Committee »
Nominating Committee »
403791 CAN/US/UK (07/05)
Inspection and Audit Committee
- Barbara J. McDougall, Chairwoman
- James Daugherty
- Richard M. Freeborough
- David E. Morrison
- Kash Manchuk
The Inspection and Audit Committee supports the Board in ensuring the integrity of ForestersTM financial reporting by conducting an in depth review of Foresters quarterly and annual financial statements and regulatory returns, as well as through inquiries made of Foresters external auditors and Chief Actuary. The Committee also ensures the independence and objectivity of both internal and external auditors, regularly reviewing their services; and, in the case of external auditors, approving their compensation and recommending their appointment or discharge. The Committee exercises active oversight of Foresters internal audit function and risk management process, as well as reviews investments, transactions and material legal or other matters that may have a significant impact on Foresters financial statements or operations. The Committee reviews policies and procedures related to officers’ expenses and perquisites and annually reviews all expenses of the International Fraternal President, Chairman/woman of the Board, and President and Chief Executive Officer.
403791 CAN/US/UK (07/05)
Investment Committee
- Louise L. McCormick, Chairwoman
- William B. Foster
- Patrick W. Kenny
- Barbara J. McDougall
- Christopher H. McElvaine
The Investment Committee is primarily accountable for providing oversight of invested corporate assets and pension plan funds through the establishment of sound investment policy, strategy and benchmarks and the monitoring of performance results. The Committee reviews internal and external fund managers; and, in the case of external managers, the Committee approves their compensation and recommends their appointment or discharge. The Committee regularly reviews and sets limits of authority for management with respect to investment transactions and approves such transactions that exceed these limitations. Ensuring Foresters investments are managed appropriately involves the Committee in considering strategies for credit, interest rate and foreign exchange risk, selecting and allocating asset classes and, along with the Chief Actuary, matching investments assets to the Organization’s liabilities.
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Fraternal Committee
- Bernard E. Bloom, Chairman
- James Daugherty
- William B. Foster
- Kash Manchuk
- E. Irene Miles
- Glenn Reid
ForestersTM branch system is the means through which Foresters members participate in activities and programs that benefit communities and children and exercise their governance rights. The Fraternal Committee is responsible for reviewing, evaluating and monitoring programs and policies that impact Foresters branch system and its operations. The Committee approves policy related to governance practices at the Branch and Regional levels and makes decisions concerning the institution, dissolution or consolidation of Branches and Regional Councils. The Committee also approves criteria and eligibility for certain volunteer awards and addresses grievances from within the Branch system that have not been resolved through other means.
403791 CAN/US/UK (07/05)
Human Resources & Compensation Committee
- Patrick W. Kenny, Chairman
- Richard M. Freeborough
- E. Irene Miles
- John P. Meyerholz
- David E. Morrison
The Human Resources and Compensation Committee supports the Board in its oversight of ForestersTM human resources philosophy and key policies including: ensuring staff and management compensation, incentives and benefit plans are appropriate and reviewing management succession and development practices and outcomes to be certain that qualified management are in place for the long-term leadership of Foresters. The Committee is responsible for monitoring the performance of senior executives, as well as their appointment, termination and compensation. Foresters Board has also delegated responsibility for the overall oversight, administration, financial reporting and actuarial valuation of Foresters employee pension and retirement plans to this Committee. This involves the review and approval of amendments to such plans as appropriate or necessary, as well as approving the appointment or removal of custodians, trustees, administrators and consultants to the plans. The Human Resources and Compensation Committee also regularly reviews and makes recommendations for Board compensation and related Board policy matters.
403791 CAN/US/UK (07/05)
Ethics and Governance Committee
- John P. Meyerholz, Chairman
- Bernard E. Bloom
- Louise L. McCormick
- Christopher H. McElvaine
- Glenn Reid
The Ethics and Governance Committee is responsible for monitoring and assessing the effectiveness of ForestersTM corporate governance processes, ensuring effective orientation and education of Board members and making recommendations for improvement of governance and Board effectiveness. The Committee fulfills these responsibilities by leading an annual review of the effectiveness of the Board and Committees and conducting an annual review of each of the Committee mandates. The Committee recommends membership of all Board Committees as well as the Chairman/woman for each Committee. The
Ethics and Governance Committee is also responsible for monitoring the conduct of officers and employees through its review of transactions with related parties which may have a material effect on the stability or solvency of Foresters, approving Foresters Code of Ethics and monitoring compliance with the Code. The Committee exercises active oversight of Foresters market conduct and compliance function, including the processes for approving customer complaints and for ensuring Foresters overall legislative and regulatory compliance.
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Nominating Committee
- W. Ross Walker, Chairman
- Bernard E. Bloom
- Richard M. Freeborough
- Patrick W. Kenny
The Nominating Committee shall be an ad-hoc Committee of the Board of Directors and is responsible for establishing criteria and guidelines for the selection of candidates for the Board and for their submission to the Board for approval. It is also responsible for finding qualified candidates for nomination at the time of elections and for seeking qualified candidates to fill any vacancies that may occur on the Board between elections. All such candidates are to be submitted to the Board for its approval.
403791 CAN/US/UK (07/05)
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