An Executive Review Committee (ERC) has been established as a standing committee of the SIB. The ERC will assist the SIB in fulfilling its fiduciary oversight responsibilities of "monitoring executive performance (which) is synonymous with monitoring organizational performance against board policies on Ends and Executive Limitations". Internal audit will be responsible for preparing an annual summary of the required reports submitted to the SIB by the Executive Director in connection with its review of policy adherence to Ends and Executive Limitations. Internal audit will also assist the ERC in completing annual surveys of the Executive Director with the SIB, SIB clients and RIO team members.
The ERC will conduct a formal evaluation of the Executive Director during the first half of every calendar year. This formal evaluation by the ERC will serve as the basis for an annual compensation recommendation to be reviewed and approved by the SIB on or before June 30th each year. Internal audit will also assist the SIB and ERC in administering the annual board self-assessment process.
The ERC is authorized to:
- Conduct a formal evaluation of the Executive Director annually;
- Obtain SIB approval of the annual performance evaluation of the Executive Director;
- Make a compensation recommendation to the SIB on or before June 30th of each year; and
- Administer a formal self-assessment of the SIB periodically (unless instructed otherwise).
The ERC and/or RIO will seek SIB approval prior to formally engaging any third party assistance in conducting the annual executive review process or board self-assessment.
Yvonne Smith, PERS, Chair
Mel Olson, TFFR
Adam Miller, PERS