Saint Mary’s University Faculty Union
- Members of the Committee will be appointed annually by the Executive of the Faculty Union.
- The Committee will include a minimum of 3 and a maximum of 5 members in good standing of the Faculty Union. One member of the Committee may be a retired member of the Faculty Union.
- The Treasurer of the Faculty Union will be one of the members of the Committee, and will act as Chairperson of the Committee.
- The Committee as a group is responsible for the safeguarding of the Faculty Union’s investments, for setting the investment direction for the portfolio subject to general Union policies, and for ensuring that the investment portfolio earns a reasonable rate of return.
- The Committee is responsible to the Union membership through the Executive for its performance. The Committee is required to report to the Union membership annually, usually at the Annual General Meeting, on the investments under its control and the return earned on these investments.
- The Investment Committee will meet on an “as needed” basis, but usually no less than once per quarter, to review the portfolio and its performance.
- A quorum will consist of three members of the Committee, regardless of the number of members on the Committee. Decisions will be made by normal voting procedures, and motions will require three positive votes (regardless of the number of members on the Committee) to pass. The Chairperson will have one vote only, that being as a member of the Committee.
- The Committee Chairperson will communicate all trading decisions and instructions of the Committee to the broker in writing, (this may include electronic forms of communication such as email and fax) with copies forwarded to all members of the Committee.
- Arrangements made for the management and administration of the investment portfolio will be at the discretion of the Committee, subject to the approval of the Union Executive. Existing arrangements should be reviewed (reaffirmed, modified, or changed) annually.
September 8, 1994
Revised, January 18, 2006