Advisory Board:
The Advisory Board oversees REIX’s operations by establishing REIX’s strategic direction, approving annual business plans and budgets, reviewing REIX’s financials statements and establishing governance policies. The Board convenes at least three times per year, and all committees report directly to it.
Audit Committee:
The Audit Committee oversees the financial reporting process, financial statement audit process, internal controls, and financial reporting as required by the Superintendent of Insurance in AB and SK.
Claims Committee:
Oversees the claim process including monitoring risk management initiatives. Additionally, the committee reviews any changes to insurance policy wording and provides recommendations to the Advisory Board. Note that the Claims Committee does not adjudicate claims. The Claims Committee meets 2-3 times per year or as necessary.
Cyber Committee:
The Cyber Committee oversees and monitors the effectiveness of the Cyber Shield Program which safeguards against cyber threats. The committee reports to the Advisory Board and meets at least once a year or as necessary.
Governance Committee:
The Governance Committee serves as the Advisory Board’s primary resource on governance matters. Its responsibilities include monitoring the effectiveness of board operations, board performance, and governance policies. The committee convenes a minimum of three times per year and provides recommendations to the Advisory Board regarding REIX policies and guidelines.
Nominating Committee:
Responsible for overseeing the nominations process and making recommendations to the Advisory Board of persons to serve on the Advisory Board and its committees.
Remuneration and Time Commitment:
Each member of the Advisory Board receives a per-meeting honorarium of $475, the Chair of the Board receives a $635 per-meeting honorarium. In addition, expenses are reimbursed in accordance with our expense guideline.
Time commitment varies with committee involvement, depending on the committee. Time is also required to prepare for meetings which are usually 1.5 to 4 hours in duration. New board members are expected to attend onboarding sessions and an annual retreat.
Board meetings are usually held in-person in Calgary although hybrid and virtual meetings are permitted with the permission of the Chair.