- PRODUCT OVERVIEW
The Fiduciary Board Index module allows boards of directors to both assess the strengths of their investment policies and highlight areas for improvement. The content of this unique, new evaluation and education tool was developed in collaboration with fi360, CEFEX, and Cambridge Fiduciary Services, LLC. The new product complements the existing suite of board tools offered by The Board Institute.
The Fiduciary Board Index module provides an objective and convenient online tool to help boards evaluate their performance and understand the board’s duty in fulfilling their fiduciary responsibilities for managing employee retirement plan investments. The Index delivers benefits to all boards of directors with responsibility for oversight of employee retirement plan investments and their investment committees.
According to Rich Lynch, COO of fi360. “Expanded funding requirements, increased ERISA regulation, disruption of the capital markets, a multitude of new investment products, and fiduciary breach litigation all serve to challenge even the most sophisticated institutions, thereby adding to their fiduciary burden. As a result, the need to measure and demonstrate sound investment practices, governance, and oversight has never been greater.”
The Index helps companies demonstrate best practices in the face of increased media, risk of litigation, and shareholder focus on investment losses. It is completed anonymously by board members, and, at their discretion, members of and those who work closely with the Investment Committee. It is built on a rich software engine and provides scores, variances, ranges of responses, best practices and individual comments to improve their investment fiduciary processes. The secure questionnaire takes 10 to 15 minutes to complete. Results are immediate, validated by leading survey experts and available on-line or in print.
The Fiduciary Board Index module is a two-step process that can be facilitated internally or by an outside consultant who works with the board to develop an action plan to respond to any issues raised. Read more about how TBI can integrate with your current evaluation process.
Step 1: Board members (and others, at the board’s discretion), anonymously, confidentially, and securely complete a comprehensive, online questionnaire. This takes approximately 10-15 minutes to complete. Upon completion, the questionnaires are automatically compiled and scored.
Step 2: A report of the results and analysis is immediately available to your evaluation administrator and other key stakeholders. The report, which is a composite and provides no identifying information about the respondents or the company, consists of:
It is as simple as that.
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“The Audit Committee Index report identified an area of disparity and created and enabled discussion by the board members in an area that would have otherwise not been raised. We intend to do this again next year..”
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“The Board Index was comprehensive and easy-to-use, and the results were very informative. It was a great way to collect and organize the thoughts of the directors on governance and compliance issues.”
“I found The Board Index to be a valuable tool that can positively change the way our Board functions. It is easy to use and spurred many new ideas for utilizing my Board to the fullest extent and engaging them in a more active role. The reports from the tool enabled me to anonymously view
"Congratulations on a valuable, easy to use product. The Board Index created a powerful framework for our dialogue about board practices and helped us identify areas of focus. I recommend it to other companies who want to enhance and benchmark best practices in governance."
“Our audit committee enjoyed the process and found The Audit Committee Index to be a valuable tool. The Inventory/report validated many of our current practices as well as identified opportunities for ongoing education. Further, our independent auditors said the Inventory/report would be one of the tools they will use to evaluate the committee going forward.”
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