Our ability to evolve as an association depends on our capability to foresee, respond and adapt to market trends and challenges. This challenge has become increasingly complex as the insurance industry continues to evolve at a rapid pace. Ensuring our Board of Directors remains nimble, flexible and skilled to support this corporate evolution is key to the long-term sustainability of the association.
Our Board of Directors—currently comprising 13 brokers from across the province and five Executive members—has a mandate to set and monitor IBAO’s mission, vision and strategic priorities. They play a key role challenging and guiding our ongoing strategic direction. Their perspectives, historically, have been based on their individual experiences, brokerage size and location. A Director’s term is three years, with an additional four to five added to move through the Executive term.
Given this large time commitment, it’s become increasingly difficult filling vacancies, and understandably so. This, paired with the challenges a more complex market brings, created a need to simplify.
At our recent Members’ Meeting in October, we made the recommendation of moving from an 18-member Board to a Board of nine—six from within a simplified territorial structure, and three based on skillset. All nine positions would continue to be led and proposed to Members by a Board-appointed nomination committee. Moving to a nine-person Board enables the group to act as both Board and Executive, considerably reducing the overall time commitment to move through to President and Chair roles. The ability of the Board to select three skills-based positions will maintain momentum in propelling the association forward in challenging times.
Motions passed with an overwhelming majority—over 95% of our voting membership supported the change. In alignment with the new Not-for-Profit Corporations Act, our Board will now be appointed by Members at our Annual Meeting in April each year. To accommodate this change, our existing Board and Executive structure will continue until April 2022, when the new nine-member Board will be put forward for approval.
As we look ahead to 2022, we’re excited by the possibilities and look forward to supporting Ontario Brokers in new and exciting ways.