CFP Board’s Board of Directors met in Washington, DC on March 5-6, 2009.
During the meeting, the Board approved five proposals. First, based on recommendations from the Audit and Finance Committee, the Board approved the adoption of an investment policy statement that identifies who – the Board, the Audit and Finance Committee, or staff – has oversight responsibility for CFP Board’s Operating Fund, Contingency Reserve Fund, and Long-Term Reserve Fund. The Board also approved the investment objectives and asset allocation of the Long-Term Reserve Fund.
Second, the Board approved technical corrections to CFP Board’s Articles of Incorporation, which include changing CFP Board’s principal address from Denver, Colorado to Washington, DC. Third, the Board approved amendments to the Disciplinary Rules and Procedures, which include a Board Task Force’s recommendations regarding the adoption of comments received during the 30-day comment period. The purpose of the amendments is to clarify the responsibilities of the Board, the Disciplinary and Ethics Commission, and staff with respect to CFP Board’s disciplinary process. Fourth, the Board approved issuing for public comment proposed technical corrections to the Standards of Professional Conduct, the purpose of which is to clarify ambiguities, eliminate redundancies and add terminology to achieve consistency with other CFP Board publications. The fifth proposal approved by the Board was the CEO’s goals for 2009.
The Board also discussed two matters during the meeting. First, it discussed the need to make technical corrections to CFP Board’s Bylaws, and directed the Governance Committee to conduct a comprehensive review of the Bylaws to determine if any substantive changes are needed as well. Second, the Board discussed the CEO’s performance in 2008.
The Board received four updates during the March Board Meeting. First, the staff updated the Board on the Public Policy Council, which held meetings in December 2008 and February 2009. During the course of these meetings, the Council identified and prioritized public policy issues on which CFP Board will consider taking a position. The Council has begun developing its recommendations to CFP Board on these issues. Second, the staff updated the Board on CFP Board’s Consumer Advocate, an initiative that has been underway since January 2009. Eleanor Blayney, CFP® serves in this role, the purpose of which is to promote CFP® certification and serve as CFP Board’s spokesperson for news stories and the media.
Third, the Board received an update from the Nominating Committee on Board Elections. June 12, 2009 is the deadline for candidates interested in serving on the Board to indicate their interest in writing to the Committee. The Committee will interview the candidates and propose a slate of nominees to the Board at its November 2009 meeting. If approved, nominees will begin serving on the Board on January 1, 2010. Fourth, the staff updated the Board on the Financial Planning Standards Board (FPSB), the certification organization that owns the international marks. CFP Board, which is an affiliate of FPSB, is involved in a number of FPSB initiatives, including serving on FPSB’s Certification Committee. The Certification Committee is in the process of developing recommendations for FPSB of standards for continuing education and experience requirements for all FPSB member territories. The FPSB’s standards do not apply to CFP Board because CFP Board owns the marks in the United States and therefore has exclusive authority to establish certification standards in the United States.
The Board’s next meeting will take place on July 16-17, 2009 in Vancouver, British Columbia. In the days leading up to the Board meeting, Marilyn Capelli Dimitroff, CFP®, Board Chair, and CEO Kevin Keller will conduct a number of Certificant Connection Meetings, including on July 13 at 5:30 pm Pacific Time in San Diego; and July 14 at 10 am Pacific Time in Los Angeles, and 5:30 pm Pacific Time in San Francisco. The locations of the Certificant Connection Meetings will be announced to all certificants.