The Board had a series of meetings to consider alternative approaches.

The SC Board also directed the CEO to evaluate a funding management approach that would guide Board decision-making in the future.

The Board decided that any changes would only take effect as of January 1, 2023. In Q3, in conjunction with the Board Composition Review discussed above, the SC Board approved the scope and plan for completing the remaining outstanding items in the Board Effectiveness Review, focusing on weighted voting, where some directors have multiple votes, matters requiring 2/3 majority voting, and matters where issues under consideration by the SC Board can be referred to external arbitration, namely plan design decisions where the Board is not able to reach a 2/3 majority vote, and appointment of AC Board members.Īt its Februmeeting, the SC Board authorized the CEO to obtain public feedback from sponsors, stakeholders, Plan members and employers regarding a proposal to implement Shared Risk Indexing. At its Augmeeting, the SC Board approved the election of Frank Ramagnano as the Chair of the SC Board, and the election of Barry Brown as the Vice-Chair of the SC Board, effective January 1, 2021.Īt its Augmeeting, the SC Board approved the board assessment conducted by its Human Resources & Compensation Committee, approved the skills matrix applying the information collected during the assessment, and identified areas for future discussion with sponsors as board member term limits take effect.

Board crib notes