Recommendations of the Members By-Laws Review Committee 49 Current By-Laws (January 2023) (A) Board’s Proposed Change (B) Board’s Rationale (C) By-Law Committee’s Recommendation (D) By-Law Committee’s Rationale (E) approved budget will remain in effect for the sooner of a period of one year or until the date of the next Annual General Meeting. By-law 50(2) – (iii and viii) Accepted as proposed. Agree with recommendation. DISCIPLINE/DISMISSAL OF INTERNAL AUDITOR By-law 51 51. The Internal Auditor shall report to the Supervisory Committee. By-law 51 No changes. By-law 51 No changes were recommended by the Committee. No need to change. DISCIPLINE/DISMISSAL OF INTERNAL AUDITOR By-law 52 52. The Internal Auditor shall only be disciplined or dismissed on the majority vote of each elected Committee. By-law 52 The Internal Auditor shall only be disciplined or dismissed on a two thirds majority vote of the Supervisory Committee. Amended to give the Supervisory Committee the authority to discipline or dismiss the Internal Auditor. By-law 52 (1) Amend to state: (1). The Internal Auditor shall only be disciplined or dismissed by 2/3 majority of the Supervisory Committee and four (4) other independent assessors. (2) Chief Risk and Compliance Officer (CRCO) The CRCO shall only be disciplined or dismissed by Including external, independent individuals brings additional fairness and balance to the disciplinary process. Note The proposed change for the Internal Auditor significantly weakens the security of tenure in place under the existing By-laws. This is not desirable. For this function to be executed fully and efficiently, the holder must have
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