Financial Accounting Foundation
Board of Trustees

Appointments and Evaluations Committee


Committee Members

Paul G. Camell, Chair John C. Dugan
W. Daniel Ebersole W.M. Mack Lawhon
Ann M. Spruill  John B. Veihmeyer

*Non-committee member governmental Trustees (C. Cox and N. Kopp) serve ex officio on the Appointments & Evaluations Committee when a GASB member appointment is under consideration.
 
 
Committee Charter

Purpose

The Board of Trustees (Board) of the Financial Accounting Foundation (Foundation) has established the Appointments and Evaluations Committee (Committee) to assist the Board in fulfilling its responsibility to appoint the Chairman and members of the Financial Accounting Standards Board (FASB), Governmental Accounting Standards Board (GASB), Financial Accounting Standards Advisory Council (FASAC), Governmental Accounting Standards Advisory Council (GASAC), and Private Company Council (PCC); Foundation Chairman, Foundation President/Chief Executive Officer, Secretary/Treasurer, and other candidates as officers of the Foundation, and members of the Board. The Committee shall regularly report its findings and recommendations to the Board.

Membership and Structure

The Committee shall be a standing Committee of the Board and all Committee members shall be Trustees. The Committee shall consist of no fewer than three members of the Board. Whenever candidates are being considered for appointment to the GASB, the Governmental Trustees then serving on the Board (to the extent not already Committee members) shall serve as ex officio members of the Committee. The Committee shall have a Chairman appointed by the Board. The Committee may have a Vice Chairman who shall be appointed by the Committee members.

Principal Responsibilities

The Committee is charged with the following responsibilities:
  • Recommend criteria to be used in identifying candidates for membership of the Board, FASB, GASB, FASAC, GASAC, and PCC.
  • Review and make recommendations to the Board as to the appropriate size and composition of the Board with regard to the competencies, skills, and other desired attributes of its members as they relate to the needs of the Board.
  • Seek, identify, interview, and recommend appropriate candidates for appointment or reappointment to the positions of Chairman and members of the FASB and GASB; Chairman and members of the FASAC and GASAC; Chairman and members of the PCC; Foundation Chairman, Foundation President/Chief Executive Officer, Secretary/Treasurer, and other candidates as officers of the Foundation; and members of the Board, in accordance with the requirements of the Foundation By-Laws. Ensure appropriate outreach to constituent groups when seeking candidates for appointment or reappointment to the Board, FASB, GASB, FASAC, GASAC, and PCC.
  • Review and approve position descriptions for the Foundation Chairman, the Foundation President/Chief Executive Officer, the FASB and GASB Chairs and members, and the FASAC, GASAC, and PCC Chairs.
  • Review proposals from search firms, when applicable, and approve firm to hire for each particular search.
  • Review, approve, and oversee the annual performance evaluation process for the Foundation President/Chief Executive Officer and the FASB and GASB Chairs and members. Conduct the annual performance evaluations of the Foundation President/Chief Executive Officer and the FASB and GASB Chairs. Review the results of the annual performance evaluations of the FASB and GASB members. Provide feedback and monitor ongoing performance.
  • Review, approve, and oversee the annual performance evaluation process for the Chairs of the FASAC, GASAC, and PCC. Conduct and review the annual performance evaluations of the Chairs of the FASAC, GASAC, and PCC. Provide feedback and monitor ongoing performance.
  • Meet periodically with members of the FASB and GASB to provide the opportunity for individual dialogue with members.
  • In consultation with the Foundation Chairman and Foundation President/Chief Executive Officer, recommend Committee assignments and chairmanships of Committees for approval by the Board.
  • In consultation with the Foundation Chairman and Foundation President/Chief Executive Officer, identify and select from among the Board candidates for Vice Chairman and Secretary/Treasurer.
  • To assist the Finance and Compensation Committee with determination of compensation and benefits, provide input to the Finance and Compensation Committee on the annual performance evaluation results of the Foundation President/Chief Executive Officer and the FASB and GASB Chairs and members.
  • Perform periodic self-assessments of the Committee’s roles, functions and performance, which will include a review of the Committee Charter and a recommendation to the Board of any necessary or appropriate amendments.
Amendments

This charter may be amended only by the affirmative vote of the Board.

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Approved by the FAF Board on May 19, 2015