Charter

1. NAME

The name of the organization shall be the International Forum for Investor Education (IFIE).

2. OBJECTIVES

The primary objective of IFIE is to improve the global standard of investor education in order to help investors in all financial markets to better understand the risks and opportunities associated with various types of investments and the process of investment.

3. BUSINESS ACTIVITIES

To accomplish its objective, IFIE shall be committed to:

  1. Serving as a forum for the exchange of information among providers of investor education operating in different jurisdictions;
  2. Establishing and promoting best practices for investor education on a global basis; and,
  3. Encouraging the establishment of comprehensive investor education programs.

4. MEMBERSHIP CATEGORIES

IFIE members may belong to one of four membership categories: (1) Full Members, who have full voting rights; (2) Observers, who do not have voting rights; (3) Academic/Student Members, who do not have voting rights; and (4) Umbrella Organizations, whose members have a right to join IFIE. All membership categories are paying memberships.

Full Members are defined as organizations, associations or educators, both non- profit and commercial with a mandate for or an active interest in investor education. Primary market regulators with a mandate for (or an active interest in) investor education that share commitment to the mission of IFIE may or may not choose to be voting members of IFIE. (However, the percentage of total votes contributed by primary market regulator members cannot exceed 49 percent.) Observers are organizations – such as some non-voting primary regulators – with an incidental interest in investor education or a limited ability financial or otherwise to participate in IFIE. Observers cannot vote but have all other rights to participate. Academic/Student Members are bona fide employees/students at an approved post secondary institution in any country where there is IFIE representation. Umbrella Organizations represent organizations that would otherwise qualify as full members, providing them the right to become full members at a discounted fee. The Umbrella Organization, itself, cannot vote but may attend conferences and participate in member events at member rates.

5. MEMBERSHIP FEE

There shall be an annual fee to join IFIE and to remain current. The annual fee shall be determined in accordance with the IFIE Practices and Procedures.

6. APPLICATION PROCEDURE

A prospective member must submit the standard application form to the Secretariat and commit to the IFIE Code of Practice. Payment of the appropriate fee will be required upon acceptance by the Advisory Committee.

7. RESIGNATION

The resignation of a member from IFIE shall become effective as soon as the Secretariat receives notice in writing. The Secretariat shall provide notice of any such resignation.

8. THE MEMBERSHIP OF IFIE

The membership shall be constituted by all standing Full Members and is the supreme body of IFIE. It shall have the exclusive power to:

  1. Amend or change the Charter;
  2. Decide on policy and other issues brought before it by the Advisory Committee and on issues raised by Full Members and approve resolutions to that effect;
  3. Approve a candidate roster of officers as presented to it by the Advisory Committee;
  4. Approve membership in the Advisory Committee;
  5. Approve the annual accounts and grant discharge to the Advisory Committee;
  6. Amend or change the annual membership fee to be paid by the members of IFIE;
  7. Approve member applications as submitted by the Secretariat.

All the above powers require the support of three quarters of responding IFIE members, assuming no less than 50 percent of eligible members vote. Votes may be cast by proxy, by phone or by e-mail. In the event of a failure to achieve quorum or a tied vote, a follow-on vote shall be held as soon as feasible.

9. GENERAL MEETING

A General Meeting of members of IFIE will be held annually in the last quarter of the calendar year to conduct the work of IFIE as defined in 8 above.

10. VOTING, REPRESENTATION, PROXIES

For any matter to be put to a vote at the General Meeting of members, each Full Member shall have one vote and shall appoint a principal delegate to vote on its behalf. Principal delegates may be changed at any time by written notice from a member to the Secretariat. A Full Member may appoint another Full Member to vote for it as its proxy.

11. ADVISORY COMMITTEE

Constitution

  1. IFIE shall have an Advisory Committee that meets at least quarterly. The Advisory Committee shall consist of seven Full Members which shall include three officers. Each Full Member shall appoint a principal delegate but may be represented by more than one delegate.
  2. A quorum for a scheduled meeting of the Advisory Committee shall be four Full Members.
  3. For any matter to be put to a vote at any meeting of the Advisory Committee, each of the seven Full Members represented on the Advisory Committee shall be entitled to a maximum of one vote. A Full Member represented on the Advisory Committee may appoint another Full Member represented on the Advisory Committee to vote for it as its proxy.
  4. The representative Chair of IFIE Regional Sub-Committees, as determined by the Regional Sub-Committees, shall become a de facto member of the Advisory Committee with voting rights.
  5. Up to three additional IFIE members may be invited to attend the Advisory Committee on an ad hoc basis although such members shall not have voting rights.
  6. The immediate past Chair shall also be invited to participate in the Advisory Committee with voting rights.

Role

The role of the Advisory Committee is to appoint, review and oversee the activities of the Secretariat, approve the agenda for membership meetings and exercise oversight over the budget. The Advisory Committee shall also recommend to the membership proposals for action on policy issues, an annual business plan, an annual budget, a proposal for the annual membership fees and the fees for membership meetings and any other meetings that members may deem appropriate. The Advisory Committee is also responsible for approving new members, selecting officers and Advisory Committee members for ratification by the membership and for establishing standing or Ad Hoc Committees to accomplish its work.

Terms

The term for Full Member representatives on the Advisory Committee shall be for four years, provided that each Full Member representative shall be eligible for one four year extension. No IFIE member may participate in the Advisory Committee on an ad hoc basis for more than two years without election. All terms begin January 1 of the year following confirmation at the General Meeting.

Transition Period Terms

In order to ensure continuity, the Full Members represented on the Advisory Committee as of January 1, 2011 will transition from Advisory Committee membership as follows:

In January 2012, one Full Member from the 2011 roster of Advisory Committee members shall cease to be member of the Advisory Committee either by voluntary resignation or by lottery and one new Full Member shall begin its term.

In January 2013, one Full Member from the 2011 roster of Advisory Committee members shall cease to be a member of the Advisory Committee either by voluntary resignation or by lottery and one new Full Member shall begin its term.

In January 2014 one Full Member from the 2011 roster of Advisory Committee members shall cease to be a member of the Advisory Committee either voluntarily or by lottery and one new Full Members shall begin its term.

In January 2015, any remaining Full Members from the 2011 roster of Advisory Committee members shall cease to be members of the Advisory Committee either by voluntary resignation or by lottery, and a corresponding number of new Full Members shall begin their terms.

Selection Process

Any IFIE member at any time may submit a nomination to the IFIE Secretariat for membership in the Advisory Committee either as a Full Member or ad hoc member, such membership to be considered by the Advisory Committee as vacancies arise. Ad hoc members of the Advisory Committee may also seek appointment as Full Member representatives provided that such members are Full Members of IFIE.

On an annual basis, at the last meeting of the Advisory Committee held prior to the General Meeting of IFIE members, the Advisory Committee shall review the roster of Advisory Committee candidates, any vacancies and any other relevant factors, including the Transition Period Terms set out in this section. Following its review, the Advisory Committee shall elect, in writing, by a majority of members eligible to vote, the members of the Advisory Committee for the following year. The roster of elected Advisory Committee members shall be confirmed in accordance with Section 8 above by the IFIE membership at the next General Meeting. The terms of the Advisory Committee members shall begin in the following January.

Role

12. IFIE OFFICERS

Constitution

IFIE shall have three officers who are Full Members and who are members of the Advisory Committee: Chairman, Vice-Chairman and Secretary/Treasurer. Any individual that is proposed as an IFIE officer must be the named delegate of a Full Member in good standing on the Advisory Committee. Any Full Member that is represented on the Advisory Committee may nominate an individual for election as an officer at any time. The Advisory Committee shall consider any such candidates for election when deemed appropriate by the Advisory Committee.

Roles

The Chairman of the Advisory Committee shall chair the General Meeting and meetings of the Advisory Committee and, after agreement by the Advisory Committee on a case-by-case basis as practical, act as a spokesman for IFIE on strategy and policy issues. In the event that the Chairman of the Advisory Committee cannot perform his or her duties as Chairman of the Advisory Committee, the Vice-Chairman of the Advisory Committee or the Secretariat may perform that function.

The Secretary/Treasurer shall oversee the Secretariat in preparing meeting minutes, monitor the budget and accounts and represent such budgets and accounts to the Advisory Committee and IFIE members.

Term

The Chairman, Vice-Chairman, and Secretary/Treasurer shall have a two year term and may be re-elected for one additional term for a total of four years or until membership in the Advisory Committee terminates. All terms for officers begin January 1 of the year following confirmation at the annual General Meeting

Selection Process

In the event that an officer resigns or reaches the end of his or her term, the Full Members represented on the Advisory Committee shall be called upon to nominate and elect an individual for appointment as a replacement to complete the remainder of the term following the usual processes. The elected officer may, as soon as practicable, assume the officer's duties. The appointment of the officer shall be confirmed in the usual fashion at the next General Meeting.

13. EXECUTIVE COMMITTEE

The Executive Committee shall consist of the Officers of IFIE and the Director of the Secretariat and has the authority when in full agreement and a meeting of the Advisory Committee is impractical to expedite the business of IFIE.

14. SECRETARIAT

The organizational activities of IFIE will be conducted by its Secretariat.

15. BUSINESS YEAR

The business year of IFIE shall begin on January 1 and end on December 31 of the same year.

16. TERMINATION

Should a majority of the Advisory Committee members decide to recommend the termination of IFIE, such recommendation shall be presented to the membership at a special meeting to be held within 60 days of said recommendation; following the agreement of three-quarters of responding Full Members with 50 percent representation, IFIE shall thereafter be immediately dissolved.