Title
Resolution - Approval of the Appointment of Audit Committee and Audit Committee Chairperson
Other Info
Submitted By: Andrea Stover
Department: General Counsel
Financial Impact and Cost/Benefit Considerations: Pursuant to Section 3.3.1 of the Board of Directors Compensation Policy, Directors who are members of a Board Committee shall receive $100 for attendance and participation in a Board Committee meeting (which is currently included in the Cooperative’s Operating Budget) in addition to the fixed monthly fee. Directors may receive up to a maximum of $400 annually for each Board Committee.
Discussion
The Cooperative's Board Committee Guidelines provide that each standing committee of the Board has a chairperson who is appointed annually by the Board President and approved by the Board. Those appointments take place at the first Regular or Special Board Meeting following the Cooperative's Annual Meeting.
On July 15, 2013, the Board voted to dissolve all standing committees except the Audit Committee. The Board may now consider appointment of the Audit Committee and the Audit Committee Chairperson.
The 2024-2025 Audit Committee Members were:
• James Oakley, Chairperson
• Amy Akers, Committee Member
• Milton Rister, Committee Member
Body
BE IT RESOLVED BY THE BOARD OF DIRECTORS that Directors ___________________ and ___________________ are hereby appointed and affirmed as members of the Audit Committee, effective as of June 20, 2025.
BE IT RESOLVED BY THE BOARD OF DIRECTORS that Director ___________________ is hereby appointed and affirmed as the Chairperson of the Audit Committee, effective as of June 20, 2025.