The BC Real Estate Association (BCREA) Board of Directors (BOD) is seeking an appointee for the Real Estate Compensation Fund (RECFC) Corporation BOD. This appointment is a three-year term and would commence on January 1, 2025.

RECFC was established in 2005 to protect the public in the event of lost funds due to the actions of a real estate professional.

It is a non-profit organization that pools the assessments paid by licensees and uses those funds to deliver claims to members of the public who have suffered a compensable loss. The Board oversees the conduct of RECFC’s business and investments.

Responsibilities

The RECFC requires a BOD with the appropriate mix of competencies that support and advance the organization’s mission. The Director is expected to:

• Attend all BOD meetings annually (four BOD meetings, including video/audio meetings).
• Read and reflect on materials in preparation for meetings.
• Attend orientation and training. Meetings are typically held in Vancouver.

All interested candidates are expected to have the time and commitment to fulfill their responsibilities as a Director. All directors should be committed to the importance of sound governance and be ready, willing, and able to put in the required time to learn the job, get to know the organization, prepare for meetings, and participate fully as part of the BOD.

Directors are appointed for three-year terms and may serve two consecutive terms.

Skills and Experience

Each year, the RECFC BOD assesses itself against its skill matrix to determine the additional skills and experiences that would help strengthen the BOD. In addition, all Directors should be committed to RECFC’s vision, mission, and values and possess certain personal attributes. Specifically for this year, the BOD is seeking nominees with the following skills and experiences:

• Governance and leadership
• Profession knowledge
• Financial, accounting, and/or investment acumen

Each director is also expected to demonstrate the following personal attributes on a consistent basis:

• Business Acumen: Able to cut through complex business matters to get to the heart of the issue; uses logical analysis.
• Financial Acumen: Ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by RECFC’s financial statements.
• Public Interest Mindset: Understands the importance of the public interest, including overseeing the fund in accordance with the Trustee Act and reimbursing wronged parties.
• Independence of Mind: Unfettered from forming or maintaining their own views and speaking their mind honestly and objectively on all issues. Willing and able to respectfully challenge prevailing opinion. Strongly understands the duty to act honestly and in good faith with a view to the best interests of RECFC and the responsibility to the long-term sustainability of the organization.
• Team Player: Demonstrates perception, acuity, tact, and rapport to build constructive working relationships that engender mutual trust, respect, and contribution. Values others’ opinions and demonstrates an orientation towards consensus and reaching solutions.
• Engaged: Willing and prepared to come to meetings and actively participate (including having read and considered all pre-read material). Flexible and accommodating to participate in unscheduled meetings and conversations as circumstances warrant.

Time and Term Commitment

Directors are appointed for three-year terms and may serve two consecutive terms.

Directors are expected to attend all BOD meetings annually (four Board meetings, including video/audio meetings), to read and reflect on materials in preparation for meetings, and to attend orientation and training. Meetings are typically held in Vancouver.

How to Apply

If you are interested in this position and believe you are qualified, please apply by emailing [email protected].

The deadline to have your application submitted is Friday, September 6, 2024.

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