Board of Directors
Need for a Board
The Beginning of New Hope is currently overseen by an active board composed of family members. As the housing market changes things continue to evolve, the owners and management value the decisions of an independent perspective and ideas from their industries into strategic decision making. The directors will further clarify and segregate the role of management and ownership. The owner sees the addition of independent directors and the next phase in the evolution of the board.
As the organization transition from a second-generation organization in which all family members participated in the management and are onboard to a third-generation business with several shareholders who are involved, the oversight provided by an independent board is valued. Owners expect directors to consider and represent the owners’ interests, formulated and monitor and log-term strategic agenda, ensure effective decision-making processes within the business, and serve as advisors to the CEO.
The Beginning of New Hope seeks seasoned board members who will have an immediate impact on the business. The board members are expected to share their insights and ideas, and to push questions management thinking. A culture of open discussion and debate is always encouraged. Specific responsibilities of the board include:
- Review Company performance and identify issues that need to be addressed
- Hold management accountable to achieving strategic, operating, and financial objectives.
- Evaluate strategic alternatives, including acquisitions and divestitures, diversification opportunities, and new revenue streams.
- Review, evaluate and approve the strategic plan.
- Review and approve operating and capital budgets.
- Make capital allocation decisions across various enterprises
- Bring new ideas to the table and share insights form other industries.
- Ensure that owners clarify their vison and objectives in order to provide context for board decision making.
- Ensure a strong management team is in place.
Board Structure and Commitment
The board is currently comprised of the CEO, two owners in management positions and are nonemployee owners. The owners would like to add four independent directors to join these
Owners. The board meets four times per year, for four quarterly meetings and a strategic planning and budget approval meeting in December. All meetings are held telecommunicate phone, and zoom. Directors will stand annually for election at the April shareholder meeting. Owners hope board members will commit for a minimum of two to three years at outset, subject to annual approval by shareholders. Directors will be Volunteers and require make donation of $200.00 per meeting. The Company provides sufficient insurance coverage in Addition to the indemnification through its corporate bylaws and Articles of incorporation.
- Enforce appropriate board role and responsibilities, meeting agenda, preparation, facilitation, and evaluation to ensure the board operates effectively.