General Board Nomination/Election Rules
The EAB has established the nomination/election rules for the VCB, EOB, LFB, SDB, and CC as follows:
- An individual must first be a NACVA member in good standing.
- Candidates for positions open on the VCB, EOB, LFB, and SDB are nominated by NACVA’s general membership. Candidates for the EAB are nominated by the EAB.
- An individual can be nominated by the membership to only one of the four member-elected Boards; currently the VCB, EOB, LFB, and SDB. However, an individual nominated for one of the four Boards can also be nominated by the EAB to the EAB.
Board terms are staggered to provide for annual rotation and to maintain continuity from year-to-year.
• Elected terms run from June 1 to May 31 and are usually three years.
Elected Board members cannot serve consecutive terms on their current Board or another Board; they are required to sit out for one year.Exceptions to this rule are made when:
a) A Board member has served one year or less on a Board;
b) A Board member is elected to the EAB after serving a term on the VCB, EOB, LFB, or SDB;
c) A Board member is appointed to a newly formed Board by the EAB in the establishment of the Board; or
d) A Board member is appointed to one of the EAB-assigned positions on the VCB, EOB, LFB, or SDB.
e) A Board member is selected to serve as a representative to the CC.
- EAB members cannot serve consecutive terms on the EAB or from the EAB to the VCB, EOB, LFB, or SDB, unless the EAB member is serving on one of the EAB assigned positions on that Board.
- No individual can serve on two Boards simultaneously, with the exception of VCB and LFB representatives that serve on the CC. If an individual is nominated for the EAB and one of the other four Boards, and is elected to both, the individual must select one Board to which he or she will belong. The position on the second Board will go to the individual receiving the next highest number of votes. A new election is not held.
- If an individual currently sitting on one of the four member-elected Boards (the VCB, EOB, LFB, or SDB) is nominated by the EAB for the EAB, and is then elected to the EAB, that individual will have to choose on which Board to serve.
- Seven of the 13 positions on the EAB are nominated by the members of that Board.Six of the positions are chosen by NACVA’s Board of Directors; currently filling these positions are NACVA’s President (currently vacant), Executive Vice President, Vice President, and Executive Director, and two representatives from the Board of Directors, both voting positions.The President, Vice President, and Executive Director are non-voting and advisory roles. The Executive Vice President is a voting member of the EAB.
- Past EAB members may be re-nominated by the EAB to be on the ballot each year, but the EAB may only nominate one past Board member in an election cycle.
Two voting positions on the EOB, three on the VCB and LFB, and four on the SDB, are assigned by the EAB for one- to three-year terms.
a) One of the three EAB assigned voting positions on the VCB and LFB must be a non-CVA, non-member of NACVA, representing the public and users of valuation/ financial litigation services.
b) The VCB and LFB (not the EOB) can each assign up to three non-voting advisors, who must be approved by the EAB, to its Board for one- to three-year terms.
- The CC is composed of seven members, including the Chair of the VCB, two VCB representatives selected by the VCB from the voting members of the VCB, the LFB Chair, two LFB representatives selected by the LFB from the voting members of the LFB, and one EAB representative selected by the EAB.
- Resignations: When a Board member resigns, such resignations may not be rescinded by that Board member after it has been accepted. Such resignations can be accepted and affirmed verbally or in writing by NACVA’s President, EAB Chair, specific Board Chair, HQs’ Chief Executive Officer, Executive Vice President, or the Executive Director. The Board position that has been vacated will go to the individual who received the next highest number of votes in the last Board election.This individual will assume and complete the remaining period of the resigning Board member’s term. A new election is not held.
Board Member Restrictions
Board positions are restricted to no more than one position, for all Boards, from one family, or from one firm/company, including national and regional firms. Board members cannot serve on the board or ruling body of any organization that directly competes with NACVA. EAB members cannot serve on the board or ruling body of any organization that directly competes with NACVA for a period of one year after the expiration of their term. As a condition to be included on the election ballot, all members nominated to any of the Boards must sign a binding “Confidentiality and Indemnification Agreement,” which binds them to confidentiality and indemnifies them from liability should they be elected to serve on a Board.