General Board Nomination/Election Rules

The EAB has established the nomination/election rules for the VCB, LFB, SDB, EOB, and LIB as follows:

1. An individual must first be a NACVA member in good standing.
2. Candidates for positions open on the VCB, LFB, SDB, EOB, and LIB are nominated by NACVA’s general membership. Candidates for the EAB are nominated by the EAB.
3. An individual can be nominated by the membership to only one of the five member-elected Boards, currently the VCB, LFB, SDB, EOB, and LIB. However, an individual nominated for one of the five Boards can also be nominated by the EAB to the EAB.
4. 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.
5. 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:
6. A Board member has served one year or less on a Board;
7. A Board member is elected to the EAB after serving a term on the VCB, LFB, SDB, EOB, or LIB;
8. A Board member is appointed to a newly formed Board by the EAB in the establishment of the Board; or
9. A Board member is appointed to one of the EAB-assigned positions on the VCB, LFB, SDB, EOB, or LIB.
10. EAB members cannot serve consecutive terms on the EAB or from the EAB to the VCB, LFB, SDB, EOB, or LIB, unless the EAB member is serving on one of the EAB assigned positions on that Board
11. No individual can serve on two Boards simultaneously. If an individual is nominated for the EAB and one of the other five Boards, and is elected to both, the individual must select one Board to which he/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.
12. If an individual currently sitting on one of the five member-elected Boards (the VCB, LFB, SDB, EOB, or LIB) 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.
13. 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 (vacant), Executive Vice President, and Vice President, and two representatives from the Board of Directors, both voting positions. The President (vacant) and Vice President are non-voting and advisory roles. The Executive Vice President is a voting member of the EAB.
14. 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.
15. 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.
16. 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.
    1. Public members may serve no more than six consecutive years.
17. 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.
    1. Advisors may serve no more than eight consecutive years.
18. 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.
19. The AI and Machine Learning Commission (AIMLC) is comprised of eight members with two members coming from and selected by each of the four Boards (EAB, EOB, SDB, and LIB) for terms of one year, which can be renewed from year to year so long as the member is still a member of the assigning Board. The AIMLC may assign up to two non-voting advisors to the Commission for one-year terms which can be renewed for up to six terms.
20. 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, or HQ Management Team. 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 any one family, firm, or 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 “Liability, Confidentiality, and Conflict of Interest Agreement,” which binds them to confidentiality and indemnifies them from liability should they be elected to serve on a Board.