Board Members roles and responsibilities

Responsibilities of the Board

 The mission of SASTIC Organization is to use it’s skilled professional network to create an infrastructure for high-tech and science development, assist in education, form modern companies and unions, sponsor and run strategic long-term programs to make Armenia more resilient and prosperous.

As the highest leadership body of the organization and to satisfy its fiduciary duties, the board is responsible for

• determining the mission and purposes of the organization

• selecting and evaluating the performance of the chief executive

• strategic and organizational planning

• ensuring strong fiduciary oversight and financial management

• fundraising and resource development

• approving and monitoring the organization’s programs and services

• enhancing the organization’s public image

• assessing its own performance as the governing body of the organization

The role of the Board Members

The board members of SASTIC have three primary legal duties known as the “duty of care,” “duty of loyalty,” and “duty of obedience.”

• Duty of Care: Take care of SASTIC by ensuring prudent use of all assets, including facility, people, and good will;

• Duty of Loyalty: Ensure that SASTIC activities and transactions are, first and foremost, advancing its mission; Recognize and disclose conflicts of interest; Make decisions that are in the best interest of the SASTIC corporation; not in the best interest of the individual board member (or any other individual or for-profit or non-profit entities).

• Duty of Obedience: Ensure that SASTIC obeys applicable laws and regulations; follows its own bylaws; and that SASTIC adheres to its stated corporate purposes/mission.

However, a board member does not exist solely to fulfill legal duties and serve as a fiduciary of the organization’s assets. Board members also play very significant roles providing guidance to SASTIC by contributing to the organization’s culture, strategic focus, effectiveness, and financial sustainability, as well as serving as ambassadors and advocates. Beyond fulfilling legal duties, board members can be important resources for the organization in multiple ways.

Responsibilities of Board Members

Each individual board member is expected to

• know the organization’s mission, policies, programs, and needs

• faithfully read and understand the organization’s financial statements

• serve as active advocates and ambassadors for the organization and fully engage in identifying and securing the financial resources and partnerships necessary for the organization to advance its mission

• leverage connections, networks, and resources to develop collective action to fully achieve the organization’s mission

• help identify personal connections that can benefit the organization’s fundraising and reputational standing, and can influence public policy

• prepare for, attend, and conscientiously participate in board meetings

• participate fully in one or more committees

• follow the organization’s bylaws, policies, and board resolutions

• sign an annual conflict-of-interest disclosure and update it during the year if necessary, as well as disclose potential conflicts before meetings and actual conflicts during meetings

• Sign a non-disclosure agreement

• maintain confidentiality about all internal matters of the organization