REEOIC Candidate Profile
The Real Estate Errors and Omissions Insurance Corporation (REEOIC) is a non-profit organization that pools the assessments paid by licensees and uses those funds to pay the costs of defending claims and, when required, paying them. The Real Estate Services Act (RESA) requires every real estate licensee in BC to participate in the insurance program. Licensees pay their assessments every two years with their licence renewals and receive an annual report on the fund and the payments made from it during the previous fiscal year.
Our mission statement is to provide cost-effective professional liability insurance, loss prevention tools and legal support services for the protection of real estate licensees and thereby the public. REEOIC acts on behalf of real estate licensees in responding to claims made against them for damages. REEOIC is not the regulator for licensees and is not involved in licensing or disciplinary matters, both of which are the responsibility of the BC Financial Services Authority.
The REEOIC Board is composed of seven Directors appointed by the following organizations:
- Three Directors by the British Columbia Real Estate Association
- One Director by the Lieutenant Governor in Council
- Three Directors (REEOIC-appointed Directors) by the Directors appointed under the above
The appointment of the three REEOIC-appointed directors is done by the Selection Task Force (Task Force).
The Board currently has the following Committees:
- Finance, Audit, and Governance Committee
- Claims and Underwriting Committee
The Board oversees the conduct of REEOIC’s business and supervises management, which is responsible for the day-to-day conduct of business. All Directors must uphold the best interests of REEOIC.
Directors are expected to attend all Board and their Committee meetings (this includes three Board meetings annually and every second year, a conference and meeting in Banff, as well as approximately four to seven Committee video/audio meetings annually), to read materials in preparation for meetings and to attend orientation and training. Meetings are typically held in Vancouver.
It is expected that all interested candidates have the time and commitment to fulfill 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 Board.
Directors are appointed for three-year terms and may serve two consecutive terms.
Further information on the role can be found in the Terms of References for the Board and for Directors.
The Task Force looks at several factors when appointing to the Board, such as individuals who have the skills and experience to add value and provide support for management in reviewing and approving strategy and reviewing risks and opportunities and who have the skills and experience to effectively monitor the performance of REEOIC and its management team. They also consider how these factors fit together, and the diversity of viewpoints that are being brought to the boardroom.
The desired skills, attributes and diversities sought by the Board are set out in the Skills Matrix.
Alongside the overall list of skills, diversities, and attributes in this current round of appointments REEOIC is looking for candidates with one or more of the following skills:
- Finance: Understanding and experience managing financial activities, including financial planning, forecasting, accounting systems, audit, and internal controls.
- Investment: Understanding of investment principles and strategies including development of investment management policies. Experience in selection and evaluation of investment managers and their recommendations.
- Stakeholder Relations: Experience with stakeholder engagement and communications relevant to members, employees, government and/or other stakeholders, especially within a regulatory environment. REEOIC’s stakeholders include the BC Financial Services Authority, BC Real Estate Association, real estate boards and real estate licensees.
In addition to any of the above skills, it would also be an asset for applicants to have experience in real estate, including current and emerging issues affecting the real estate industry.
Per diems for meetings and travel are established by the Board and are in line with that paid by organizations of a similar size and type.
The Appointment Process
All interested individuals can fill out the Expression of Interest form, paying close attention to providing details that align with the Board’s desired skills and diversity composition. Forms will be received by the Task Force and candidates will be assessed against the selection criteria set out in this Candidate Profile. The Task Force will identify those candidates who best meet the criteria and determine a short list to be interviewed.
Short-listed candidates will be invited to meet with the Task Force to discuss the position and the candidate’s background and experience. The Task Force will conduct due diligence such as reaching out to references and identifying potential conflicts of interest.
Based on the candidate assessments, the Task Force will select the preferred individuals to fill the vacancies and inform the Board and individuals of the appointment.
How to Apply
If there are any inquiries or need for further information, please contact Leslie Howatt, Executive Officer (firstname.lastname@example.org).