Städtle 27 POBox 1632 FL-9490 Vaduz contact@cfa.li www.cfa.li CR-No. FL.002.179.813-3

BOARD MANUAL

Version 1.0 as approved by the Board of Directors on June 30, 2015

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Contents 1. General Provisions ................................................................................................................ 4 1.1. Purpose ................................................................................................................................. 4 1.2. Scope ..................................................................................................................................... 4 1.3. History .................................................................................................................................... 4 1.3.1. Liechtenstein Society of Investment Professional (LSIP) ...................................................... 4 1.3.2. Founding Members ................................................................................................................ 5 1.3.3. CFA Society Liechtenstein .................................................................................................... 5 1.3.4. Past Presidents ..................................................................................................................... 5 2. Relationship with CFA Institute ............................................................................................. 6 2.1. Society Member Service Standards (SMSS) ....................................................................... 6 2.2. Society Center and Society Portal ......................................................................................... 6 2.3. Data ..................................................................................................................................... 6 2.4. Leadership Conferences ....................................................................................................... 7 2.5. CFA Societies Passport Program .......................................................................................... 7 2.6. Presidents Council (PC) and President Council Representative (PCR) ............................... 7 2.7. Member-Service-Range (MSR) ............................................................................................. 8 3. Leadership Structure ........................................................................................................... 10 3.1. Board ................................................................................................................................... 10 3.2. Volunteers............................................................................................................................ 10 3.3. Administration & Location .................................................................................................... 10 3.4. Decisions and Minutes ........................................................................................................ 11 3.5. Reporting and Information ................................................................................................... 11 3.6. Representation .................................................................................................................... 11 3.7. Proper Use of Name ............................................................................................................ 11 3.8. Recognition .......................................................................................................................... 11 3.9. Conflict of Interest ................................................................................................................ 12 3.10. Whistleblowing ..................................................................................................................... 12 3.11. Confidentiality ...................................................................................................................... 12 3.12. Return of Documents ........................................................................................................... 12 3.13. Society Strategy .................................................................................................................. 12 3.14. Annual Report ...................................................................................................................... 12 3.15. Advisors ............................................................................................................................... 13 4. Treasury............................................................................................................................... 15 4.1. Duties ................................................................................................................................... 15 4.1.1. Responsibilities .................................................................................................................... 15 4.1.2. Procedures .......................................................................................................................... 15 4.1.3. Reporting ............................................................................................................................. 15 4.1.4. Transfer of Funds ................................................................................................................ 15 4.2. Expenses ............................................................................................................................. 16 4.3. Reserve Policy .................................................................................................................. 16 4.3.1. Duties ................................................................................................................................... 16 4.3.2. Operating Reserves ............................................................................................................. 17 4.3.3. Strategic Reserves .............................................................................................................. 17 4.3.4. Investment Policy ................................................................................................................ 17 4.4. Sponsorship ......................................................................................................................... 17 5. Committees ......................................................................................................................... 18 5.1. Duties ................................................................................................................................... 18 5.1.1. Committee organizational structure ..................................................................................... 18 5.1.2. Committee Membership ...................................................................................................... 18 5.1.3. Committee Budget ............................................................................................................... 18 5.2. Member Value Committee ................................................................................................... 18 5.2.1 Membership Sub-Committee ............................................................................................... 18 5.2.2 Continuing Education (CE) Sub Committee ..................................................................... 19

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5.2.3 Career Development (Jobline) Committee .......................................................................... 19 5.3 Outreach & Awareness ........................................................................................................ 20 5.3.1 Public Awareness Sub-Committee ...................................................................................... 20 5.3.2 Advocacy and Disciplinary Sub-Committee ........................................................................ 20 5.4 Program & Industry Liaison Committee ............................................................................... 21 5.4.1 CFA Program & Industry Liason Committee ....................................................................... 21 5.4.2 University Sub-Committee ................................................................................................... 21 5.4.3 Scholarships Sub-Committee .............................................................................................. 21 5.5 Governance Committee ....................................................................................................... 22 5.5.1 Society Sub-Committee .................................................................................................... 22 5.5.2 Strategic Planning Sub-Committee ..................................................................................... 22 5.5.3 CFA Institute & CFA Societies Liaison Sub Committee ...................................................... 22 5.6 Treasury & Operation Committee ........................................................................................ 22 5.6.1 Treasury Sub-Committee .................................................................................................... 22 5.6.2 Sponsorship Sub-Committee............................................................................................... 22 5.6.3 Technology Sub-Committee ................................................................................................ 22 5.7 Nomination Committee ........................................................................................................ 23 Appendix 1 ................................................................................................................................... 24 Appendix 2 ................................................................................................................................... 25

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1. General Provisions

1.1. Purpose

The purpose of this document is to set out more information about the procedures for the board, directors, officers, volunteers and committees of CFA Society Liechtenstein (thereafter called “Society”) than is possible in the Articles of Association and Bylaws.

In addition, the document aims to provide useful background information about the Society and those aspects of its activities most relevant to the people involved.

The Secretary should provide all incoming volunteers with a copy of this document and should assist them as necessary in understanding the governance structure of the society.

Any changes to the Board Manual (e.g. as proposed by the governance committee) should be considered for their overall impact and submitted to the Board of the Society (thereafter called “Board”) for approval. It should be reviewed regularly (at least bi-annually) and updated as required.

This version of the document was adopted by the Board at a meeting on June 30, 2015 and remains in place until amended by the Board.

1.2. Scope

The Society conducts its business in accordance with the provisions of the applicable law in

Liechtenstein, the Articles of Incorporation and Bylaws and instructions of this Rules of Procedures.

These Rules of Procedure govern the organizational and functional matters of the Society as to

execution, responsibilities, and reporting procedures.

In particular, the powers and duties of the following organs are defined: a) Board

b) Directors

c) Officers (Elected and Appointed)

d) Committees

e) Auditors

to the extent not already required by law and/or by the Articles and Bylaws of the Society.

1.3. History

1.3.1. Liechtenstein Society of Investment Professional (LSIP)

On January 23, 2006, 9 attendees met at the Restaurant Adler, Herrengasse 2, Vaduz in order to officially establish the Liechtenstein Society of Investment Professionals (LSIP), Herrengasse 2, Postfach 1632, Vaduz. In addition 6 potential members provided the assembly with the proxy voting

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right for the Constitutive Assembly. All requests were approved and the society was founded as a non-profit «Verein» (association) under the Liechtenstein Personen und Gesellschafts Recht (PGR). The Commercial Registry decreed the use of the name „Liechtenstein“ and the „Liechtenstein Society of Investment Professional LSIP“ as per March 1, 2006. The society was listed in the Commercial Register under the register number FL-002.179.813-3 on March 10, 2006.

1.3.2. Founding Members

The founding 15 founding members:

• Beck Ferdinand, CFA (elected Auditor) • Borer Alex, CFA • Bose Daniel, CFA (elected Auditor) • Brandl Markus • Cooper Thomas • Fiole Eelco R.W. • Fiel Christian, CFA • Fraisl Martin, CFA • Frommelt Michael Kurt, CFA (elected President) • Hueber Andreas • Kranz Patrick Albert (elected Treasurer) • Ospelt Wilfried, CFA • Riesen Stefan, CFA • Schadenfroh Walter • Tischhauser Fabrice, CFA (elected Vice President and Secretary)

The location was moved from Herrengasse 2 to Städtle 27 on December 23, 2013. The changes were registered with the Commercial Registry on January 17, 2014.

1.3.3. CFA Society Liechtenstein

The External Relations and Volunteer Involvement Committee (ERVIC), an oversight committee for the Board of Governors of CFA Institute, approved the application of Liechtenstein Society of Investment Professionals (LSIP) to become “CFA Society Liechtenstein” on July 24, 2014 in Charlottesville, USA. CFA Society Liechtenstein became the 144

th society of CFA Institute.

The members approved the agenda including the name change to constitute the new CFA Society Liechtenstein at the Annual General Meeting on August 28, 2014. The Commercial Registry decreed the use of the name „Liechtenstein“ and the „CFA Society Liechtenstein“ as per November 11, 2014. The amendments were listed in the Commercial Register on November 12, 2014.

1.3.4. Past Presidents

n.a.

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2. Relationship with CFA Institute

2.1. Society Member Service Standards (SMSS)

The Society receives Operational Funding on an annual basis from CFA Institute to support its local activities (see below for requirements). The Society also signs an annual licensing agreement that provides it with the right to access and use CFA Institute data and trademarks. CFA Institute collects membership dues from ‘regular’ and ‘affiliate’ members on the Society’s behalf and transfers the dues amounts to the Society on a monthly basis. From time to time, the Society may receive additional funding from CFA Institute in support of specific projects. The SMSS are a set of criteria for societies to follow to support them in delivering a high quality and consistently valuable experience for local members. The SMSS online tool is a business planning, performance management, and benchmarking resource that enables societies to capture and analyse data relating to their own performance (login required). The Society inputs its annual business plan and an end of year report into the online system. The Operational Funding the Society receives from CFA Institute is tied to the timely completion, submission and approval of the business plan and end of year report. Depending on the range of services and infrastructure a score is allocated to each society which enables global comparison. This is not linked to the amount of funding the Society receives.

The Society has extensive relationships with the CFA Institute EMEA office and other CFA Institute offices around the world. The EMEA Society Relations team acts as the first point of contact for any queries and needs of the Society. CFA Institute staff may participate in some of the society’s committees and there are regular meetings between the respective educational and marketing teams.

2.2. Society Center and Society Portal

The CFA Institute offers a thorough website, the Society Center, for all active society leaders. The link

to the Society Center is (login required): This website offers info. and resources to help Society Leaders in their roles. Access is granted to active Society Leaders who are listed on the New Leader Form. The New Leader Form is submitted to the Society Relations team after each AGM. The Society also has access to candidate and member data through the Society Portal. Access to this

database is only granted to individuals the Society recommends and training is required for new users.

Committees or roles who work with member or candidate data, revenues, or communications are

recommended to have access to the Society Portal.

2.3. Data

Data licensed to the Society by CFA Institute is subject to the terms of the Member Society License Agreement:

Licensed data may only be used for promotion of Member Society programs and services

When using licensed data for promotion of preparatory courses, opt-in preferences are to be honoured

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Society generally should not license, rent, sell, transmit, disclose of deliver licensed date to any third party (except mail houses/mail service providers)

Data of members are stored primarily in the Society Portal of CFA Institute. The Membership Committee is handling data received and takes every effort to protect it.

2.4. Leadership Conferences

CFA Institute presently offers two leadership conferences per year. A global leadership conference, called the Society Leadership Conference, typically hosted in September/October, and a Regional Leadership Meeting typically hosted in March/April. At the leadership conferences, attendees can learn about the services and benefits CFA Institute provides to societies and members, and can network with leaders from around the world. Typically included are sessions about CFA Institute initiatives and best practice from other societies. These events should be attended by preferably two but at least one Board member(s). The Society may elect to send a third representative if financially prudent. While there is no defined succession path for Board Members, succession should be a consideration for selection of the attendees. CFA Institute will provide a Volunteer Travel Policy prior to each meeting outlining the costs that CFA Institute will cover.

In addition to the two leadership meetings, leadership training is available on request. It is recommended that all new Board members complete an orientation session with the EMEA West Society Relations Manager to ensure they are aware of the resources and services available.

2.5. CFA Societies Passport Program

The Global Society Passport Program is a collaborative effort with other Societies to enhance local member benefits through shared programming. It encourages members to attend programs hosted by other member Societies at a local member rate. Each society may decide on a case by case basis which programs are “passported”. However some participating societies apply the Passport Program universally to all events provided.

The events eligible for the Passport Program are labelled with the Global Passport Program Logo.

Our Society has agreed and signed the appropriate agreement on 23 September 2014.

2.6. Presidents Council (PC) and President Council Representative (PCR)

The Presidents Council (PC) is a committee created by the CFA Institute bylaws. It is comprised of the President of each society, the President Council Representatives (PCRs) from each region, and the Presidents Council Chair. The President Council meets once a year in person, typically in conjunction with the Society Leadership Conference. The Presidents Council Chair and PCRs are elected by Society Presidents. PCRs represent the interests of CFA Institute member societies to the Board of Governors and CFA Institute leadership. This volunteer role is valuable to CFA Institute and the member societies. From providing one-on-one coaching to society leaders to participating in meetings of CFA Institute Board of Governors, the PCR’s

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time and skills are in demand. Their roles include:

representing the interests of each Member Society region and their collective members by facilitating dialog amongst societies and communications with and between societies and the CFA Institute Board and management;

attending non-executive sessions of the CFA Institute Board meetings;

serving as the spokesperson for each Member Society region before the PC and CFA Institute Board; and

voting in all matters before the PC, PCR and the PC Executive Committee.

The Society belongs to the EMEA West region. The PCRs for EMEA WEST have been:

Term Name CFA Society

01.09.2015 to 31.08.2017 Anne-Katrin Scherer, CFA Liechtenstein and Switzerland

01.09.2013 to 31.08.2015 Anne-Katrin Scherer, CFA Liechtenstein and Switzerland

01.09.2011 to 31.08.2013 Tom Joski, CFA UK

01.09.2009 to 31.08.2011 Tom Joski, CFA UK

2.7. Member-Service-Range (MSR)

Taking into account the special geographical, political, and economic situation in Liechtenstein1, in

preparation of our Society application we submitted the following request in October 2013 to CFA Institute EMEA and ERVIC: a) Introduction of a 60 km Member Service Range (MSR) beyond the political borders of Liechtenstein

measured by air line from the capital Vaduz (see map enclosed). b) Within this MSR members of the CFA Institute may be also serviced by the CFA Society

Liechtenstein. c) Any member service beyond that range requires prior approval of the neighbouring CFA Society

(i.e. Austria, Germany or Switzerland). The CFA Societies Austria, Germany and Switzerland collaborate and supported our request.

ERVIC ruled on 13 December 2013 that it had no objections to continue the application process for the Liechtenstein Society based on the process update provided.

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Map of 60 km Member Service Range (MSR)

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3. Leadership Structure

3.1. Board

The Board is responsible for overseeing programs and services, protecting assets and ensuring legal and ethical compliance. Contracts/agreements with third parties may have verbal or written forms. Written forms are mandatory. All significant contracts/agreements must be submitted to the President and the Board for review and execution. A significant contract is defined as any contract that would have any one of the following elements:

a) is not within the normal routine of business or approved budget, b) is multi-year, c) has a contract value of CHF 1’000 or more. Significant contracts/agreements that change the focus of strategy or commit the Society to a multi-year arrangement with a contract value in excess of CHF 1’000 or involve the sale of Society’ property must go to the Board of Directors. Contracts not meeting one or more of the above elements must be submitted to the President only.

3.2. Volunteers

The Society is a volunteer-led organisation and relies on members to contribute their time and support to ensure its growth and ability to meet the needs of its members. The development of a strong volunteer effort is a priority for the Board.

The committee organisation is the main executive branch of the Society. As the committees are operated by volunteers their contribution is an essential ingredient for the Society’s success.

The Society Board will ensure volunteers are familiar with the Society’s structure and officers. Volunteers will be given an understanding of responsibilities and time commitments as well as authorities and resources at their disposal. Volunteering is unpaid. There is no payment or expectation of payment. The Society does not seek to establish any form of contract with volunteers and the relationship is not legally binding. The Society is committed to the principle of equality of opportunity and treats all volunteers fairly and on an equal basis, irrespective of their sex, race, disability, age, religion or belief, or sexual orientation.

3.3. Administration & Location

Administration and location is being provided by ARISTO Investment Management AG in Vaduz. Further details are laid out in the sponsoring agreement. Originals of founding and legal documents are stored there. The company is taking every effort to protect documents and data.

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3.4. Decisions and Minutes

In a tie vote the President’s vote is counted twice.

Decisions may also be taken by circular. In urgent cases original signatures may be submitted

electronically.

Minutes are kept of the Board meetings which have to be signed by the Chairman and the Secretary.

The minutes are submitted to the Board at the next meeting for approval.

Circulars shall be included in the minutes.

3.5. Reporting and Information

Each Board of Directors or Officer may request information from the Society with respect to the matter

concerned. Cases of conflict of interest are reserved.

The Society shall make documents available in a timely manner and provide information to all parties concerned on the board section of the website.

3.6. Representation

Every representative shall consider the following points when representing the society:

Avoid misrepresentation

If you express your own opinion, make it clear that it is your own opinion.

In doubt, seek guidance in general or on specific topics from the President or the Board, before representing or communicating.

3.7. Proper Use of Name

The Society wishes to preserve its public image. The only acceptable uses of the name are:

The CFA Society Liechtenstein

CFA Society Liechtenstein

No other forms of abbreviation or alteration are deemed acceptable for any official use by the organization.

3.8. Recognition

All volunteers may, at the discretion of the Board, receive recognition for their efforts. This recognition can come in several forms, including a letter thanking them for their service over the past year(s), an invitation to a thank you dinner in their honour, a thank you gift, or some combination of any of these ideas. Thank you letters for board members should be signed by the President.

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3.9. Conflict of Interest

Members of the Board and management have to abstain from discussions and votes in the meetings

when issues are discussed that affect their personal interests. The Secretary may refer such business

to the President for decision.

3.10. Whistleblowing

Reports of violations or suspected violations of law or policy or reports of retaliation may be reported

directly to the Chair of Disciplinary Sub-Committee (CoDSC). In the event that an individual’s concern

rises to the level that he/she reasonably believes that notice to the CoDSC will be disregarded or

otherwise not fairly considered, the individual may then report violations or suspected violations to the

Chair of the Board.

Reports of suspected violations of law or policy and reports of retaliation will be investigated promptly

and in a manner intended to protect confidentiality. The CoDSC will manage such investigation and

may request the assistance of outside counsel or other outside parties as he/she deems necessary.

The CoDSC will prepare a report of the findings of the investigation and submit the report to the Board

of Directors. In the event that the report concerns the CoDSC, he/she should recuse himself/herself

and the Board of Directors shall select a replacement officer to conduct the investigation.

3.11. Confidentiality

The bodies of the Society shall not disclose any information or knowledge they receive in the

performance of their duties to third parties. The statutory disclosure obligations are reserved.

3.12. Return of Documents

Society documents and records must be returned upon termination of their serviceor upon request by

the society.

3.13. Society Strategy

The Board shall ensure that:

• A strategic plan is available covering a time span of 3 to 5 years.

• An action plan is kept covering issues of the current 2-year-term. • The timely Society Member Services Standard (SMSS) reporting is delivered to CFA Institute.

3.14. Annual Report

The Society’s financial year coincides with the CFA Institute member year running from 1

st July to 30

June.

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The annual report contains the Society financial statements together with a Statement from the President of the Society and activity reports from each of the relevant committees. The annual report is coordinated by the Annual General Meeting (AGM) Committee (see also 5.6.2). It needs to be available approximately. 30 days before the Annual General Meeting.

3.15. Advisors

Industry

Company Contact

Administration & Location

ARISTO Investment Management AG Städtle 27 9490 Vaduz www.aristo.li

Michael K. Frommelt, CFA

Auditor PwC Vadianstrasse 25a/Neumarkt 5 Postfach CH-9001 St. Gallen www.pwc.ch

Claudio Tettamanti Dimitri Senik, CFA

Bank LGT Bank AG Herrengasse 2 9490 Vaduz www.lgt.com

Martin Zimmermann, CFA

Media Communicators AG Wengistrasse 7 CH-8004 Zürich www.comunnicators.ch

Ralph Spillmann Johanna Doeblin

Print Ospelt Reinold AG Landstrasse 49 9490 Vaduz www.ospeltdruck.li

Reinold Ospelt

Print (Business Cards)

Vistaprint B.V. Hudsonweg 7 NL-5928 Venlo www.vistaprint.com

Pull-up Banners Ospelt Reinold AG Landstrasse 49 9490 Vaduz www.ospeltdruck.li

Reinold Ospelt

Solicitor Advokaturbüro Dr. Thomas Nigg Lettstrasse 10 9490 Vaduz http://www.liechtenstein-lawyer.com

Dr. Thomas Nigg

Translator Kern AG Hauptstrasse 304 D-79576 Weil am Rhein

Cabrera Rojas

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www.e-kern.com

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4. Treasury

4.1. Duties

4.1.1. Responsibilities

The Treasurer/Finance Committee shall provide fiscal oversight in safeguarding the assets of the Society and shall have primary responsibility for ensuring that all internal and external financial reports fairly present its financial condition.

The Treasurer shall have responsibility for ensuring that proper financial procedures are maintained and that the policies of the Board are carried out.

The Treasurer is responsible for overseeing the creation of financial reports.

Whenever possible, financial duties and responsibilities should be separated so that no one person has sole control over cash receipts, disbursements, etc.

4.1.2. Procedures

The fiscal year of the Society is July 1 to June 30.

A proper filing system will be maintained for all financial records.

Actual income and expenditures will be compared to the budget on at least an annual basis.

Individual Board Members have expense authority within approved budgets or for expenses not in excess of CHF 1’000. Expenses not foreseen in an approved budget in excess of CHF 1’000 require prior authorization.

4.1.3. Reporting

Annual budget preparation is overseen by the Treasurer and approved by the Board.

Budgets shall be reviewed and adjusted as necessary to reflect changing conditions.

At every Board meeting, the Treasurer will notify the Board of major activity for the period between Board meetings.

4.1.4. Transfer of Funds

Signing authority with the Society’s bank is with the President, Vice President, Treasurer and Secretary. In case Treasurer and/or Vice President are not available, President and Secretary will step in where needed.

Any transfer of funds, whether through payment traffic or cash must have two signatures.

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• After review by the responsible committee chair, all invoices, expense requests, etc. will be input

into the bank’s on-line payment system by any of the above-mentioned officers. • The inputting party informs the Treasurer or any of the above-mentioned officers on new payments

at least weekly. Invoices, forms, receipts etc. have to be attached. • After review, the second party flags the payments in the system as reviewed. • As soon as the second party has authorized the payment, the funds will be released.

4.2. Expenses

The Society compensates Board of Directors and Officers for all necessary and reasonable cash expenses they incur on activities on behalf of the Society. Other members are also compensated for expenses they incur on activities which they have been mandated to perform by the Board or a committee.

Any expense in the amount of more than CHF 1’000, not already foreseen in an approved budget, requires prior authorization, from the Treasurer, and if the Treasurer is not available or the Treasurer hands in expenses, the Vice-President or the President. Expenses, not already foreseen in an approved budget, of more than CHF 1'000 will be submitted for Board approval. The expense report will be submitted within 60 days for payment, with a total, signature, and attached authorization. Incomplete expense vouchers will be returned. Mileage to and from a personal residence or place of work will not be paid by the Society.

All expense claims must be accompanied by appropriate receipts. For travel, a half fare first class train ticket will be reimbursed if actually used. More expensive forms of travel are only reimbursed if justified by the needs of the Society. A record will be kept of approval of expenses.

4.3. Reserve Policy

4.3.1. Duties

Treasury implements the reserves policy as defined and approved by the Board. Treasury maintains Reserve and Investment Policy (outlined below?) which will be reviewed on an annual basis with any changes approved by the Board prior to implementation. Treasury manages the Society’s reserves in accordance with Investment Policy as outlined in this manual (see below).

Orders for purchase and sale of securities for money market transactions have to be made using on-line systems of the Society’s bank. Transfers from the investment account to the checking account of the Society must be authorized by the Treasurer. No other transactions are allowed.

Treasury measures performance regularly and prepare a report for inclusion in the society’s annual report.

Treasury seek out and appoint volunteers to ensure the committee is suitably resourced

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4.3.2. Operating Reserves

Operating reserves will be maintained to ensure the continuous provision of member services in the event that Society cash flows are unexpectedly interrupted. Minimum Operating Reserves: 1.0 times the prior year’s revenues.

Operating Reserves may be held in the main operating account to support current operations.

4.3.3. Strategic Reserves

Long-Term Reserves will be maintained for future investments in member education and services, and to support future Society operations. Long-Term Reserves are the residual portion of the Society’s balances after Operating Reserves.

4.3.4. Investment Policy

a) Investment Objective: Capital Preservation. The investment objectives, in order of importance, shall be the safety of principal, liquidity, and a competitive rate of return. Therefore, operating reserves may only be invested short-term in cash and cash equivalent instruments, which offer dependable income and relatively high levels of stability.

b) Investment Objective: Capital Preservation. The investment objectives, in order of importance,

shall be the growth of principal and a competitive rate of return. Long-Term Reserves may but do not have to be invested in balanced accounts including equity or equivalent instruments, which offer income and increased rates of return.

Excess Long-Term Reserves shall be returned to the membership in the form of increased services or reduced membership dues. However, membership dues should not be reduced unless surpluses are anticipated for several years into the future.

4.4. Sponsorship

The Articles and Bylaws of CFA Institute and the Society only allow natural persons to be members. Legal entities may acquire a membership only in the Society by sponsoring the Society. By means of the sponsoring the legal entity can participate in the events and activities of the Society. We distinguish between three kinds of sponsors: Platinum Sponsor, Gold Sponsor and Event Sponsor: Platinum Sponsor: The number of Platinum sponsors is limited. For reasons of exclusivity, we restrict the number to a maximum of five (5) and within industries to a maximum of two (2).

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5. Committees

5.1. Duties

5.1.1. Committee organizational structure

Each committee shall have a Chairperson, and any number of additional members as the Board sees fit.

The Chairperson, who shall be a Society member, reports regularly to the Board the activities of the Committee. Ideally the Chairperson should also be a Board Member.

5.1.2. Committee Membership

Committee Members shall be members of the Society. It is the responsibility of the Committee Chair to plan and assure there are sufficient resources for the Committee. The Chairperson can rely on support from the Board in recruiting new members.

While the Society is grateful for all volunteer efforts, in order for the Chairperson to plan activities, transparency regarding the availability of members is critical. New volunteers should state the (approximate) level of commitment they are able to provide.

5.1.3. Committee Budget

The Chairperson is responsible for submitting a budget for the year and, if needed, on an ad-hoc basis for new opportunities.

The annual budget is approved by the Board. Ad-hoc requests are handled under the ordinary routines for expense approval – ranging from Chairperson’s budget competence, Treasurer approval through to the Board decision.

5.2. Member Value Committee

5.2.1 Membership Sub-Committee

• Approves membership applications • Answers questions on membership • Liaises with CFA Institute on membership issues. • Reviews and monitors the membership participation rate and to assist the society in building the

participation rate • Reviews and monitors membership totals and to assist the society in developing membership

benefits likely to increase member numbers

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• Ensures that member data is used for appropriate purposes only • Reviews all policy issues relating to membership. • Communicates regularly with our members to help determine their needs. • Reviews member feedback and other information to determine whether our services are meeting

member needs • Oversees the membership satisfaction survey and ensure the survey’s independence and utility to

the Society

5.2.2 Continuing Education (CE) Sub Committee

• Develops and organises educational programs to meet the needs of local membership and

community • Develops and organises seminars, events as well as travelling conferences with other Societies • Co-ordinates local efforts organised by volunteers • Submits program promotional material to Outreach & Awareness Committee • Updates attendance records for tracking and CE credit awarding • Maintains the relationship with CE sponsors • Measures and reports to the Board the quality of events • Prepares annual budget for continuing education • Reviews and monitors feedback on professional development events. • Facilitates and encourage contact & communication among members of the Society • Plans and deliver events with the purpose of networking • Organises regular events include: charter award ceremony, roundtable discussions, and the

Annual General Meeting (AGM) • Measures and reports to the Board the quality of social events • Develops new formats •

5.2.3 Career Development (Jobline) Committee

• Develops programs and services to enhance members’ professional skills • Provides tools and resources for members looking for jobs in the financial community • Organises career development events • Develops partnerships to bring leading companies and executives to our career events • Builds connections with recruiters in the local finance community to enhance our value to the

community • Provides members looking to relocate to our area with opportunity to further their professional

goals • Publicizes online information relating to careers

• Ensures the inclusion of questions relating to the provision of career support in the membership satisfaction survey and runs additional surveys as necessary to identify areas of value for the society’s membership in relation to career support

• Monitors the performance of the on-line job site and identifies additional ways to generate revenues from career support activity

• Reviews all policy issues relating to career support.

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5.3 Outreach & Awareness

5.3.1 Public Awareness Sub-Committee

• Oversees public communications including advertising, media communications, outreach etc. • Directs the development of an advertisement campaign. • Develops and implement a Public Awareness Plan • Develops and maintain Society Media Guide with local specialists • Develops and maintain listing of local media contacts • Develops and maintain website and www.finance.li entries • Issues press releases • Acts as Society liaison with CFA Institute on public awareness issues • Promotes CFA Institute materials to local community • Sends event pictures/summaries to CFA Institute EMEA office • Prepares Annual Budget for Public Awareness Sub-Committee • Reviews all policy issues relating to marketing and communications, proposing any necessary

changes to the Board. • Advises the Board on the image that the society should seek to promote. • Monitors consistency in the promotion of the society’s image in printed and electronic (including the

website and email) materials. • Advises the Board and office on all matters of technology that pertain to the marketing of the

society’s activities to members and the public. • Advises on and assist in the society’s public relations. • Feeds, maintains and develops social media sites (LinkedIn, etc.) in cooperation with Public

Awareness

5.3.2 Advocacy and Disciplinary Sub-Committee

Advocacy

• Co-ordinates local advocacy efforts • Liaises with CFA Institute • Monitors and comments on changes in relevant laws and regulations • Liaises with relevant local professional bodies (such as Financial Market Authority (FMA),

Liechtenstein Bankers Association (LBV), etc.2)

• Promotes CFA standards and professional conduct in the Liechtenstein market place • Advocates for integrity in the local markets through research, guidance, and publications

• Works with, and provides a resource for, the Disciplinary Committee where appropriate.

Disciplinary

• Responsible for the application of CFA Institute’s Code of Ethics and Standards of Professional

Conduct across the Society’s local members • Recommends appropriate policies and set processes to enable the Society to supervise local

members • Appoints individuals to investigate cases as required. • Considers material relating to investigations, to determine a finding and to apply sanctions as

appropriate • Requests regular members to hear appeals as required. • Reports to the Board (and as required to regulatory authorities) on professional conduct • Investigates relating to local members of the Society

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• Liaises with PCP from CFA Institute

5.4 Program & Industry Liaison Committee

5.4.1 CFA Program & Industry Liason Committee

• Counsels both current and prospective candidates about CFA Program, CIPM certificate,

CLARITAS Certificate or any other product/program by CFA Institute • Counsels both current and prospective candidates about CFA Program, CIPM certificate,

CLARITAS Certificate, etc. Review Courses • Administers practice exam providers, including maintain contact with mock exam providers • Develops effective interaction with local Universities • Assists Member Value Committee with Charter Award Ceremony • Markets to the local financial industry the CFA Program, CIPM certificate and CLARITAS

Certificate or any other product/program by CFA Institute

5.4.2 University Sub-Committee

• Develops and maintains the After-Work-Lecture • Develops and maintains the CFA curriculum inclusion into the Bachelor and Master Program in

Finance • Maintains communication between faculty and students and the investment community • Develops new formats • Build awareness and promote the value of the CFA Charter program to the university • Facilitates networking opportunities between CFA candidates and Society members • Encourages university participation in the Research Challenge • Supports the university in the CFA Institute University Participation Program • Facilitate networking opportunities between Society members, CFA candidates, students from local

universities and professionals • Entrance for companies to well-educated graduates on a Bachelor or Master level • Provide companies access to new marketing channels and special target groups • Exclusive working together and exchange through organizing special dedicated events (e.g.

lunches, case studies, assessment center, etc.) • Raising awareness about educational programs from local universities among companies • Encourage university participation in the Global Research Investment Challenge (GRIC)

5.4.3 Scholarships Sub-Committee

• Develops and maintains the scholarship strategy • Administers the Society’s Scholarship Program • Administers CFA Institute Society Scholarships • Facilitates CFA Program study groups

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5.5 Governance Committee

5.5.1 Society Sub-Committee

• Organises and maintain all Board Meetings • Reviews and update BMRP to ensure that it is consistent with Society Bylaws • Reviews policies and procedures to ensure that they are in the best interest of Society members • Recommends amendments to Society Articles Bylaws as appropriate • Organises and maintain AGMs of the Society • Prepares the Annual Report to members with input by the Board and Committee chairs

5.5.2 Strategic Planning Sub-Committee

• Determines and maintains long-term strategic goals (5 – 10 years) and methods/ strategies to

achieve the goals • Reviews the Mission Statement (the purpose of the organization) • Monitors and evaluates progress of the Strategic Plan • Determines Action Plans and maintains Action Plans of the 2-year-term for Directors and Officers • Maintain the SMSS and any other reporting required by CFA Institute.

5.5.3 CFA Institute & CFA Societies Liaison Sub Committee

• Maintains open communication between CFA Institute and Societies • Informs Board of changes at the CFA Institute, new offerings by Institute, etc.; • Informs CFA Institute of relevant changes at Society in co-ordination with the President.

5.6 Treasury & Operation Committee

5.6.1 Treasury Sub-Committee

See also “ 4. Treasury” of the Board Manual and Rules of Procedure (BMRP)

5.6.2 Sponsorship Sub-Committee

See also “ 4. Treasury” of the Board Manual and Rules of Procedure (BMRP)

5.6.3 Technology Sub-Committee

• Maintains society website and other IT solutions in coordination with committee heads • Evaluates technical solutions • Coordinates with CFA Institute Technology Officer • Manages Society Domain Name and Web Hosting Relationship • Maintains Society Web Site and Domain Name

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• Maintains Society Email Accounts • Manages Annual Electronic Voting Process • Prepares Annual Technology Budget

5.7 Nomination Committee

Evaluates and proposes Officers and Volunteers from members of the Society that it believes will

work in the best interest of the Society. It should aim to propose a Board that reflects the diversity of the Society.

The Nominating Committee (NC) will be made up of a minimum of at least 2 persons elected by the Board The NC should be organised between 60 and 90 day prior to the Annual General Meeting.

The NC will be announced to the Board and the Members and will begin to take nominations as soon as possible after formation.

The NC will collect references and conduct any background research as deemed necessary on the candidates.

Factors determining the suitability of proposed Officers and Volunteers should include whether they have provided service to the Society, CFA Institute and the profession. Proposed Officers should have read the BMRP, have a clear understanding of the Society strategy, the time commitment and the requirement for teamwork.

The Board should provide a diversified representation.

Prior to official nomination, candidate directors must disclose any possible conflicts of interest. For example, working with or for a supplier/competitor of the Society. This disclosure may deem the proposed Officer unacceptable.

Proposes candidates for the “Volunteer’s annual award” to the Board

Maintains the volunteer value proposition

Answers questions on volunteer functions

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Appendix 1

Organisational Chart

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Appendix 2

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