BCREA Appointee Sought for Real Estate Compensation Fund Corporation (RECFC)

The BC Real Estate Association (BCREA) Board of Directors is seeking an appointee for the Real Estate Compensation Fund Corporation (RECFC) Board of Directors. The appointment term would commence on January 1, 2023.

The RECFC was established in 2005 to protect the public in the event of fraud on the part of a real estate professional while providing real estate services. It is a non-profit organization that pools the assessments paid by licensees and uses those funds to deliver claims to members of the public who have suffered a compensable loss. The Board oversees the conduct of RECFC’s business and investments.

Responsibilities

The RECFC requires a Director with the appropriate mix of competencies that will support and advance the organization’s mission. The Director is expected to:

• Attend all Board meetings annually (four Board meetings, including virtual ones).
• Read and reflect on materials in preparation for meetings.
• Join orientation and training. Meetings and training are typically held in Vancouver.

All interested candidates are expected to have the time and commitment to fulfill their responsibilities as directors. They 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.

Skills and Experience

Each year, the RECFC Board assesses itself against its skill matrix to determine the additional skills and experiences that would help strengthen the Board. All directors should be committed to the RECFC’s vision, mission and values and possess specific personal attributes. Precisely for this year, nominees are required to have the following skills:

• Investment knowledge and experience
• Governance and leadership
• Industry knowledge

The Director is also expected to demonstrate the following personal attributes consistently:

• Business Acumen: Able to cut through complex business matters to get to the heart of the issue; uses logical analysis.
• Financial Acumen: Able to read and understand financial statements that present complex accounting issues.
• Public Interest Mindset: Understands the importance of public interest and oversees the fund by the Trustee Act, reimbursing wronged parties.
• Independence of Mind: Is unfettered from forming or maintaining their views and speaking their mind honestly and objectively on all issues. Is willing and able to challenge prevailing opinions respectfully. Firmly understands the duty to act honestly and in good faith with a view to the best interests of RECFC and the responsibility to the organization’s long-term sustainability.
• Team Player: Demonstrates perception, acuity, tact and rapport to build constructive working relationships that engender mutual trust, respect and contribution. Values others’ opinions and demonstrates an orientation towards consensus and reaching solutions.
• Engagement: Be willing and prepared to attend meetings and actively participate (including reading and considering all pre-read material). Is flexible and accommodating to participate in unscheduled meetings and conversations as circumstances warrant.

Time and Term Commitment

Directors are appointed for three-year terms and may serve two consecutive terms.

Directors are expected to attend all Board meetings (this includes four Board meetings - including video/audio meetings - annually), to read and reflect on materials in preparation for meetings, and to attend orientation and training. Meetings are typically held in Vancouver.

How to Apply

Please request the application package by emailing [email protected]

The deadline to have your application package submitted is Friday, September 16, 2022.

The BCREA Nominating Committee thanks all applicants; however, only those selected as potential candidates will be contacted.

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