BCREA Nominated Wanted for Real Estate Compensation Fund Corporation (RECFC)

The Board of Directors of the BC Real Estate Association (BCREA) is seeking an individual to serve on the Board of Directors of the Real Estate Compensation Fund Corporation (RECFC). The term would begin on January 1, 2023.

The RECFC was established in 2005 to protect the public in the event of fraud by a real estate professional in the provision of real estate services. It is a non-profit organization that pools dues paid by licensees and uses these funds to provide claims to members of the public who have suffered compensable loss. The Board oversees the conduct of RECFC’s affairs and investments.

Responsibilities

RECFC needs a director with the right mix of skills who will support and advance the mission of the organization. The director is expected to:

  • Attend all board meetings annually (four board meetings, including virtual meetings).
  • Read and reflect on documents in preparation for meetings.
  • Join orientation and training. Meetings and training generally take place in Vancouver.

All interested candidates should have the time and commitment necessary to fulfill their responsibilities as directors. They must be convinced of the importance of good governance and be ready, willing and able to devote the time necessary to learn the job, know the organization, prepare for meetings and fully participate on the board.

Skills and experience

Each year, the RECFC Board assesses itself against its skills matrix to determine additional skills and experiences that would help strengthen the Board. All directors must be committed to the vision, mission and values ​​of RECFC and possess specific personal attributes. Specifically for this year, candidates must have the following skills:

  • Investment knowledge and experience
  • Governance and direction
  • Industry knowledge

The director must also consistently demonstrate the following personal qualities:

  • Business acumen: Able to solve complex business problems to get to the heart of the matter; uses logical analysis.
  • Financial Insight: Able to read and understand financial statements that present complex accounting issues.
  • Public interest mindset: Understands the importance of the public interest and oversees the fund through the Trustees Actby reimbursing the injured parties.
  • Independence of mind: Is not restricted from forming or maintaining opinions and speaking honestly and objectively on all matters. Is willing and able to respectfully challenge prevailing opinions. Firmly understands the duty to act honestly and in good faith with a view to the best interests of the RECFC and the responsibility for the long-term sustainability of the organization.
  • Team player: Demonstrates insight, acumen, tact and rapport to build constructive working relationships that engender mutual trust, respect and contribution. Values ​​the opinions of others and demonstrates an orientation towards consensus and the search for solutions.
  • Commitment: Be willing and prepared to attend meetings and actively participate (including reading and reviewing all pre-read material). Is flexible and accommodating to participate in unscheduled meetings and conversations depending on the circumstances.

Commitment of time and duration

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

Directors must attend all board meetings (this includes four board meetings – including video/audio meetings – each year), read and reflect on materials in preparation for meetings, and attend orientation and training. Meetings are usually held in Vancouver.

How to register

Please request the application package by e-mail [email protected]

The deadline to submit your application is Friday, September 16, 2022.

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

To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.

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