The Board of Trustees (“Board”) of the Maryland‐National Capital Park and Planning Commission (“Commission”) Employees’ Retirement System (ERS) recognizes that sound governance practices are essential to fulfilling its fiduciary duties and responsibilities. The purpose of the Governance Manual (“Manual”) is to explain the roles, responsibilities, policies, procedures, and activities of the Board and ERS.
It also serves as an orientation guide for new Trustees and an ongoing reference manual for the Board and Staff. Any questions about the contents of this Manual can be directed to the Chair of the Board, ERS Executive Director, and/or Legal Counsel. The Board periodically reviews the policies and overall content of the Manual. The Board is empowered to make policy or procedure modifications to the Manual by a simple majority vote.
The purpose of this Manual is to:
- Describe the roles and responsibilities of the Board, the individual Trustees in their role as such, and the standing committees of the Board.
- Establish a Board Meeting Protocol and committee charters to provide for the manner in which the Board will conduct itself to enable the Board to carry out its responsibilities as effectively and efficiently as possible, and in accordance with the Trust Agreement, Memorandum of Understanding, Plan Document, and applicable law.
- Set forth, and ensure compliance with, policies and procedures established by the Board to fulfill its statutory and fiduciary responsibilities.
- Facilitate the organized, efficient, and cohesive functioning of the Board.
- Guide the Board in administration of the ERS in carrying out its mission.
- Facilitate effective communication among the Trustees, Staff, members, retirees, beneficiaries, and other external parties.
- Define responsibility and accountability between the Board and Staff for hiring, monitoring, and terminating Investment Managers, outside Service Providers, and Staff.
- Document the method by which the Board will evaluate the Executive Director on an annual basis.
- Annually conduct a Board self‐evaluation.
- Establish a vision, mission, core values and strategic plan for the ERS.