REI board responsibilities
REI's board is legally responsible by statute, and its articles of incorporation and bylaws, for the overall direction of the affairs and the performance of REI. The board carries out this legal responsibility by establishing broad policy, and by monitoring management within the framework of these broad policy guidelines.
Specifically, the board:
- Elects board officers;
- Selects the Chief Executive Officer and evaluates performance;
- Approves the long-range plan and annual plan;
- Approves capital and corporate expense budgets;
- Monitors the organization's operating performance;
- Determines the distribution of profits;
- Monitors the performance of the employee pension plan;
- Reviews and amends REI's governance documents.
The board of directors operates by committee. Current committees are:
The board generally meets four times per year. Committees meet from six plus times per year, depending on the committee. The annual member's meeting is typically held each May. This annual meeting is a time for members to meet the board of directors and senior management; hear the results of the annual election of directors; and understand the co-op's efforts on behalf of the outdoor community.