The Board of Directors is the legal steward of the Co-op. They are members of VFC who are elected by the other members to act on their behalf to fulfill the obligations that come with owning a business. You will find the names of current directors in every issue of the
Pea Soup.
The Board of Directors provides leadership, vision and guidance for our cooperative. It ensures that the needs of the members are being met. The Board is primarily responsible for protecting Co-op assets for the member-owners (fiduciary responsibility). Directors are expected to act in good faith and in the best interests of the cooperative as a whole. The Board is also obliged to respond to changes in the economic environment, the membership base, and the financial status of the cooperative. This means that policies that are in effect when you join the Co-op may be changed by actions of the board. Any such changes would be explained in the newsletter and at the annual meeting.
There are three primary responsibilities of the board:
- To ensure sound management of the Co-op resources
- To act as trustees on behalf of the members
- To set long-range goals and to plan for the future
The Board uses the Policy Governance model of organizing its efforts. This governance structure requires the Board to create policies that define the roles and responsibilities of the General Manager, and the purpose, mission and strategies of the organization. The task then becomes how to adequately monitor the performance of the Board and GM relative to these policies. This system requires attention and practice, and the VFC Board is working to improve, which will free the board to better use its time toward big picture issues – what the membership wants and how to make that happen responsibly.
Individual directors do not direct the operation of the store, supervise staff members, or speak for the cooperative as a whole, except when the board has authorized a director as spokesperson. They exercise authority only as a group.