Subject to the Articles, the Trustees, as company directors and charity Trustees are responsible for the management of the Institute, for which purpose they may exercise all the powers of the Institute. They are also ultimately responsible for ensuring that systems have been established to manage the major risks to which the charity is exposed, in accordance with the Statement of Recommended Practice (SORP 2005).
The Board of Trustees consists of not fewer than ten and of not more than twenty members of the Institute. It meets four times each year to oversee the management and the business of the Institute.
The Chairman of the Trustees is elected by the Board of Trustees, and also serves as Vice Chairman of the Institute.
Trustees may be appointed by ordinary resolution or by a decision of the Board of Trustees. The term of office shall be three years. Following the completion of an initial three-year term they are then eligible for immediate re-election for a further term. After the expiry of this second term, they will be required to stand down for at least a year before they once again become eligible for re-appointment. Trustees may only serve four terms of office in total.
Trustees appointed by the Board as honorary office-holders are exempted from this rule while they hold office.
Any decisions required in a General Meeting capacity can be taken when the Trustees meet in their capacity as Guarantors of the Institute. These may include, but are not limited to:
Approving Trustee appointments
Fixing subscriptions payable by the membership
Considering the Annual Report and Accounts
Appointing the Institute’s auditors