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03-20-2024 (WEDC) Policies Board Expectations Role of a Board Member As a voting member of the Wylie Economic Development Corporation Board of Directors, your primary role is to provide strategic leadership and guidance to the organization. You will actively participate in decision-making processes, offer any of your expertise in Site Selection, Real Estate, Development, and Local Government sectors, and contribute to the overall success of our initiatives. This may include developing policies, procedures and regulations and monitoring financial performance, economic development programs, and Type A projects. Obligations and Commitment Your commitment includes attending regular Board meetings, active involvement in relevant committees and community events as needed, and dedicated support for our organization. • Participate in the Wylie EDC Board Member Orientation and training. • Attend all meetings of the board called at the discretion of the Board President or Executive Director, when necessary, for actions that must be taken. • Attend scheduled economic development retreats, planning sessions, workshops, or other scheduled activities. • Attend, support, and participate in any other special activities in which the Board has a significant role. • Attend City Council meetings or Planning and Zoning Commission meetings when Wylie EDC is making a presentation or seeking approval for projects (at the Board President or Executive Director’s request). • Occasionally attend prospect meetings/dinners and participate in site visits with economic development projects when called upon to do so. (Typically, the President and Vice President serve in this capacity, unless unavailable.) • Bring personal/professional expertise - and that of others - to support the organization. Expected Minimum Time Commitment per Month Monthly Board Meeting 3 Hours Meeting Preparation & Review 2 Hours Total of Potential Minimum Time 5 Hours per month Expected Minimum Time Commitment per Occurrence* Special Called Board Meeting 2 Hours/occurrence Participation in Council, Chamber, or WDMA Events 3 Hours/month (1 HR each) Board Retreat/Work Session 8 Hours (annually) Sales Tax Training 8 Hours (every other year) Prospect Recruitment – Conferences 3 Days (annually/out of market) Economic Development Training – TEDC Basic 32 Hours (one-time event) * Officers may spend significantly more time with staff. Attendance The following number of absences may require replacement of a member: three (3) consecutive absences, or attendance reflecting absences constituting 25% of the Board’s regular meetings over a 12-month period (Please see Section 4.08 of the Bylaws) Board Members are required to comply with Texas Open Meetings Act. At Board meetings, this includes ensuring that all conversation is on topic in accordance with the published Agenda while in Open Session and Executive Session. Board Members also are required to comply with the Texas Public Information Act. Appropriate training will be provided by the City of Wylie prior to serving on the Board and ongoing training opportunities will be provided to you by the Wylie EDC. Ethical Values Integrity, transparency, and a commitment to the best interests of our organization are paramount. Avoiding conflicts of interest, acting accountably to our community, and upholding the highest ethical standards are vital components of your role as a Board Member. As you know, Ethical Values help maintain trust, accountability, and ethical behavior within the organization, with emphasis on the following key principles: 1. Integrity: Board Members must act honestly and with integrity in all matters. This includes making decisions that are in the best interest of the organization and community. 2. Transparency: Board Members should be transparent in their actions and decisions, providing information to stakeholders as appropriate and ensuring that processes are open and accountable. 3. Avoiding Conflicts of Interest: It's essential to identify, disclose, and mitigate conflicts of interest promptly. Board Members should act solely in the best interest of the organization, setting aside personal or professional interests. 4. Promoting the Best Interests of the Organization: The primary focus of Board Members should be on advancing the organization's mission and goals rather than personal gain or interests. 5. Accountability to the Community: Board Members should be accountable to the community they serve, ensuring that their decisions and actions contribute to the well-being and development of the local area. Confidentiality We deal with sensitive information related to economic development and local government matters. Maintaining confidentiality is imperative to maintain trust, protect sensitive information, and ensure the success of our organization's initiatives. As a Board Member, you will often have access to non-public information, including but not limited to: 1. Sensitive Economic Data: Information related to potential investments, business expansions, or other economic development projects that can significantly impact the local community. 2. Legal and Regulatory Matters: Discussions regarding legal strategies, compliance issues, and regulatory changes that affect our operations. 3. Personnel Information: Data about employees, contractors, or volunteers involved in our projects. 4. Strategic Plans: Details about our long-term strategies, marketing plans, and development initiatives. 5. Financial Information: Financial reports, budgets, and investment strategies that require discretion. You are expected to handle such information responsibly and understand the consequences of any breach. Code of Conduct & Conflicts of Interest Professionalism, respect for fellow Board Members and stakeholders, effective communication, and adherence to all applicable laws and regulations are essential elements of our Code of Conduct. Collaboration and teamwork are key to achieving our shared goals. Board Members are responsible for acting as good financial stewards of the investments made in the organization. Board Members will perform their duties conscientiously, honestly, and in accordance with the best interests of Wylie EDC and the City of Wylie as a whole and must not use their positions or confidential knowledge gained as a result of their position for private or personal advantage. Additionally: • Board Members are expected to disclose any actual or potential conflict of interest at the first available opportunity and register such conflict in writing for record keeping, and • Board Members are to refrain from communicating on cell phones or electronic devices during the Board meeting unless it is an emergency. Board Members are held accountable to the Code of Conduct/Conflicts of Interest outlined in City of Wylie Ordinance 2022-01, formerly known as the Code of Ethics.