Chair’s Message
NFRC's New Code of Ethics
NFRC has grown and prospered for many reasons, but none more important than this: the technical integrity of our ratings. We are absolutely dedicated and committed to them.
The same must be true of our personal integrity. In my many years as a member of NFRC, and during my tenure on the Board of Directors, I have seen how carefully and professionally NFRC’s members and directors conduct themselves. In my experience, our personal integrity has matched our technical integrity.
Still, we put our rules down in writing and place restrictions and restraints on our actions because we simply cannot always trust that everyone always will act ethically. At its recent retreat, the Board adopted a new Code of Ethics to govern the actions and responsibilities of Board members. Let me highlight some of the most important aspects of the new code, which require Board members to:
- Agree to live up to the following responsibilities: accountability, objectivity, honesty, selflessness, integrity, and leadership. These responsibilities apply to both voting and non-voting Board members.
- Act at all times in the interests of NFRC, conduct themselves without conflict of interest, and disclose any actual or potential conflicts to disinterested Board members so they can determine whether a recusal is necessary.
- Disclose annually any actual or potential conflicts of interest to the Board and the Board’s Governance Committee, as well as whenever a conflict may arise.
- Maintain the confidentiality of certain Board activities and discussions (such as financial, legal, and personnel matters) both while serving on the Board and after their service is complete.
- Attend Board meetings regularly (the code establishes that three consecutive, unexcused absences from Board meetings can be deemed by the rest of the Board as a resignation).
- Sign a copy of the Code of Ethics and thereby attest that they “have read the NFRC Code of Ethics Policy and set above and agree to comply fully with its terms and conditions” in their capacities as members of NFRC’s Board of Directors.
By adopting this Code of Ethics, and requiring Board members to sign it every year, we are putting into place a set of policies that will enhance our commitment to the personal integrity of NFRC. A copy of the code will be placed on the Web site and we invite our members to take a look. We plan to review the code every year, and helpful suggestions on how it can be improved are always welcome.
Marcia Falke
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NFRC Update | October 2006