Spera Bank Process Regarding Hiring and Appointing New Executives
All Executives, including but not limited to "Chiefs", are hired by the Board of Trustees and the Chair of the Board. Initial contracts will be for a period of no more than six months, but may be less. Continued employment will require a new employment contract. Any necessary position will require a Job Description, including Duties and Responsibilities, posted and made visible for any interested parties.
All qualified candidates are expected to apply to any posted available position by sending a letter of introduction and qualification to the Chair by in-game means. The Chair will then communicate this letter to the Board of Trustees, and deliberation will commence. Individuals who are being considered will be interviewed by the full Board of Trustees to their satisfaction. Ultimately, a simple majority of the Board of Trustees is required, following the one-person-one-vote system.
Terms of Employment
Once a candidate has been selected by the Board of Trustees, the Chair will make a formal offer of employment to the candidate. This offer may include a salary or other form of compensation, however a compensation package is not necessary for the initial offer. The candidate may either accept the offer as it stands, or return with a request for different terms of employment. The Board of Trustees will work with the candidate to come to mutually agreeable terms, however ultimately either side may walk away from the conversation if there terms are unsatisfactory. Ultimately, any employment is at the discretion of the Board of Trustees, in their capacity as representatives of the Board of Directors.
While all terms of employment must include at least limited provisions regarding termination, the Steering Committee and the Chair may unanimously decide to terminate the contract early. In the absence of an early termination clause in the contract, the Steering Committee will be responsible for 20% of the remaining compensation that has yet to be dispersed. It is therefore recommended that a specific early termination clause be implemented for each contract. No member of the Steering Committee, nor the Chair, may abstain from this vote in the event of an early termination.
Unlike a termination, however, the Steering Committee may choose to re-post the position at the conclusion of the candidate's term, in an effort to find a more suitable candidate, or to renegotiate the terms of the contract. As the contract has technically concluded, this is not considered a termination. Nevertheless, a contract may include a clause guaranteeing first right of hire to the candidate at the conclusion of their contract.
- Any executive in place before 1 February 2020 will not be required to undergo the initial six-month maximum, however all Executives will be required to have a contract in place by the February 2020 Board of Directors meeting.
- Compensation is handled by the Executives, including the Chief Financial Officer, and not by the Steering Committee. They are however required to provide full accounting and documentation of their compensation to the Steering Committee and Executive Committee.