The Charter Nomination Committee
| First Clover Leaf Financial Corp. | ||
|---|---|---|
| Nominating Committee Charter | ||
| The nominating committee of the Board of Directors of First Clover Leaf Financial Corp. shall consist of a minimum of three directors, as determined by the Board. Members of the committee shall be appointed and may be removed by the Board of Directors. All members of the committee shall be independent directors, and shall satisfy the applicable Nasdaq Stock Market listing standards for independence. | ||
| The purpose of the committee shall be to assist the Board in identifying qualified individuals to become Board members, in determining the size and composition of the Board of Directors and its committees, in monitoring a process to assess board effectiveness and in developing and implementing the company’s corporate governance guidelines. | ||
| In furtherance of this purpose, the committee shall have the following authority and responsibilities: | ||
| 1. To lead the search for individuals qualified to become members of the Board of Directors and to select director nominees to be presented for shareholder approval at the annual meeting. The committee may establish criteria for service as a director. The committee shall select individuals as director nominees who shall have the highest personal and professional integrity, who shall have demonstrated exceptional ability and judgment and who shall be most effective, in conjunction with the other nominees to the Board, in collectively serving the long-term interests of the shareholders. In addition, the committee shall adopt procedures for the submission of recommendations by shareholders as it deems appropriate. The committee shall conduct all necessary and appropriate inquiries into the backgrounds and qualifications of possible candidates. | ||
| 2. To review and monitor the Board’s compliance with applicable Nasdaq Stock market listing standards for independence. | ||
| 3. To make recommendations to the Board regarding the size and composition of the Board and develop and recommend to the Board criteria (such as independence, experience relevant to the needs of the company, leadership qualities, diversity, stock ownership) for the selection of individuals to be considered for election or re-election to the Board. | ||
| 4. To review the Board of Directors’ committee structure and to recommend to the Board for its approval directors to serve as members of each committee, or a process for such selection. | ||
| The committee shall have the authority to delegate any of its responsibilities to subcommittees as the committee may deem appropriate in its sole discretion. The committee shall have the authority to retain any search firm engaged to assist in identifying director candidates, and to retain outside counsel and any other advisors as the committee may deem appropriate in its sole discretion. The committee shall have sole authority to approve related fees and retention terms. The committee shall report its actions and recommendations to the Board after each committee meeting and shall conduct and present to the Board an annual performance evaluation of the committee. The committee shall review at least annually the adequacy of this charter and recommend any proposed changes to the Board for approval. |
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© 2009 First Clover Leaf Bank • 618-656-6122
© 2009 First Clover Leaf Bank • 618-656-6122