California passed AB 1874 this fall which expands State Compensation Insurance Fund’s (State Fund) Board from the current five members to eleven members. Nine of these appointments are made by the Governor’s office. Currently the Governor needs to appoint three new board members for 2009.
Governor appointees must have substantial experience in private sector positions involving workers’ compensation, legal, investment, financial, corporate governance and management, accounting or auditing responsibilities with companies of sufficient size to make their experience relevant to an organization of State Fund’s size and scope. The new law also requires that the Board members are "(1) free from potential conflicts that may disqualify them from important decisions or otherwise compromise their independence; (2) They are motivated and available to engage as a board member in a meaningful way and (3) They are attentive persons of integrity and provide meaningful oversight of the management’s performance.”
A related bill, SB1145, made State Fund subject to both the Bagley-Keene Open Meeting Act and the California Public Records Act. Today State Fund’s board meetings are open to the public and the public has greater access to our business records.
State Fund’s board needs members who can commit to in-person attendance for the six scheduled meetings per year and serve on a minimum of one committee --- audit, investment or governance. New members must also be willing and able to familiarize themselves with the board manual and participate in mandatory board training.
The 2009 Board meeting schedule is:
For their service on the board, members will receive $50,000 annually which will be paid out on a monthly basis.
Interested individuals should submit to the Governor’s office a resume and a standard State application form 678 which can be found at https://govnews.ca.gov/app/start.php For Section 3, "Positions Sought", please select "State Compensation Insurance Fund, Board of Directors”. The Governor's office will make the ultimate selection and appointment.
State Fund is interested in the pool of potential Board members that are being considered and would appreciate a copy of your application be sent to: State Compensation Insurance Fund attention to Candace Fong at 1275 Market Street, 16th Floor, San Francisco, CA 94103 or e-mail to firstname.lastname@example.org.
State Fund is a strong and stable workers' compensation insurance provider for California businesses. State Fund is one of the largest workers' compensation carriers in the country serving almost 200,000 policyholders, writing approximately $1.7billion in premium with assets close to $20 billion. Established by the legislature in 1914 as a not-for-profit public enterprise, State Fund is a unique California resource that provides security to employers and employees. Further information on State Fund and the new legislation can be found at http://www.statefundca.com/.