CFA Institute governance framework
CFA Institute, a 501(c)(6) organization incorporated in Virginia, is committed to governance standards that reflect integrity, transparency, and accountability. We align our public disclosure and oversight practices with leading U.S. public company standards wherever practical.
Our governance framework emphasizes:
- Fiduciary leadership, with a Board of Governors, elected directly by CFA Institute members, subject to fiduciary duties of prudence, loyalty, and good faith to the organizational mission
- Global representation, with Governors and volunteers from around the world
- Transparency and accountability through reporting practices, independent oversight by Governors, and annual Board self-assessment
- Member engagement, with opportunities for input into governance changes and Governor selection by the global membership
The Board of Governors, elected by members, sets strategic direction and oversees performance, supported by committees focused on finance, risk, governance, and ethics.
The President and CEO and executive leadership team manage day-to-day operations and execute the organization’s strategy following Board approval.
Together, the Board and management ensure CFA Institute remains a trusted, member-driven organization, advancing professionalism and ethics in the investment industry.
Recent enhancements
To modernize and strengthen governance, CFA Institute has implemented key enhancements —adopted by members with broad support:
- A more efficient Board for focused deliberations and decision-making
- Inclusion of Governors who are leaders in the industry but not CFA charterholders to ensure objective perspectives and relevant diverse expertise
- Board-selected Chair and Vice Chair to serve for consecutive years while maintaining tenure limits to ensure relevant leadership experience and consistency while preventing entrenchment
- Majority voting standard for uncontested Governor elections—no Governor is elected without majority support
- Creation of a Nominating and Governance Committee, supported by a Candidate Advisory Council representing members and societies, to ensure skill-based, inclusive Board composition
These changes modernized CFA Institute’s corporate governance to align with best practices of an international organization, ensuring the Board’s rigorous, independent oversight of CFA Institute’s mission and practices.
Member participation
Members are at the heart of CFA Institute governance. Their engagement ensures the organization reflects the profession’s values—ethics, excellence, and collaboration—and remains accountable to the global membership.
- Voting and Elections: Each Regular and charterholder Member may vote in annual Board elections, on certain amendments to governing documents, and on other key matters at the Annual Meeting of Members. Voting is available online or by proxy, supported by a comprehensive proxy statement modeled on public company practices. Members representing 2% of the membership may call a special meeting to raise specific matters for vote.
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Governor Nominations: Members help identify future leaders through:
- The Candidate Advisory Council’s feedback and recommendations
- Direct nominations (supported by 2% of members)
- Online submissions via cfainstitute.org
- Society engagement, with global societies invited to recommend candidates
These options for member participation ensure nominations reflect input from the global membership and result in the selection of candidates with diverse skillsets and experiences aligned with the Board’s strategic and oversight needs.
- Volunteer and Advisory Roles: Thousands of members contribute through committees, councils, and panels, shaping ethics, education, credentialing, and policy. Their expertise informs strategic priorities and impact.
- Local Society Engagement: 158 local societies foster regional collaboration, mobilize member feedback, and share governance updates. Societies help ensure the global voice of CFA members informs key decisions.
- Transparency and Public Comment: CFA Institute promotes open governance consistent with leading global standards. Proposed bylaw or article amendments are published for public comment before member votes—reinforcing accountability and trust.
Get involved. Stay informed. Lead together.
Visit our governance page to learn more about:
- Upcoming elections
- Volunteer opportunities
- Governance model, bylaws, and member rights
Discover the committees and councils driving our mission
From steering key initiatives to shaping the profession’s future, our committees and councils play an essential role in our success. Explore the wide array of committees and discover how members collaborate with staff to drive meaningful change.