People and Culture Committee

Purpose

The purpose of the People and Culture Committee (the “Committee”) is to carry out the responsibilities delegated by the Board of Governors (the “Board”) of CFA® Institute relating to the following items which are focused on building organizational capability and ensuring the organization is viewed as an Employer of Choice in the markets in which we operate:

Review output of the annual Talent Review producing a robust succession plan and high potential slate ensuring the organization has top talent in critical roles and internal talent pipelines are being developed with a focus on enhancing organizational capability.
Provide oversight of compensation policies, programs and related plans, with an emphasis on those pertaining to the executive officers of CFA Institute.
Review annual goals, performance against those goals and recommend compensation of the President and Chief Executive Officer (the “CEO”).
Review compensation recommendations for all key executives named in the 990 filing.
Review annual development plans of executive officers and discuss retention issues for this group and other critical talent in the organization.
Discuss key activities focused on evolving employee engagement and organizational culture.
Discuss any People-related issues (labor practices, EEO activity, executive separation events, etc) that may create risk for the organization. Depending on the level of risk associated, these issues may also be reviewed by the Risk Committee.

These matters, and all other matters discussed by the Committee will be executed in accordance with and subject to the Bylaws of CFA Institute, as such Bylaws may be amended from time to time (the “Bylaws”). For purposes of this Charter, the term "executive officers" refers to the officers and managing directors in the positions for which compensation disclosure is included in the annual proxy statement to members.

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Members

Chief Advisor for Research and Strategy, CBOE Vest LLC

Joanne M. Hill is chief advisor for research and strategy at CBOE Vest Financial, which provides investments that target return profiles aimed at risk reduction, return enhancement or consistent income. Previously, Dr. Hill served as head of institutional investment strategy at ProShares, managing director at Goldman Sachs, and as a faculty member at the University of Massachusetts Amherst. She is a coauthor of A Comprehensive Guide to Exchange-Traded Funds (ETFs) published by the CFA Institute Research Foundation. In addition to serving on the board and heading the research committee for the “Q” Group of the CFA Institute Research Foundation, Dr. Hill serves on the editorial boards of the Financial Analysts Journal®, Journal of Index Investing, and Journal of Alternative Investments. Dr. Hill was a founder and copresident of Women in ETFS, where she continues to serve on the board. She received the William F. Sharpe Indexing Lifetime Achievement Award and the Top Women in Asset Management Award from Money Management Executive. Dr. Hill holds an undergraduate degree from American University, an MA in international affairs from George Washington University, and an MBA and PhD in finance from Syracuse University.

Non-executive Chairman, MUFG Securities EMEA plc, and Non-executive Chair, Financial Services Compensation Scheme (FSCS)

Marshall has substantial experience of leading complex international committees and boards. His background spans a range of sectors, including banking and capital markets, insurance, and regulation. His career spans over 30 years on three continents. In June 2018, he was made an Officer of the Most Excellent Order of the British Empire (OBE) for his contribution to financial services, and to charity. He cares passionately for financial literacy, market confidence, and good outcomes for investors.

Marshall Bailey is Chairman of MUFG Securities EMEA and MUS(Asia) in Hong Kong, and also Chairs the Financial Services Compensation Scheme, as appointed by the FCA and Bank of England. In the past he has been Chairman of CIBC World Markets Plc in London, a Representative of the Saudi Arabian Public Investment Fund (PIF), on the board of the largest bank in the Kingdom, National Commercial Bank, Jeddah, where he was Chair of the Group Risk Committee, announcing a $15 billion merger with Samba Financial Group. Also, as Chairman, he completed a consolidation of LCH Group Holdings, the world’s largest derivatives central clearing house, while on the Board of its parent, the London Stock Exchange Group, during their $29 billion acquisition of Refinitiv. On these boards he has Chaired, or been a member of the Nominations, Risk and Remuneration Committee.

Marshall holds a BA in Political Science from the University of Winnipeg, a Master of Arts in International Affairs and History from the Graduate Institute of International and Development Studies in Geneva, Switzerland, and is a Chartered Financial Analyst. He has also completed the FT Non-Executive Directors' Diploma, and is currently completing the Certificate in ESG Investing, offered by CFA Institute via the UK. In his spare time, Marshall is a sailor and is a qualified Ocean Yachtmaster with the Royal Yachting Association. He also buys himself a new putter each year in his seemingly futile pursuit of lower golf scores.

Managing Director, Chief Operating Officer, The Bulfinch Companies, Inc.

Senior Director, Africa Finance Corporation

Banji is a Senior Director and Head of Treasury & Financial Institutions at Africa Finance Corporation (AFC), a pan-African multilateral development finance institution created by sovereign African states to provide solutions to Africa’s infrastructure deficit. In his role, he oversees the management of AFC’s balance sheet with total assets of about US$10.5 billion as of the end of 2022. He leads the implementation of AFC’s annual funding program in the international capital markets. He is also responsible for AFC’s financial institutions and trade business as well as the investor relations function. Banji joined AFC in January 2008 as the pioneer Treasurer of the Corporation, and he was instrumental in setting up the corporation’s treasury function and leading AFC to become one of the leading African credits in the international loan and debt capital markets. Banji has over two decades of experience in banking, advisory, and capital markets.

Banji has led several landmark funding transactions for AFC, raising over US$10 billion in funding for the corporation since 2015. He manages AFC’s relationship with its rating agencies, global relationship banks, central banks, investors, and asset managers. Prior to joining AFC, Banji worked with the Fixed Income, Currencies, and Commodities team of Citibank Nigeria and the Tax and Business Advisory Division of former Arthur Andersen.

Banji is a past board member and president of CFA Society Nigeria. He is a frequent speaker at global conferences on capital markets, and he also spends a considerable amount of his time teaching finance-related courses and mentoring young investment professionals.

Banji has a Bachelor’s degree in Economics from the University of Ibadan, Nigeria, an MPhil degree in International Finance from the University of Glasgow, United Kingdom, and an MPhil degree in International Business from the International School of Management, Paris. In addition to being a CFA charterholder, Banji is also a Chartered Accountant.

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