Notice of 2024 Election for GBU Board of Directors
April 15, 2024
Board Election
GBU Financial Life’s (GBU) National Bylaws allow all adult insured members (as defined in Article IV, Section 1 of the Bylaws) the right to vote for GBU’s Board of Directors. Ballots will be mailed at the beginning of August 2024 to all eligible members. Eligible members will have the ability to vote by paper ballot via mail or electronic ballot online once they have received their ballot. Cumulative voting or voting by proxy is not permitted.
The Process and Term
The GBU Board of Directors consists of seven (7) elected members and the Chief Executive Officer of the Society, who is appointed by the Board. The elected members serve a term of four (4) years or until their successors are elected and qualified. In 2024, three (3) elected Board seats will stand for election for a four-year term. The other four seats will stand for election during the next election period taking place in 2026.
For 2024, all members of the Society seeking candidacy to the Board must submit their application request in writing via email to:
Office of the CEO
boardcandidates@gbu.org
Interested applicants will receive a candidacy packet, which will need to be completed by May 20, 2024. All eligible applicants will constitute the slate of candidates.
Summary of Board Member Responsibilities
The GBU Board of Directors is responsible for the effective governance of GBU Financial Life. Its primary objectives are to provide overall governance of the Society, establish and oversee policies and direction, as well as advise and assist management with the leadership and promotion of GBU in support of its mission, strategy and core values.
GBU Financial Life Bylaw Requirements as per Article VI, Section 1
To be eligible to be a candidate for or serve as an elected Director, all individuals must:
a. be a GBU adult member (as defined by Article IV, Section1 of the Bylaws) age twenty-one (21) years or older and under the age of seventy (70) years on January 1 of the election year.
b. not be:
(1) a current employee, general agent, or agent of GBU;
(2) a former employee, general agent, or agent of GBU unless three years have expired from the termination date
of their employment or GBU agent contract;
(3) a current corporate officer, field manager, sales agent, broker or director of any other life insurance company or
fraternal benefit society, or
(4) an immediate family member (parent, spouse, natural or adopted child, sibling) of any person in any of the
prohibited categories enumerated above;
c. be capable of assuming the responsibilities as outlined herein and as established by GBU from time to time and
possess qualifications that reflect the complexity and magnitude of the business affairs of GBU as well as the
desire to promote and support the fraternal benefit system within GBU;
d. not have been removed from office for cause by action of the Board of Directors;
e. have no criminal history other than matters determined insignificant by the Nominating Committee, such as a
minor traffic violation;
f. meet all other requirements under the law or established by resolution of the Board of Directors.
Additional Qualifications of Board Candidates
A candidate for an elected Board seat must possess at least one of the following:
- Bachelor’s degree or higher
- Currently holds or has held a management-level position for a minimum of ten (10) years
- Owns or has owned a successful business for at least ten (10) years.
- Currently is employed or has been employed in the insurance industry for a minimum of ten (10) years or has held an
insurance certification for a minimum of ten (10) years, except as specified in the eligibility requirements.
- Serves or has served on a professional Board for a minimum of ten (10) years
Expectations of Board Members
The following are the expectations and commitments of GBU Board members:
- Dedication to and display of values that are aligned with the mission of GBU Financial Life
- Avoidance of any conflict of interest
- Availability to prepare for and participate in GBU Financial Life Board meetings. Currently, the Board meets as an
entire body six (6) times per year. Board members are also assigned membership and participate in various
committees of the Board throughout the year. Currently, the GBU Board has the following committees: Executive,
Audit, Investment, Sales and Marketing, Fraternal and Compensation. Board meetings are conducted in person or
via the use of any means of communication by which all participants may simultaneously communicate.
- Participation in the overall governance of the Society through expertise obtained in one or more of the following
areas: accounting/finance, general business leadership/management, legal, investment management, sales, marketing, risk management, human resources, civic leadership or fraternal operations
- Familiarization with GBU Financial Life’s business and fraternal mission, insurance products, policies, procedures,
finances, investment practices, service platform and fraternal operation
-Contribution to building a congenial team atmosphere with other GBU Board members
-Understanding of the time commitment of a GBU Financial Life Board member's duties. This is normally between 20-30 days annually. Board members are to be available, either in person or electronically for any special meetings called by the Chair of the Board.
2024 GBU Board Election Timeline
First Week of April 2024 – GBU Board election announced and call for candidates in The Reporter.
May 15, 2024 – All requests for Board Candidacy Application packets must be received by the Home Office via the following email: boardcandidates@gbu.org.
May 20, 2024 – Completed Board Candidacy Application packets and supporting documents must be received at the GBU Home Office.
June 3, 202 4– Complete eligibility determination of applicants.
July 1, 2024 – All eligible applicants submitted to Independent Election Facilitation Company.
First week of July 2024 – Candidate information runs in the summer edition of The Reporter, along with voting information.
August 1, 2024– Ballots mailed to members.
September 20, 2024 – Balloting closes online; mailed ballots must be received.
September 27, 2024 – Election results independently tabulated and certified and approved by the Board.
As we move into the second quarter of another exciting year, I want to take a moment to reflect on our accomplishments and share some of the new initiatives we are implementing in the realms of sales, marketing and community engagement. Over the past year, GBU Life has reached significant milestones thanks to the dedication and hard work of our team and the trust and support of our members. Our sales department has exceeded targets, and we have expanded our reach to more communities than ever before. We have launched several successful marketing campaigns that have not only increased our visibility but have also strengthened our brand's presence in the industry. For this year, our focus will be educating potential new members on the importance of securing their financial futures through life insurance and annuity products while serving their communities as part of our great Society. Looking ahead, we are committed to enhancing our sales strategies to better serve you. We are introducing some tools for our agents to enhance our products. One new tool is our Defined Benefit Annuity program which combines the Future Flex Fixed Index Annuity (FIA) with a software tool that can help determine retirement savings needs and break them down into contributions over time to help you meet your retirement goals. Be sure to keep in touch with your GBU agent to review your plans and products to see how adding an FIA to your retirement planning can help boost your savings efforts
GBU has designated four Community Pillars - Wellness, Education, Charitable Giving and Hometown Hero Support - which are a concentrated list of causes that resonate with our values.
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