Smart Woman Securities (SWS) Chapter Bylaws University of Chicago

Transcription

1 Smart Woman Securities (SWS) Chapter Bylaws University of Chicago ARTICLE I: Mission Statement ARTICLE II: SWS Programs ARTICLE III: Investment Fund ARTICLE IV: Organizational Structure ARTICLE V: SWS Membership ARTICLE VI: Executive Board Policies ARTICLE VII: Investment Board Policies ARTICLE VIII: Research Team Policies ARTICLE IX: Amendments!

2 ARTICLE I: Name and Mission Statement The name of this organization shall be Smart Woman Securities (SWS). The University of Chicago chapter of Smart Woman Securities (SWS) seeks to provide undergraduate women with the skills necessary to make investment decisions through market education, exposure to industry professionals, and real-world financial experience.[1] ARTICLE II: SWS Programs Required student programs to be provided by include: Ten-week Seminar Series model from SWS national will take place over eight weeks, beginning with the second week of our Autumn Quarter. Investment professionals will teach the Seminar Series. They will have a cumulative curriculum designed to give students a foundation of investing knowledge. Formulation of Investment Project to apply skills learned through seminars Extensive mentoring initiative for one-on-one contact with professional. Opportunity to manage an investment portfolio collectively In addition to the Seminar Series, Investment Project, and Research Teams, SWS chapters are encouraged to provide supplementary educational seminars and events throughout the year. The goal of SWS is not only to educate its members, but also build a community where women can learn and feel comfortable with managing their finances. UChicago SWS will strive not only to create independent investors, but strong female campus leaders. More information regarding SWS programs and their implementation can be found in the Best Practices document. ARTICLE III: Investment Fund As mentioned in Article II, SWS invests a portion of its non-orcsa given donations and funds not only as an educational tool, but also to strengthen its financial holdings. While it is understood that investing in the financial markets assumes greater risk versus simply managing a checking account, the SWS structure has put in several controls to ensure judicious management of investments. The University of Chicago chapter will begin its Investment Fund and Investment Board with a paper portfolio for our first quarter after the Seminar Series. Following that quarter, we expect to work with real money. UChicago SWS will abide by the controls of the national SWS chapters: Controls of the Investment Fund: a) The Investment Fund is specific to the chapter and is completely run by students at the chapter. No students may profit from the Fund. b) Only students who have completed the extensive training program and participated on Research Teams may be allowed to sit on the Investment Board, which makes all investment decisions. #

3 c) Research Teams must prepare several reports and conduct thorough research and analysis prior to making investment pitches to the Investment Board. d) The Investment Board must also consider traditional means of investment (checking accounts, money market funds, etc.) in addition to investments that are pitched by Research Teams. e) The maximum number of times the Investment Board may invest in new holdings is four times per year in order to minimize trading requirements, fees, and record keeping. f) Fund performance is reported annually to donors and the general public through an Annual Report, compiled by the Chief Investment Officer. g) Returns from the Investment Fund may be reinvested in the chapter or distributed to a 501c3 public charity to further encourage prudent management by students, as outlined below. Investment Fund Returns Performance of the Investment Fund must be made after holdings have been held for one year. At this time, the Investment Board may determine what to do with the portfolio s returns. - Less than 6% return: All returns will be reinvested in the Investment Fund - 6%+: Any returns greater than 6% can either be: a) reinvested in the Fund, or b) donated to a 501c3 public charity on behalf of SWS. This is less the 6% that is automatically reinvested. ARTICLE IV: Organizational Structure The following breaks down the structure of all chapters of SWS. - The Executive Board oversees the daily management and operations of their chapter of SWS on campus. The Board consists of the leaders of the organization who oversee the various initiatives and programs in the chapter. - The Investment Board makes investment decisions regarding their allocation of the Investment Fund. The Investment Board hears stock pitches from Analysts on Research Teams and makes the ultimate decision on all investments. - SWS Research Teams are formed by the Executive Board to cover industries of interest on campus, depending both on number of qualified Analysts and size of teams. Research Teams are led by Senior Analysts who guide team members to analyze companies in the industry, become knowledgeable about the industry as a whole, and ultimately recommend stocks that they believe are good investments for SWS. The Research Teams are the think tank for SWS. ARTICLE V: Chapter Membership General membership in this organization is open to all students affiliated with the college or university in which the chapter of SWS is operating. Voting membership is limited to currently registered UChicago students. $

4 Levels of involvement: All interested students are invited to participate in our chapter s activities Students who pass the Education Program are considered Associates. To become an SWS Associate, all students shall have successfully completed the Education Program (attending all Seminars in the fall semester and completing the Investment Project). Being an Associate shall be retained until the student finishes relations with the college/university whether by graduation or otherwise. Associates can resign at any time. SWS Associates have the opportunity to continue in the organization in various positions. Associates may apply for positions on Research Teams as Analysts, covering an industry and researching and analyzing stocks within that industry. Analysts may be chosen to sit on the Investment Board. SWS Associates may also apply to lead the organization as an officer on the Executive Board. Study Abroad Policies: If a student who desires to participate in the Seminar Series goes abroad when the Seminar Series takes place, they will be required to wait until the following year when the Seminar Series is offered again. This means their chance to be an associate will be held off for one year. An SWS associate may only apply for an Executive board position if she will be at the University of Chicago for the duration of her term as Executive Officer. However, if a member wishes to be an analyst, she can miss one quarter of her position without penalty. An associate should not apply for any position if she plans on studying abroad for more than one quarter. ARTICLE VI: Executive Board Policies Overview: The Executive Board of the Chapter of Smart Woman Securities oversees the daily management and operations of SWS on campus. The Executive Board has weekly meetings and is expected to work independently on relevant programs, projects, and events. Officers must be currently registered students at the University of Chicago. Structure: The Executive Board shall consist of five positions. The roles and responsibilities of each position are as follows: Chief Executive Officer (CEO): The CEO oversees the Executive. The CEO works with each chapter Officer to ensure successful management of the chapter. The CEO is responsible for setting chapter-specific policies and expectations for each member of the Executive Board. The CEO is also responsible for planning the annual Investment Conference and maintaining relationships with corporate partners, SWS benefactors, and other campus organizations and administrators. Chief Development Officer (CDO): The CDO coordinates the fall Education Program, recruiting prospective Associates, securing speakers, producing supplementary educational materials and handouts, and formulating the Investment Project. The CDO also oversees mentorship opportunities for students in the fall Education Program. The CDO is also responsible for continuing educational opportunities for SWS Associates who have passed the Education Program, but are not members of the Research Teams, in the form of additional speaker events, panels, socials, etc. Chief Investment Officer (CIO): The CIO is the head of the chapter s Investment Board. The CIO manages all investment recommendations from within the chapter and oversees the investment portfolio, tracking the performance of all investments in the Fund. The CIO is expected to maintain updated records of investments, dates, and asset allocation. In addition, the CIO is the lead in %

5 producing the chapter s portion of the Annual Report, which is produced with assistance from the CRO. Chief Operating Officer (COO): The COO oversees the daily management of the financial operations of the chapter including fundraising, budgeting, and management of reimbursements and the chapter s bank account. In addition, the COO keeps all administrative records for the chapter, including managing the SWS Associates and alumni database, as well as overseeing the chapter s portion of the website. The COO also manages all mailing lists and maintains all communications in the chapter. Chief Research Officer (CRO): The CRO oversees and works with the Research Teams, comprised of all Analysts. The CRO leads weekly Senior Analyst Meetings, provides guidance for Teams regarding deliverables (such as Investment Reports), and coordinates with the Senior Analysts to provide continuing financial education, research training, and social activities across Research Teams. The CRO seeks out industry mentors and serves as a liaison between them and the Research Teams. The CRO also works closely with the CIO on the chapter s portion of the Annual Report. Changes in Board structure (positions, titles, etc.) at any chapter must be approved by a 2/3 majority of the Executive Board. Decision-Making: Each Executive Board member has an equal vote in determining the goals, operations, and decisions of the organization. The CEO has the authority to use his/her discretion in overseeing the decision-making process. Expectations: The Executive Board is expected to meet weekly to discuss the progress of each Board member regarding specific tasks and responsibilities. Executive Board members as a whole should contribute to the success of each member by actively participating and contributing their time, effort, and enthusiasm to the tasks of each position. The role of an Executive Board member requires a strong commitment to the organization and a similar time commitment. As the Executive Board oversees the chapter, it is imperative that Executive Board members conduct themselves in a professional manner. Study Abroad Policies o If a board member wishes to study abroad, she will need to notify the rest of the Executive Board and the Adviser once she is admitted and enrolled in her program of choice. In order to determine the interim officer for the abroad board member, the departing board member will appoint a Senior Analyst from the SWS research team to their position. Their appointment will need to be approved through a two-thirds vote among the remaining members. Removal from Office: Members of the Executive Board may be asked to resign their position if they do not adequately perform the tasks and responsibilities asked of them. Removals from office require a unanimous vote for removal from the other members of the Executive Board. Elections: The officer term shall be on the calendar year, running from January 1 st to December 31 st. For elections, the outgoing seniors on the Board are expected to interview and select the new CEO. In conjunction with the new CEO, the Board shall hold elections and determine the new Executive Board. If an officer is running for re-election, then the outgoing seniors select the new Board. If no seniors exist on the Board, then the entire outgoing Board (minus those running for officer positions) shall select the new Board. &

6 ARTICLE VII: Investment Board Policies Overview: The Investment Board makes the investment decisions of the organization. The student-run Investment Board hears stock presentations from Analysts and makes the ultimate decision on the allocation of the investment portfolio. The Investment Board meets weekly for approximately an hour and a half and hears presentations from the Research Teams on a rotating basis. After each presentation, the Investment Board has the opportunity to ask questions, request further research, and debate the merits of the investment. Structure: The Investment Board is comprised of current members of the Executive Board, as well as current Senior Analysts from Research Teams and other selected Analysts. Students who have held a position, but no longer do so, are eligible to serve on the Investment Board, but must apply and be selected. The Investment Board is overseen and managed by the CIO. Decision-Making: Investment decisions shall be made in accordance with a schedule established by the CIO. In order for investment decisions to be made, a quorum of 50% of the Board members must be present to listen to presentations and make investment decisions. An eligible voting member is a Board member who a) remains in active duty on the Board and b) who does not represent the Research Team for which the decision is being made. Students may abstain from discussion or voting due to restrictions from summer or full-time work commitments. These students are automatically inactive members (no voting, no discussing) for the time period during their work commitment. After this time, students can either choose to a) refrain from commenting or voting on the industry in which they worked, b) abstain from all discussions or voting in SWS, or c) continue with SWS as an active member of the Investment Board. Approval from the chapter CIO must be obtained before any Investment Board member can be reinstated from inactivity. Expectations: Investment Board members should have a fundamental understanding of investing, be prepared to learn more about allocating assets, and willing to contribute to the learning of the other members on the Investment Board. As the Investment Fund serves as a source of revenue for the chapter, the role of the Investment Board in managing the portfolio and setting appropriate fund allocations is highly important. Internal information regarding the allocation and performance of the Investment Fund is to remain private, unless otherwise indicated by the Executive Board. Removal from Position: Members of the Investment Board may be asked to resign their position if they do not adequately perform the tasks and responsibilities asked of them. Absence from more than 2 weekly meetings per semester is grounds for termination. Any member of the Investment Board who has concerns regarding the contribution of a member of the Investment Board should contact the CIO or CEO of the chapter. Elections: The Investment Board term shall run every semester. Applications to the Investment Board are considered at the start of each semester. Executive Board members and Senior Analysts of Research Teams '

7 automatically have the opportunity to sit on the Investment Board, but exemplary Analysts may apply to sit on the Board. The CEO and CIO, with the approval of the Executive Board, make the decision on who represents the organization on the Investment Board. ARTICLE VIII: Research Team Policies Overview: Research Teams are comprised of Analysts who conduct research within an industry, analyzing companies, studying financials, and ultimately determining whether a company is a good investment. Research Team members present to the Investment Board, which makes the ultimate decision for investment. Structure: Senior Analysts lead teams of research Analysts within specific industries that the Executive Board determines. Senior Analysts are chosen based on their knowledge of the industry, leadership ability, and their performance as Analysts, if applicable. Analysts work within a team (or teams) in the industry groups to research companies, write reports, and present the team s recommendations to the Investment Board. Decision-Making: Each team s Senior Analyst is expected to lead the team and may set specific guidelines for decision-making processes and discussion procedures within the team. Expectations: All Analysts are expected to develop an in-depth knowledge of the industry in which they are covering. Senior Analysts are expected to track performance of all stocks that the team recommends, work with industry mentors to educate team members, and lead team meetings in an efficient and productive manner. Analysts are expected to work within the team to conduct research, analysis, and form investment opinions that are presented to the Investment Board. As the Investment Fund depends on the health of the stocks within its portfolio, the role of the Research Teams is in finding and recommending stocks that serve to be judicious investments. Research Teams are also expected to monitor the holdings of the Investment Fund that are within their respective industries, and when investments come up for review at the one-year investment mark, Research Teams are expected to make a formal recommendation on the holding. Removal from Position: Members of Research Teams may be asked to resign their position if they do not adequately perform the tasks and responsibilities asked of them. Absence from more than 2 weekly meetings per semester is grounds for termination. Decisions for removal are made by a majority vote of the Executive Board. Elections: The Research Team term runs for one semester. Returning Research Team members may choose to remain on their team for more than one semester and need not reapply; however, new applications must be submitted if members are applying for a higher position or applying to a different team. SWS Associates have the opportunity to apply to serve as an Analyst. The Executive Board selects all members of Research Teams. ARTICLE IX: Handling of Funds Section 1. All funds collected will be deposited in UChicago Smart Woman Securities ORCSA account. The Chief Financial Officer shall be the primary officer designated to handle organization finances. (

8 ARTICLE X: Amendments These Bylaws may be amended when necessary by a two-thirds majority of the Board. Proposed amendments must be submitted to the Board to be sent out with regular Board announcements. )

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