Reading recent messages on the Investment Clubs board about the activities of the Secretary and Chairman has prompted me to write this article about the duties of the club officials in the Investment Clubs I am involved with.
We have 3 officials and 2 other officers who hold official positions but are not signatories on the account.
First of all, it is important to remember that the Club is a proper legal entity, and therefore has to abide by the law of the land. This means that there must be an absolute minimum of 2 officials, and club minutes must be taken and distributed to all club members ahead of the next meeting. The Secretary usually undertakes this job. Don't worry, no shorthand is required although depending on circumstances and personnel a Secretary may feel the urge to sit on the Chairman's knee. Or anyone else's knee for that matter, although that would raise a few eyebrows in my local, I can tell you.
The Secretary is also usually responsible for dealing with all club routine correspondence, and submitting the entries to ProShare for the Investment Club awards. In practice, there is little actual correspondence to deal with, and the main task is the transcription and dispatch of the minutes of the previous meeting, together with an Agenda for the forthcoming one. Access to a computer and photocopier is therefore pretty useful.
No club official can be paid for their services, but we allow £50 per year by way of expenses for the secretarial duties, payable either in cash or units.
The Chairman (or Chairperson, to be PC) of course conducts the meeting. A good Chairman will allow members to make their points but will interject if they start to ramble; time is of the essence of course, especially as it gets closer to last orders! It is important to make sure only one meeting is in progress, as there is nothing more annoying than trying to share your findings with other members, some of whom are talking amongst themselves. Look on the Chairman's role as that of a football referee. The best ones aren't noticed. Let the meeting flow, and swiftly move matters on if they appear to be going nowhere. I am the Chairman of the Dirty Harry Club, which started last October, and I can tell you it is not as easy as I thought it was going to be! I was guilty of letting matters ramble on last month, so much so that the latter stages had to be rushed through. (Note: must try harder.)
One of the most important functions is the calling of the "Beer Breaks". Absolutely crucial, that is. And it also helps if the Chairman is of some size and stature, so that fights can be broken up nice and quickly.
Just kidding, of course. But arguments do sometimes happen, and if this does occur and it gets a bit heated, the Chairman has a duty to invoke a calming influence and try and get the meeting underway again a.s.a.p. with as few casualties as possible.
Without doubt the burden of the administrative work falls on the Treasurer, for that official is responsible for the valuation of the club's assets on a monthly basis, the reconciliation of the club's accounts, the calculation of any tax liability and the production of all the relevant reports for the members. Fortunately there are computer programs available that make the task considerably easier. Notwithstanding that, it is a job that requires some discipline, because the valuation MUST be carried out on a given day every month (or whatever your rules or constitution dictate). Alternative arrangements must be made if valuation day happens to occur whilst the treasurer is sunning himself in distant climes (no doubt using club funds to pay for the trip! Hmmm, always fancied Rio...)
These 3 officials also are the bank signatories and nominated dealers with the club's stockbroker, who, incidentally, sends a contract note to EACH official. Pretty useful, that.
Now onto the non-official officers.
We have, in all clubs, a Social Secretary and a Chief Whip Holder. These positions are quite self-explanatory but important nonetheless.
The Social Secretary will arrange functions and events outside the Club, for instance a Christmas do or a summer barbecue. All paperwork and dealings for this are his responsibility. The Chief Whip Holder is responsible for collecting the money from all members contributing to the whip-round which pays for the drinks during the meetings, and carries over any balance to the next meeting. He also has to pass the whip to another member if he cannot make the meeting so that the other members can still over-indulge.
So, there you have it. A brief resume of what the H&G Family Clubs expect from their nominated and elected Officials. This is just how we do things, and is not intended to be a definitive set-in-stone task list. But, it is a proven formula (for us, anyway) and has served us well so far. I was pleased to read that the Stocking Fillers Investment Club has appointed a Social Secretary. Great! Enjoy your days out.
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