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In Delta Chi we have regents who are volunteers and members of our Board of Regents, which is made up of our nine Regents, retiring "AA", and our International Executive Committee ("AA", "CC", and "DD" - international president, secretary, and treasurer, respectively).
Regents oversee their region's chapters and serve as the point person for all of the chapters and support alumni in the area, they also serve on the Risk Management Committee on a rotating basis. As members of the Board of Regents they also serve as legislative and policy making body of the Fraternity between conventions. They approve the granting and revocation of charters, and the adoption of the annual budget, among other things. They meet before and after each convention and at least once a year during non-convention years.
They are elected by the chapter in their respective region.
Regarding your bonus question, I think that this set-up is good for Delta Chi, but the "ideal" would probably depend a great deal on the nature of the organization in question. Minimally I would be comfortable saying that the ideal job description would include ensuring relevant programming and effective operational standards were maintained in the region. I think that all of the regional directors coming together as a "board of regents" is also a positive thing, but this would really depend on the larger organization of the group, because this could very well be unnecessary with other structures already in place.
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"Delta Chi is not a weekend or once-a-year affair but a lifelong opportunity and privilege"
- Albert Sullard Barnes
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