[Skip to content]
[Image: Building

68: David H. Koch Building]
 

Bylaws of MIT

« Previous: Section 13 | Next: Section 15 »

Section 14

Executive Committee

14.1
The Executive Committee shall consist of the Chair, the President, and the Executive Vice President and Treasurer of the Corporation and the Chair of the investment management company established under these Bylaws ( ex officio members), and no fewer than seven nor more than ten other members who shall serve for a term of five years. The Chair of the Corporation shall be the chair of the committee.

14.1.1
The members who shall serve for a term of five years shall be nominated by the Membership Committee from the members of the Corporation, one at each succeeding annual meeting, as vacancies occur, or at any stated or special meeting in the call for which notice has been given that a vacancy on the Executive Committee is to be filled. The members of the Corporation shall give careful consideration to the nominations proposed by the Membership Committee but shall not be obliged to follow the nominations. To provide for the terms of these members to end in different years, the appointment of any member under this Paragraph may be for a term of less than five years. If any vacancy occurs through death, resignation, or otherwise before the expiration of the five years, the member elected to fill the vacancy shall serve for the unexpired term. No person shall serve on the Executive Committee as an elected member for more than ten years, except that a member of the Executive Committee who as of June 1, 2012 had served as an elected member for more than five years may be nominated by the Membership Committee and elected by the Corporation for one additional five-year term and a member of the Executive Committee who as of June 1, 2012 had served as an elected member for fewer than five years may be nominated by the Membership Committee and elected by the Corporation for one or two additional five-year terms. Nothing in the prior sentence diminishes the force and effect of Section 5.

14.2
The Executive Committee shall have the following powers and duties:

14.2.1
As vacancies occur, the Executive Committee shall recommend to the members of the Corporation the names of candidates for the Chair, the President, the Executive Vice President and Treasurer, and the Secretary of the Corporation. (The method of election of the officers is given in Section 7.)

14.2.2
[Intentionally blank]

14.2.3
The Executive Committee, or any subcommittee of the Executive Committee that it may authorize, shall approve or disapprove the compensation of all officers of the Institute appointed by the Corporation and of such other officers as the Executive Committee may determine.

14.2.4
Except insofar as Section 1.1 specifies actions to be taken by the Corporation itself as a whole without any delegation, the Executive Committee shall discharge the authority of the Corporation described in Section 1.1. In discharge of such authority, the Executive Committee shall have responsibility for overseeing the general administration and superintendence of all matters relating to the Institute, including the:

(a) scope and excellence of the Institute's educational and research programs;

(b) performance of the Institute's administration;

(c) financial planning, annual operating budget including tuition and financial aid, capital budget, and debt policy of the Institute;

(d) investment of the Institute's endowment and other financial assets and distributions from the endowment;

(e) construction, maintenance, and renovation of the Institute's buildings, grounds, facilities, and utilities;

(f) acquisition, disposition, development, and management of the Institute's real property;

(g) organizational structure of the Institute and the Institute's policies, systems, and controls for operations, financial reporting, risks and risk-management, audit, legal affairs, and compliance;

(h) special contract services for the Federal government and other organizations; and

(i) approval of tenure decisions and approval of such faculty and staff appointments and salaries as the Executive Committee from time to time directs.

The Executive Committee shall monitor and review each of the foregoing for consistency with the Executive Committee's approvals and the Institute's mission, policies, and practices; shall receive and review any periodic reports with respect to the foregoing from other standing committees, committees of annual recurrence, and ad hoc and special committees of the Corporation; and shall report periodically to the Corporation with respect to the foregoing.

The Executive Committee may delegate responsibilities to one or more subcommittees of the Executive Committee, to other standing committees and ad hoc or special committees of the Corporation, to the investment management company established under these Bylaws, and to the officers of the Institute.

The Executive Committee shall exercise or oversee the exercise of each of the foregoing responsibilities in pursuit of the goal that the Institute's human, financial, physical, and other assets be sufficient for the Institute's purposes, well and prudently stewarded, and soundly deployed to advance the Institute's mission.

14.2.5
In the discharge of its oversight of administrative and superintendent responsibilities, the Executive Committee shall work in close cooperation with the President and the Chair of the Corporation. It shall receive and act upon the recommendations of the President or Chair of the Corporation which require the approval of the Executive Committee or the members of the Corporation. It shall coordinate and oversee the functions of the investment management company established under these Bylaws and all of the other committees of the Corporation except the Membership Committee. It shall be responsible for fostering the close working relationships contemplated by these Bylaws between the Chair of the Corporation and the President and between the Executive Vice President and Treasurer and the president of the investment management company established under these Bylaws.

14.2.6
The Executive Committee may authorize the investment management company established under these Bylaws (or any officer or officers designated by its governing board for this purpose), the Chair, the President, or the Executive Vice President and Treasurer, or any other officer designated for the purpose, to let any real estate belonging to the Institute on such terms and conditions and for such period as the Executive Committee, the investment management company, or any such officer may determine. In like manner the Executive Committee may authorize the leasing by the Institute of real estate belonging to another. The Executive Committee may authorize the investment management company established under these Bylaws (or any officer or officers designated by its governing board for this purpose), the Chair, the President, or the Executive Vice President and Treasurer, or any other officer designated for the purpose to acquire or dispose of any parcel of real estate on such terms as the Executive Committee, the investment management company, or any such officer may determine, provided that the Executive Committee may not authorize the disposal of any educational real estate whose value is in excess of $10,000,000. The Executive Committee may recommend to the members of the Corporation the sale or disposal of any educational real estate whose value exceeds $10,000,000 and the members of the Corporation may authorize such sale or disposal. The Executive Committee shall determine conclusively the value of any real estate involved in such sale or disposition. The Executive Committee shall determine conclusively what real estate being acquired or disposed of by the Institute is educational real estate and what is not.

14.3
The Executive Committee shall hold regular meetings at such times as it shall determine and special meetings when requested by the Chair or the President, or by any two of the Committee's members, other than ex officio members. The Committee shall keep a record of its proceedings and may appoint a secretary for that purpose. A quorum for any meeting of the Executive Committee shall consist of six members, at least four of whom are not ex officio members.

14.4
The Executive Committee may at any time delegate to the President authority to appoint certain categories of staff and nontenured faculty, and to approve salaries for certain categories of staff and faculty, as it from time to time determines. The Executive Committee may for any month in which it is not scheduled to meet delegate to a subcommittee of its members, other than ex officio members, the authority to appoint, and to approve the corresponding salaries of, individual faculty and staff.

14.5
The Executive Committee may authorize such officer or officers of the Institute as it may designate to borrow money in the name and on behalf of MIT in such amounts as it may from time to time determine, and to execute and deliver such contracts, documents, and other instruments as may be necessary or appropriate in the conduct of the operations of MIT.

 

« Previous: Section 13 | Next: Section 15 »

The Bylaws of the MIT Corporation were most recently amended on December 7, 2012. They are available in an easy-print version (PDF). To view this file, you will need the Acrobat reader.

SPOTLIGHT

MIT Corporation elects Robert B. Millard '73 as chair, 11 term members and 2 life members
Read more...

Michael Sipser named dean of the School of Science
Read more...

DuPont CEO Ellen Kullman is 2014 Commencement Speaker
Read more...

For more MIT News
Click here...

Committee members who wish to be reimbursed for travel expenses should review the Corporation Office's Travel Reimbursement Policy before making arrangements
» Policy & Vouchers...

MIT Office of the Corporation

Room 7-203
77 Massachusetts Ave Cambridge MA 02139
Phone 617.253.5614
Fax 617.253.8544
E-mail the office