Article I: Name of the Organization
Section 1: Name
The name of this organization will be the IRI Reporting Standard (“Islamic Reporting Initiative”)
Article II: Purpose of the Organization
Section 1: Mission
Our Mission is to enable organizations throughout the world to examine the values that guide their activities and express with clarity and simplicity their contribution to social and environmental sustainability.
Section 2: Vision
Our Vision is a sustainable global economy that contributes actively to society and the environment by integrating the values of peace, compassion, tolerance, social justice, environmental stewardship and human dignity into corporate culture
Section 3: Activities
The Islamic Reporting Initiative has been established to lead the creation of a reporting framework for Corporate Sustainability & Social Responsibility based on Islamic values and principles.
Section 4: Aim
The foundation aims to offer vigorous financial, operational and programmatic support for the creation and management of the Islamic Reporting Initiative and other related Corporate Social Responsibility (CSR) activities worldwide, and anything related to the above in a beneficial manner.
The foundation serves the public interest. The foundation (and the Islamic Reporting Initiative) is non-profit. The foundation seeks to achieve its objective by the following and other means:
-Obtaining the necessary financial and other assets
-Investing and managing financial reserves and/of funds (Shariah compliant)
-Organizing or having organized events and activities to obtain financial and other assets
-Any other legal and legitimate means relating to or conducive to its aim.
Article III: Membership & Knowledge Partners
Section 1: Membership
Membership is acquired by signing up and maintaining a desire to belong to the organization and attendance of three annual meetings (may be online).
Section 2: Knowledge Partners
A variety of organizations have the ability to significantly contribute to the goals and objectives of the IRI. These organizations include academic institutions, think tanks, government and non-governmental organizations, advisory businesses and consulting firms. The IRI is determined to maintain a very high standard of excellence in all aspects of its mission.
Section 3: No discrimination
No discrimination on the basis of age, race, sex, creed, or religion will exist within the organization.
Article IV: Organizational Structure & Governing Board
Section 1: Organizational Structure
Organizational structure and governance will be strictly following the approved model and structure for public benefit institutions (ANBI) as set forward by the Netherlands.
Section 3: Director general
This is the person responsible to the Foundation for providing guidance and leadership to the Islamic Reporting Initiative in fulfilling the duties of the organization. The office of the Director General is the administrative body of the IRI: Directors that oversee the membership, communications and operations functions within the organization.
Section 4: Board of Directors (Trustees)
The Board of Directors (Trustees), including the Chair, perform their duties pro-bono. Board of Directors (The Trustees) of the IRI Reporting Standard Foundation are a highly select group of respected individuals that will have accepted the responsibility to assure compliance with the Mission of the IRI to the stakeholders of the organization as well as to the jurisdictional governing authorities. The Foundation Trustees will also act as a Supervisory Board to the IRI to approve plans and budgets of the IRI on an annual basis.
Section 5: Maximum term
The term of office is 4 years. Directors (Trustees) may be re-elected once, for a second term of 4 years.
Section 6: Elections
Elections will be held in January by the Board
Sub-Section: In the event of a tie vote, the Secretary will cast the deciding vote.
Article V: Meetings
Section 1: Meetings
Meetings shall be held every year in January.
Article VI: How to Amend the Constitution
Section 1: Notice
A notice of two weeks shall be given to the membership before voting to amend the Constitution.
Section 2: Presence
At least three board members out of five must be present.
Section 3: Amendments
Amendments can be passed by a 3/5 majority vote given that 50% of the membership is in attendance at the meeting.
Article VII: Finance
Section 1: Finance
The Secretary will be managing the finances, as Supervisory Board to the IRI is to approve plans and budgets of the IRI on an annual basis. Financials will be prepared by independent accounting and submitted to the Dutch tax authorities as per law.
Article VIII: Notice of Meetings
Section 1: Location
The location and time of the next meeting will be announced at the end of the preceding meeting.
Article IX: Elections
Section 1: Time
Elections will be held in January.
Section 2: Nomination
A simple voice nomination suffices to offer a candidate for nomination for any position. A consensus or majority vote will suffice to elect the nominated individual.
Section 3: Voting power
A member is entitled to vote by having attended three meetings to obtain membership.
Article X: Amendments
Section 1: Amendment
These By-Laws may be amended in the same manner prescribed in the Article VI.
Article XI: Enacting Clause
Section 1: Effective date
These by-laws shall become effective upon the approval of the Board.
December 15, 2015