INTERNATIONAL ECONOMIC DEVELOPMENT COUNCIL
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EXCERPTS taken from the 2008 IEDC HANDBOOK
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INTERNATIONAL ECONOMIC DEVELOPMENT COUNCIL
FIVE YEAR STRATEGIC PLAN
2008-2013
Purpose
New economic, political, technological and social conditions in both the domestic and global domains offer unprecedented opportunities as well as significant, still insufficiently understood threats to our communities and to our profession. Adapting to this new, truly global world requires education, flexibility, and innovation. True to the calling of economic developers, we have developed a strategic plan that builds off our existing strengths while helping us adapt to changing realities by testing new strategies, adapting new technologies and nurturing new collaborations.
Background
In 2002, when the Executive Committee of Board of Directors of the International Economic Development Council (IEDC) got together to develop IEDC’s first strategic plan, the driving energy was to create a document that would form the basis of the new organization. The original plan focused on building a single unified association representing and advocating for economic development. Its underlying objectives were organizational development and the advancement of the economic development profession with an emphasis on professional development and certification to create a single standard and a commonly recognized set of competences that would define the profession of economic development.
While there have been challenges to the implementation of the first plan, IEDC can point to the following significant accomplishments.
• IEDC has established the premier association for economic developers as evidenced in:
• extensive membership and concurrent conference growth,
• the establishment of a Leadership summit, and
• the launching of exciting new membership categories such as the Economic Development Research Partnership Program.
• The organization has worked to enhance the awareness and image of the Economic Development Profession through:
• its many partnerships and alliance activities with U.S. and international organizations,
• its repertoire of communication vehicles including EDNow and the website,
• its Legislative activities including the Legislative Summit and Legislative Review, and
• responsiveness to challenging events such as the Volunteer Recovery Project after Hurricanes Katrina and Rita and intensive work to maintain the integrity of eminent domain as an economic development tool.
• IEDC has professionalized the economic development field by growing its professional development offerings and institutionalizing a process for certification and
re-certification.
• IEDC has worked to advance the profession through its continuing research work domestically and internationally with cutting edge content such as:
• the Innovation Agenda: A Policy Statement on American Competitiveness,
• detailed reports on Smart Growth and Targeted Area Redevelopment, and
• our web-based Brownfields and Eminent Domain Resource Centers.
Our 2008-2013 strategic plan needs to maintain and strengthen many of these critical ongoing activities as well as adapt to new economic realities. It is necessary to briefly review the changes that confront the economic development field before outlining the strategic plan.
FIVE YEAR STRATEGIC PLAN
2008-2013
Purpose
New economic, political, technological and social conditions in both the domestic and global domains offer unprecedented opportunities as well as significant, still insufficiently understood threats to our communities and to our profession. Adapting to this new, truly global world requires education, flexibility, and innovation. True to the calling of economic developers, we have developed a strategic plan that builds off our existing strengths while helping us adapt to changing realities by testing new strategies, adapting new technologies and nurturing new collaborations.
Background
In 2002, when the Executive Committee of Board of Directors of the International Economic Development Council (IEDC) got together to develop IEDC’s first strategic plan, the driving energy was to create a document that would form the basis of the new organization. The original plan focused on building a single unified association representing and advocating for economic development. Its underlying objectives were organizational development and the advancement of the economic development profession with an emphasis on professional development and certification to create a single standard and a commonly recognized set of competences that would define the profession of economic development.
While there have been challenges to the implementation of the first plan, IEDC can point to the following significant accomplishments.
• IEDC has established the premier association for economic developers as evidenced in:
• extensive membership and concurrent conference growth,
• the establishment of a Leadership summit, and
• the launching of exciting new membership categories such as the Economic Development Research Partnership Program.
• The organization has worked to enhance the awareness and image of the Economic Development Profession through:
• its many partnerships and alliance activities with U.S. and international organizations,
• its repertoire of communication vehicles including EDNow and the website,
• its Legislative activities including the Legislative Summit and Legislative Review, and
• responsiveness to challenging events such as the Volunteer Recovery Project after Hurricanes Katrina and Rita and intensive work to maintain the integrity of eminent domain as an economic development tool.
• IEDC has professionalized the economic development field by growing its professional development offerings and institutionalizing a process for certification and
re-certification.
• IEDC has worked to advance the profession through its continuing research work domestically and internationally with cutting edge content such as:
• the Innovation Agenda: A Policy Statement on American Competitiveness,
• detailed reports on Smart Growth and Targeted Area Redevelopment, and
• our web-based Brownfields and Eminent Domain Resource Centers.
Our 2008-2013 strategic plan needs to maintain and strengthen many of these critical ongoing activities as well as adapt to new economic realities. It is necessary to briefly review the changes that confront the economic development field before outlining the strategic plan.
Challenges to and Opportunities for the Profession
• Economic shifts, shocks and restructuring with diverse impacts on regional economies and their competitive advantages—weakening some and strengthening others.
• Changing business models, particularly the rise of the global corporation and the decline of local corporate leadership. What is the impact of these changes on community opportunities, economic development strategies and economic development metrics of success?
• Globalization is redrawing the lines defining who’s central to the economy and who is peripheral. Specifically, globalization and IT are the 21st century processes for connecting markets and moving labor, capital, products and services across this wider market. This process is akin to roads and rails in the U.S. at the turn of the century and like the rails and highways, it will have similar impacts strengthening some and weakening others, by changing their position within the market space and the competitive position of their local businesses, institutions and workers. In other words, new conditions and new positions in this network influences who wins and loses in the international marketplace.
• Higher incidences of community-altering events (natural disasters such as Hurricanes, rapid growth, disruptive technologies) requiring preparation, mitigation, and recovery and creates very different on-the-ground business conditions.
Our Action Plan
Strategic Direction I: To further strengthen the economic development profession and maintain the significance of the economic developer as a community leader.
Actions
• Continue to educate public and private decision-makers at all governmental levels on the importance of economic development and the tools it requires to be effective.
• Increase positive public relations surrounding economic development and the professionals who deliver it.
• More actively engage public officials in all IEDC’s activities, with an emphasis on training.
• Build collaborative relations with relevant national associations to promote this objective.
• Explore the potential of developing targeted success metrics that demonstrate the value of economic development practice to the public and better enable economic developers to demonstrate the economic impacts of their activities.
• Help our members to understand and manage the challenges and opportunities associated with globalization, sustainability (for communities and businesses), and entrepreneurship.
• Understand emerging global business models and their impact on communities and disseminate findings through our conferences, website, courses, webinars, publications and other relevant venues.
• Be prepared to quickly respond to community- or profession-altering events and capture new opportunities such as developing the Volunteer Recovery Program after Hurricanes Katrina and Rita or the range of activities undertaken in defense of eminent domain.
• Become a global thought leader in the emergent areas of globalization, entrepreneurship and sustainability.
• Economic shifts, shocks and restructuring with diverse impacts on regional economies and their competitive advantages—weakening some and strengthening others.
• Changing business models, particularly the rise of the global corporation and the decline of local corporate leadership. What is the impact of these changes on community opportunities, economic development strategies and economic development metrics of success?
• Globalization is redrawing the lines defining who’s central to the economy and who is peripheral. Specifically, globalization and IT are the 21st century processes for connecting markets and moving labor, capital, products and services across this wider market. This process is akin to roads and rails in the U.S. at the turn of the century and like the rails and highways, it will have similar impacts strengthening some and weakening others, by changing their position within the market space and the competitive position of their local businesses, institutions and workers. In other words, new conditions and new positions in this network influences who wins and loses in the international marketplace.
• Higher incidences of community-altering events (natural disasters such as Hurricanes, rapid growth, disruptive technologies) requiring preparation, mitigation, and recovery and creates very different on-the-ground business conditions.
Our Action Plan
Strategic Direction I: To further strengthen the economic development profession and maintain the significance of the economic developer as a community leader.
Actions
• Continue to educate public and private decision-makers at all governmental levels on the importance of economic development and the tools it requires to be effective.
• Increase positive public relations surrounding economic development and the professionals who deliver it.
• More actively engage public officials in all IEDC’s activities, with an emphasis on training.
• Build collaborative relations with relevant national associations to promote this objective.
• Explore the potential of developing targeted success metrics that demonstrate the value of economic development practice to the public and better enable economic developers to demonstrate the economic impacts of their activities.
• Help our members to understand and manage the challenges and opportunities associated with globalization, sustainability (for communities and businesses), and entrepreneurship.
• Understand emerging global business models and their impact on communities and disseminate findings through our conferences, website, courses, webinars, publications and other relevant venues.
• Be prepared to quickly respond to community- or profession-altering events and capture new opportunities such as developing the Volunteer Recovery Program after Hurricanes Katrina and Rita or the range of activities undertaken in defense of eminent domain.
• Become a global thought leader in the emergent areas of globalization, entrepreneurship and sustainability.
Appendix 4 - Conflicts and Confidentiality: A Brief Guide for IEDC Board Members
The legal obligations of directors to an association fall into two broad categories, a duty of loyalty and a duty of care.
The Duty of Loyalty - By assuming office or accepting appointment, the IEDC director commits personal allegiance to the enterprise and acknowledges that the best interests of the Council and its members must prevail over any individual interest of his own or those of any other party. In the association context, this may on occasion require the director or committee member to pay particular attention to how this duty overlaps with a similar duty owed to his business or his employer or another association. In service to the Council, the director in particular is a designee of all the members. The Duty of Loyalty manifests itself in certain legal concepts, briefly outlined below:
Conflict of Interest - An IEDC director commits personal allegiance to the enterprise and acknowledges that the best interests of the Council and its members must prevail over any individual interest of his own or those of any other party. This requires each director to pay particular attention to how this duty overlaps with a similar duty owed to their business, employer or another association. In service to the Council, the director in particular is a designee of all the members.
A conflict may exist when an individual participates in the deliberation or resolution of an issue important to the Council, while at the same time having other responsibilities that could predispose the individual. Conflicts should always be disclosed and may require ‘recusal’ – stepping back from participation in a matter – or even withdrawal from a post.
Duty of Fairness - When conflicting interests are present, the director must be concerned that fairness obligations are recognized and satisfied. Fairness to the Council should be the primary concern, especially where outside interests of the individual would be affected by the transaction or decision.
Corporate Opportunity - This concept is most often encountered in the business world instead of associations, but may still be applicable. A corporate opportunity is a chance to seize a business advantage. If it relates to the Council’s present or prospective activities and comes to the attention of the individual as a result of his relation to the Council, the opportunity must first be presented to the Council before the individual attempts to use it for personal advantage.
Confidentiality - The individual must deal in confidence with all matters involving the Council until such time as there has been general public disclosure or unless the particular information is known to be a matter of common knowledge. This would apply equally to information whose confidentiality is in the best interests of the Council, as to information whose disclosure could injure individuals or organizations. The duty applies to any material designated by IEDC as confidential (whether or not the individual agrees with the designation) and to information that the individual should know that the Council would not wish to have revealed, even if it has not been designated as confidential. The individual may not use a confidence of the Council except to further activities on behalf of IEDC or as permitted by IEDC.
Duty of Care - In addition to the duty of loyalty, directors and committee members also assume a duty to act carefully in fulfilling the important tasks of conducting, directing and monitoring the activities of the Council. A generally accepted expression of corporate duty is that the individual should perform his duties in good faith, in a manner he reasonably believes to be in the best interests of the Council, and with such care as an ordinarily prudent person in a like position would use under similar circumstances.
Unlike the traditional corporate setting, much information that an individual obtains in confidence from the Council will be stored or used for IEDC business in other locations, for example at his regular job. An individual who discloses that information not only exposes the Council to liability, but may therefore be personally liable to the Council or an affected third party. An individual should not only refrain from intentional disclosure, but also act with due care to avoid inadvertent disclosure.
Guidance
Even though they serve as unpaid volunteers, individuals who serve on the board can be held legally liable to the Council – and the Council can likewise be held legally liable to others – if these duties of care or loyalty are violated and damages result. Avoidance of conflicts of interest is paramount.
Judgment and experience are of great value in assessing duties and the resolution of conflicts. If you have a question about a possible conflict, the appearance of conflict, the seriousness of a conflict or the confidentiality of information, data or documents, it is prudent to err on the side of caution– disclosure of possible conflicts and non-disclosure of information. IEDC counsel and staff are available to assist your evaluation if necessary or helpful.
IEDC Board Member Conflict of Interest Policy
An IEDC Board member pledges a personal and professional allegiance to the IEDC and acknowledges that the best interests of the organization and its members must prevail over any individual interest of his/her own or those of any other party. This requires each director to pay particular attention to how this duty overlaps with a similar duty owed to their business, employer or another association. In service to the IEDC, the director in particular is a designee of all the members.
A conflict may exist when an individual participates in the deliberation or resolution of an issue important to the IEDC, while at the same time having other responsibilities that could predispose the individual. Conflicts should always be disclosed and may require ‘recusal’ – stepping back from participation in a matter – or even withdrawal from a post.
Most conflicts can be managed short of withdrawal. However, it is important and legally necessary that all conflicts be managed in a prudent and conservative fashion. Each director will be required to complete a disclosure form when they accept a position with IEDC, and annually thereafter.
An IEDC Board member pledges a personal and professional allegiance to the IEDC and acknowledges that the best interests of the organization and its members must prevail over any individual interest of his/her own or those of any other party. This requires each director to pay particular attention to how this duty overlaps with a similar duty owed to their business, employer or another association. In service to the IEDC, the director in particular is a designee of all the members.
A conflict may exist when an individual participates in the deliberation or resolution of an issue important to the IEDC, while at the same time having other responsibilities that could predispose the individual. Conflicts should always be disclosed and may require ‘recusal’ – stepping back from participation in a matter – or even withdrawal from a post.
Most conflicts can be managed short of withdrawal. However, it is important and legally necessary that all conflicts be managed in a prudent and conservative fashion. Each director will be required to complete a disclosure form when they accept a position with IEDC, and annually thereafter.
ARTICLE II - OBJECTIVES AND ACTIVITIES
1. The objectives of the Council are to:
• Develop policies to advance the profession of economic development and serve as a clearinghouse for information on economic problems and solutions.
• Foster the exchange of ideas and education experiences and offer persons engaged in developing local, regional, state and provincial economies an opportunity for intellectual stimulation and fellowship with their colleagues.
• Enhance the career growth of professionals employed in the field of economic development and upgrade the professional standards of officials actively involved in economic development.
• Provide local economic development insights for federal, state, provincial and local officials.
• Share tested techniques in stimulating economic growth.
• Undertake and support original research and identify and make maximum use of original and existing research in solving the economic problems of communities and enhancing the profession of economic development.
• Cooperate with other organizations and agencies with kindred goals.
• Encourage and guide universities in developing specialized courses and programs on the study of economic problems and solutions.
• Publicize the activities and reports of the Council and other groups engaged in improving the image of their communities as a place for doing business.
• Develop accurate facts and statistical data showing that distressed locations are as good as non-distressed locations for many types of business and industrial activities, and that those living in distressed locations can serve as qualified employees.
• Establish a sound philosophy on community growth and its relationship to metropolitan, county, regional, state, provincial and national economic growth.
• Incorporate an international focus into professional standards, techniques and solutions, and provide a forum for the dissemination of information among practitioners from different countries.
• Develop policies to advance the profession of economic development and serve as a clearinghouse for information on economic problems and solutions.
• Foster the exchange of ideas and education experiences and offer persons engaged in developing local, regional, state and provincial economies an opportunity for intellectual stimulation and fellowship with their colleagues.
• Enhance the career growth of professionals employed in the field of economic development and upgrade the professional standards of officials actively involved in economic development.
• Provide local economic development insights for federal, state, provincial and local officials.
• Share tested techniques in stimulating economic growth.
• Undertake and support original research and identify and make maximum use of original and existing research in solving the economic problems of communities and enhancing the profession of economic development.
• Cooperate with other organizations and agencies with kindred goals.
• Encourage and guide universities in developing specialized courses and programs on the study of economic problems and solutions.
• Publicize the activities and reports of the Council and other groups engaged in improving the image of their communities as a place for doing business.
• Develop accurate facts and statistical data showing that distressed locations are as good as non-distressed locations for many types of business and industrial activities, and that those living in distressed locations can serve as qualified employees.
• Establish a sound philosophy on community growth and its relationship to metropolitan, county, regional, state, provincial and national economic growth.
• Incorporate an international focus into professional standards, techniques and solutions, and provide a forum for the dissemination of information among practitioners from different countries.