The Toy Association Updates Governing Bylaws

March 21, 2023 | The Toy Association has published updated governing bylaws following the review and approval of its membership during the 2023 Annual General Meeting (AGM) held March 9.

The bylaws of the trade association, soon to mark its 107th year of service to the toy and play community, are periodically reviewed to keep current with best practices of operating a 501(C)6 organization and the continual evolution of the toy industry.

As presented during the AGM, the approved updates to the bylaws fall into five areas:

• clarifying in several locations that the Association’s service markets are the 24 nations that comprise North America;
• minor text updates reflecting the importance of play;
• codifying the existing board-level Audit Committee as a required governance best practice for future generations of leadership;
• increasing the board Nominating Committee by one additional member; and
• deleting outdated references to a process of assessing dues in situations of corporate mergers and acquisitions, which are more commonplace today.

“We appreciate the feedback we receive from our members and incorporate it into annual reviews of both our many our committee charters and the Association’s bylaws,” said Steve Pasierb, The Toy Association’s president and CEO.

“Modeling best practices and being constantly on the outlook for fresh and better approaches to managing our business on behalf of members is something we take very seriously. That includes reviews like this one, which first occurs at the Board Executive Committee level, then to the full board for discussion, and, ultimately, to membership for final approval. While there are always helpful refinements, capturing the discipline we constantly exercise via an empowered Board Audit Committee is a prime example of something that needed to be permanently memorialized.”

During the meeting, Toy Association membership also elected a diverse slate of six new members representing companies of all sizes to serve first terms on The Toy Association Board of Directors. Members of the Association’s 2023 Executive Committee and chair’s Advisory Committee were also announced. More information is available here.