Standards Subcommittee

Please note that the information on this page is provisional until the certification programme has been officially established.

The Turnaround Certification Governance Board appoints the Standards Subcommittee.   Final approval of the Standards Subcommittee must be obtained from TMA International’s Certification Oversight Committee.

At least 50% of the members of the Standards Subcommittee will be TMA-SA members, and will comply with the criteria in the column on the left. 

Ideally, no term limits are imposed on members of the Standards Subcommittee.   Members’ tenure is designed to be lengthy so that the history of the program and the institutional knowledge obtained remains with the committee.  The committee should be populated with professionals similar to the Turnaround Certification Governance Board, however the number of members required is determined by TMA-SA.

All turnaround practitioners and advisors serving on any subcommittee shall strive to hold the Certified Turnaround Professional qualification (“CTP”).

Difference between the Standards Subcommittee and the Turnaround Certification Governance Board it forms part of

The Standards Subcommittee is the group that actually reviews the candidate portfolios to make sure that all standards for certification are being met.  The members of the Standards Subcommittee receive the candidate portfolios monthly, on the first business day of the month, and conference to discuss each applicant’s file.  They verify degree requirements, contact professional references and client confirmations, make the ultimate decision as to if a person qualifies, and they provide feedback to the candidates who fall short.  They also receive and explore any comments they receive about candidates during the public comment phase.  This is a working group, and their conversations and the information they receive about each candidate remains confidential.  They update the TCGB regularly on the number of certified members, and if there are any disciplinary measures the TCGB needs to be informed.

Functions of the Standards Subcommittee

• Reviewing, approving, rejecting or deferring the applications of all applicants for certification, and reviewing inquiries and appeals regarding certification, in accordance with such rules and regulations relating to granting and maintaining certification as the TCGB may adopt.
• Establishing and maintaining ethical and other professional standards for certified turnaround professional.
• Investigating confidentially any allegation that a certified turnaround professional has violated the standards so established.
• Implementing confidentially appropriate disciplinary measures against turnaround professionals found to have violated those standards.

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TMA-SA members representing 50% of the Standards Subcommittee must comply with the following:

• Two case studies of companies or organisations for which the prospective Board member has been engaged and has successfully completed turnarounds;
• Three letters of recommendations from clients other than the two cases;
• Three letters from others in the industry with which the prospective Board member has had direct dealing, such as bankers, attorneys, government officials, and so forth.   Such letters of recommendation should comment on the proposed Board member’s qualifications, skills and integrity'
• At least five years of consulting experience, of which three years have been in turnaround management or consulting, including legal and lender workout experience, 2/3 of which must have been in companies suffering financial distress or in a financial crisis (the experience requirement is the largest hurdle);
• A minimum of a bachelor’s degree or equivalent from a recognized university; or ten (10) years of consulting experience, of which at least three years have been in turnaround management or consulting; and
• Member in good standing of TMA-SA.