HomeMy WebLinkAboutCCDATE=FEBRUARY 20, 2001 (2) neer mach dis(aodt)D. it was decided Illi rut agreement of this nmuaC mzs 1111111ecussarp. The
direction the build wanted to take will mda1mv to the invtsapcm policy and nrategy could be
mnylolied wiIhmn a siymed uwexnoII with Mr. Runkine. Ilmrever, there wus conccn Mat all of
Ihn proper repnning regwrcrnalLc had not been disclosed. 'Ibis ix required by Sddu Statute and
sbonld he done on a finmNDaus. ,mother eunccrll of the members wa,. How wrm to the Board
knew ifoe were inning the best rates and mums for the purchases that we make and that ee were
not gettinix chuSctl any undue or hidden custi Mast Board members have heard horror stun us of
other funds losing money or at less If auainfngthe rates tilminms expected because "c I finalIby
.cemmnt managers or costs that tut into the return ba'suse they were not up front with their
proposals.
Atter much dhsenssion Creamer all of these aspects. the board lncaubers here reminded that of u: of
the duties of the Investment Committee was to inswe this and one of the Treasurers Jut, ism
on w thus hmetim as purchases arc being made. Members were satisfied that this o ill continue to
be done as it bas been.
In addition to this, t( was avieelbyMr. Rpnkilrs, that any and all of the n'quilnI mponing
requirements nould be disclosed so that IIll wmdd not be no hidden wile That the board n'ps not
lot. A confidential fee rent was submitted to the board members bel stming that
fin
room
fixed income transacts u` exception would h no greater than } basis points. based on the
par value of the toustnmm involved. All commissions would be reported on al lean a quarterly
basis. Adewdd confidential commission structure is attached to Life mutates;_
This satisfied all The members preset and the boards' al Wuwy,.MT Collins. W ith (his in mind, The
mtu neywould get buck To the Board on this commission ,gNemre, that was proposed by Mr.
Random. for comfort witll ether similar practices and fees.
Scn Rusiness
uune
Ad vatimilr
A fill was made to adlunm at a401 by L.Mccu n, anointed by J. llemici. Crafied.
Attached,
Woikxbeetom V. Beni
COPY ufCOm n ctmcture and other aysccs from L. Rankdns
Original invanmcnT pgleemenl tie prvpopeA with wens ul'wncema
On.jnal Knox a¢reemenl rvidl rocas nfcontinued sen9 s