Page 35 - 2020 October Report

Resilience
Board of Directors’ meeting minutes (draft) (3)
B. Compensation Committee
King reported that the Committee met briefly. Its main action was to review the history of compensation for Directors. The increase to $20,000 per year was approved in 2015 to be implemented in 3 phases, which began in 2016. The Committee felt that now is not a good time to recommend any new increase in Director compensation.
C. Executive & Finance Committee
Malcolm reported that the Committee met yesterday and had a light agenda. Bobby had updated the Committee on office management matters and staffing plans.
D. Governance & Nominating Committee
Bill reported that Committee meetings continue to focus on potential candidates for the Board. Bobby and Sherry will be meeting with Angelique Albert in October. The Committee will convene following that meeting for a report on that meeting with the potential of inviting Angelique to attend the December Grant Program Committee meeting.
Bill reminded the Directors that the Committee is always open to recommendations of people to be added to the list of potential candidates.
E. Grant Program Committee
There was no report as all Directors had attended the Committee meeting.
F. Investment and Financial information
1) 5 year financial report
Dick pointed out that this report which is traditionally presented each year at the September Board meeting is in the new reporting format that was approved in March and has been used in the ensuing Monthly Reports. The numbers are pulled out of QuickBooks reports.
Dick advised the Board that before the meeting Hugh had found errors in the investment return percentages in the Statements of Revenue and Expenses Five Years Ending December 31, 2021 and brought them to his attention. In the ensuing discussion the Board questioned the accuracy of the reported Investment Gains and Losses. Dick will review this report and submit a corrected version.
2) 2022 will be the 2nd year of the 5 year payout of Malcolm’s deferred compensation. Standard monthly reports
All of the reports are as presented in the August Monthly Report as there were no updated figures available to include for this meeting. Prime Buchholz provides the numbers and directly provides the individual asset managers report.
Dick pointed out that the Consolidated Portfolio Performance numbers are as of July 31st. Asset values were down even more in August.
3) Investment Committee minutes
The draft minutes from the August 18, 2022 meeting were included in the pre-meeting materials.
G. Ratification of all Committee actions
The Board unanimously ratified all Committee actions taken since its last meeting.
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