2011-11-15-TPT-min - Laserfiche WebLink

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Trustees of Public Trust Meeting November 15, 2011 Home of Alan Fields 42 Adams Street Lexington, MA 7:30pm Minutes Trustees Alan Fields, David Williams and Susan McClements were present for the meeting. 1. Formation of Investment Advisory Committee - The group discussed the formation of an Investment Advisory Committee (IAC) with the goal of providing additional oversight of the management of the trust funds and establishing a vehicle for succession of appointed Trustees with the background and experience necessary for the role. Members of the IAC would be non - voting and selected and appointed by the Trustees. Selectman appointment of any successor Trustee is required and only three Trustees may currently serve on the board. Possible Members for IAC — The group discussed possible candidates to serve on the IAC. Alan recommended that the appropriate individual have a strong background with mutual funds and advising on asset allocation. Alan has discussed the concept of the IAC with Adrian Jackson. David mentioned that Lou Conrad from COMPASS Investments could be a good fit as well. Alan will call Lou in the next day or so to get a sense of his interest in serving on the IAC. The Trustees agreed to focus on Adrian and Lou as potential candidates. Once their interest in serving is clear, the Trustees will decide whether to consider others to serve on the conunittee. Roles and Responsibilities of IAC Members — The Trustees agreed that IAC members would be responsible for the following: • Oversight of the management of the trust funds • Reporting to the Trustees, typically at meetings (see below); • Attending Trustees of Public Trust Meetings (typically held for no more than two hours 3 -4 times annually); • Providing advice and counsel on additional IAC members; and, • Positioning the Trustees to address succession issues as they arise. 2. Approval of Minutes from October 12, 2011 meeting Motion to approve by Alan; Second by David; unanimously approvaed