EC11 - M - 0
Call to Order

EC11 - M - 1
Approval of Proposed Private Equity and Venture Capital Committee

Ms. Wood introduced the membership request to form a new committee to cover private equity and venture capital issues. She stated that this industry group would be separate from existing investment committees and that it could serve as an additional vehicle to reach out to potential members in industry.

Mr. Sohr noted that this proposed committee could have significant overlap with the investment management committee and that there would be potential conflicts as this proposed committee began to address issues arising in the regulatory arena.

Mr. Piluso suggested that the proposed committee should instead function as a sunset task force in order to address short term concerns, and to avoid any significant long term conflict with the investment management committee.

Ms. Wood stated that this committee would attract venture capitalists who are providing first and second level funding in the marketplace. She viewed the proposed committee as an excellent outreach tool. She further noted that this committee would not function as a venue for people to solicit financing from the venture capital members. She noted that the primary focus of this proposed committee would be private equity, which is not currently addressed by Society committees.

Mr. Sohr stated that as the investment management committee is struggling to find its footing after its merger, it may be that the proposed committee is proven to be superfluous once the investment management committee determines it course based upon the various investment options, of which private equity is one.

Ms. Wood asked Ms. Kinsella to reach out to the Investment management committee to determine if that committee could meet the Society’s current needs with respect to industry outreach.

Ms. Wood asked for a consensus vote to table this matter until further information could be gathered. The Executive Committee expressed its consensus to table the matter.

Ms. Kinsella moved to enter into the executive session, and Mr.. Adair seconded the motion. There being no objection, an executive session was held between 8:46 a.m. and 9:00 a.m. Ms. Barry, Mr. Sinegal and Mr. Pryba were invited to attend the session until 8:54 a.m. At the conclusion of the executive session. Mr. Adair moved to adjourn the executive session, and Mr. Herman seconded the motion. There being no objection, the executive session was adjourned at 9:00 a.m.

Mr. Piluso reported that the Selections Subcommittee met and pursuant to its charge selected four board members from which two would be selected by the Board to serve on the nominating committee. He announced the subcommittee was putting forth Sherry DelleBovi, David Herman, Joseph Falbo, and Anthony Maltese.

The subcommittee was also tasked with selecting two people from which the Board would appoint one person to fill the current Board vacancy. The two members selected were Debbie Cutler and Michele Levine. These members were selected from 11 interested members.

Mr. Piluso noted that in both cases, the Board may nominate people from the floor to fill the respective vacancies.