In Reply to: Trustee meetings posted by Peter Seaman on 09 October 2004 at 07:46:29:
Like Brian, I'm responding with my Trustee hat on. I'll go along with almost everything Brian says, but just add a couple of points.
The investment subcommittee, to which I belong, has more (and longer) meetings than the other two sub-committees. This year we'll have had 8, each lasting 3 hours or more. I'd characterise them as highly focussed discussions and presentations with little time wasted on non-essentials. We're supported by highly qualified professionals who offer advice, but take no part in the decision-making. As a relative newcomer, I've had to attend several investment courses and seminars - the meetings are highly technical.
What disagreements arise stem from honest differences in opinion rather than any 'us and them' divisions between MEDs and company appointees. We all share the same desires - to see the fund grow, to avoid making bad investment decisions and to control and manage risk.
The full board meetings (which typically last 4 hours) are perhaps more 'political'. Brian and I would prefer that the Trustee kept members more fully informed and this has been the main source of tension over the last 18 months since we took our seats.
Dave