[13564]
May 30, 2001
TO: DIRECTOR SERVICES COMMITTEE No. 7-01
RE: POTENTIAL CANDIDATES FOR COMMITTEE MEMBERSHIP
As we have discussed, the Director Services Committee is being restructured to increase
the number of independent directors on the committee and to provide for greater rotation of the
membership. With respect to the rotation of membership, a class structure is being adopted in
which the members of each class will serve for three years, then “sit out” for at least one year.
These changes are intended to allow additional independent directors the opportunity to serve
on the committee.
At the committee meeting in April, members were asked to suggest names of
independent directors they would recommend to serve on the committee. These names will be
considered by the membership committee (Dorothy Berry, Lucy Benson and John Hill). They
will evaluate the current membership of the committee and all candidates in an effort to
promote representation of large and small funds, as well as funds using various distribution
channels. Six candidates will be presented to the full committee at the meeting next October.
A number of questions about this process were raised at the committee meeting and are
addressed below. Committee members requested more information about the Investment
Company Institute generally and the committee specifically that they could use in explaining
this role to prospective candidates. Brief descriptions of the Institute, as well as the Director
Services Committee are attached to this memorandum. The committee description includes a
discussion of the anticipated time commitment of committee membership, i.e., the number of
committee meetings each year, participation in programs, comment on draft letters or other
materials relating to directors.
The committee decided that members should first contact potential nominees to
determine their level of interest. If, for some reason, this is not possible or desirable, I will
contact them. Committee members should explain that nominees are being sought for a pool of
candidates from which six new committee members will be selected; the call is not an
immediate invitation for committee membership. Committee members should request
nominees’ resumes and forward them to me no later than August 31, 2001. I will then provide
all resumes, along with relevant information on the fund complex, to the membership
committee for consideration. Decisions on the candidates will be made at the October
committee meeting; the three-year term of service will begin in January 2002.
2If you have any further questions concerning this new committee membership process,
please contact me at 202/326-5813 or Dawn-Marie Driscoll at 941/945-3150.
Marguerite C. Bateman
Associate Counsel
Attachment
Attachment (in .pdf format)