[18140]
October 27, 2004
TO: BOARD OF GOVERNORS No. 69-04
RE: SCHEDULE FOR THE JANUARY BOARD MEETING
Historically the Winter Board meeting has provided an opportunity for Governors to build
personal relationships with one another and to engage in extended discussions of topics that are
important to the long-term future of the industry. The meetings traditionally have included
events for spouses and provided time in the schedule for Governors and their spouses to meet
on a social basis. Over the years, as the industry has grown and the issues before the Board
have become more complex and challenging, these opportunities to build personal relationships
have demonstrated their value. They have helped establish and maintain an environment in
which the Institute can fashion responses to industry-wide issues and in which the Governors
can look beyond the perspective of their individual firms and reach common solutions that are
in the best interests of all funds and fund investors.
I recognize that the Winter Meeting entails a significant time commitment during a busy period
of the year. In the past few years, as business demands increased, the Winter Meetings were
compressed into one and one-half days – Monday through mid-day Tuesday. Last year, to
provide more time to address issues arising from the Spitzer investigation, we eliminated
activities for spouses from the meeting schedule.
As Jim Riepe mentioned at the October Board meeting, several Governors expressed their
concern about this trend, and urged that we return to a longer meeting that includes time for
personal and social interactions among the Governors and spouses. Jim asked the staff to
investigate if the hotel and other logistical arrangements would allow the Winter Meeting in
2005 to be extended through Tuesday, February 1, 2005 and to contact the Governors to assess
their interest and ability to attend a longer meeting.
Currently, the 2005 Winter Meeting is scheduled to begin on Monday, January 31st and end at
approximately Noon on February 1st; it will be held in Phoenix, Arizona at the Royal Palms
Hotel 1. The hotel has indicated that the meeting can be extended through Tuesday. Prior to
extending the contractual commitment to the hotel, we are asking Governors to tell us if you
1 http://www.royalpalmshotel.com
can extend your stay through Tuesday, February 1st. I attach a preliminary schedule for an
extended meeting for your review.
As you will see, we envision business meetings beginning early Monday morning and breaking
about Noon. Monday afternoon will be reserved for social or recreational activities with
spouses and guests. On Tuesday, business meetings will continue into the mid-afternoon. We
have tentatively scheduled a tour of Frank Lloyd Wright’s Taliesin West for Governors and
spouses on late Tuesday afternoon. A reception and dinner at Taliesin West will follow. We
have secured commitments from the following speakers to join the meetings.
• Mary Schapiro, Vice Chairman of NASD – Mary will attend dinner on Sunday
evening and address the Board on Monday. We plan to use Mary’s remarks to
structure working group sessions on Tuesday for Governors to discuss and develop
strategies to address distribution and other key regulatory issues facing mutual
funds.
• Norman Ornstein, Resident Scholar at the American Enterprise Institute for Public
Policy Research, a renowned expert on American politics – In the wake of
November’s hotly-contested elections, Norm will speak at dinner on Tuesday
evening about the dynamics of a new Congress and Administration and the
challenges they will face in 2005 and beyond.
• We are now working on lining up a third speaker (if possible for dinner on Monday),
and hope to secure a commitment from a member of the Senate or House leadership
for this purpose.
Considering the very significant challenges now facing mutual funds, their directors and
advisers, I believe your participation in this meeting is especially important. I would urge you
(along with your spouse or guest) to make time in your schedule to attend this year’s Winter
Meeting. The interaction among the Governors that occurs at meetings such as this is vitally
important to the long-term success of the Institute.
Thanks for your consideration and for your support in my first months as ICI President. Please
lets us know if you and your spouse or guest will be able to attend an extended Winter Meeting
as described above by completing the attached response form. Please fax the form to Joanne
Piper at 202-326-5806 by Wednesday, November 3, 2004 so that we can determine if we should
extend the meeting.
If you have any questions about the meeting please contact me (202-326-5901) or Larry Maffia
(202-326-5857).
Paul Schott Stevens
President
Attachments
Executive Committee/Board of Governors Meeting
Royal Palms
Phoenix, Arizona
PROPOSED PRELIMINARY SCHEDULE OF EVENTS
SATURDAY, JANUARY 29, 2005
6:30 pm Early Arrivals Dinner
with spouses and guests
SUNDAY, JANUARY 30, 2005
12:00 – 1:30 pm Chairman’s Council Meeting
1:30 – 4:00 pm Executive Committee Meeting
4:00 – 5:00 pm New Governor Orientation
5:30 pm Reception / Dinner
with spouses and guests
MONDAY, JANUARY 31, 2005
7:30 – 9:00 am Board of Governors Breakfast Discussion Groups
Small groups of Governors will discuss and share insights
on topics of interest to the groups.
9:00 am – 10:00 pm Presentation and Discussion with
Mary L. Schapiro, Vice Chairman NASD
10:00 am – 12:00 pm Board of Governors Meeting – Institute Business Matters
10:00 am – 12:00 pm Spouse / Guest Activity
Details to be determined
12:30 pm – 5:30 pm Governor and Spouse Activity, choice of
Golf or tennis tournament
Southwest Native American Art and Culture, discussion and
tour
6:30 pm Reception / Dinner,
with spouses and guests
TUESDAY, FEBRUARY 1, 2005
8:00 – 9:30 am Board of Governors Working Groups
Small groups of Governors will discuss and develop
strategies to address specific industry issues. Topics to be
covered include:
• Distribution and other regulatory issues identified by
Mary Schapiro.
• How the financial services industry could establish an
ongoing dialogue in which interested parties – asset
managers, distribution intermediaries, recordkeeping
service providers, regulators, etc. – to address common
issues that affect fund investors?
• One of ICI’s strategic goals is to renew our emphasis on
policy issues related to retirement security. What are the
most significant retirement policy issues members would
like ICI to address? How do members think we should
go about doing so?
• How can we encourage greater participation by Institute
members in the political process, including outreach
efforts to legislators and participation in ICI PAC?
9:30 – 12:00 am Board of Governors Meeting – Institute Business Matters
10:00 – 12:00 pm Spouse / Guest Activity
Cooking demonstration by T. Cook’s chefs. T. Cook’s has
been recognized as the top restaurant in Phoenix/Scottsdale
12:00 – 1:30 pm Lunch
1:30 – 3:00 pm Reporting about Working Group Discussions
5:00 – 6:00 pm Frank Lloyd Wright Taliesin West Tour – Governors and
spouses will be given a private tour of the property.
(Tentative)
6:00 – 9:00 pm Reception and Dinner at Taliesin West, (Tentative)
Presentation by Norman Ornstein
WEDNESDAY, FEBRUARY 2, 2005
7:30 – 9:30 am Buffet Breakfast for those Governors remaining
Nominating Committee Meeting
RESPONSE FORM
Winter Board of Governors Meeting
January 31 – February 1, 2005
I will be able to attend both days of the Winter 2005 Board of Governors
meeting if it is extended through Tuesday evening February 1, 2005
YES NO
My spouse or a guest will attend the meeting.
YES NO
Name (Please Print)
Kindly return the completed form to Joanne Piper via fax to 202-326-5806
by November 3, 2004