April 25, 1990
TO: PUBLIC INFORMATION COMMITTEE NO. 11-90
RE: NEW AD HOC SUBCOMMITTEES
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At our recent meetings on April 17-18, the Committee agreed
that various ad hoc subcommittees should be formed to monitor
issues and opportunities involving mutual funds that are of
interest to the news media. Before finalizing the make-up of
these subcommittees, we want to give members who could not attend
the last meeting the opportunity to select which ones, if any,
you would like to serve on. Participation is, of course,
voluntary, but we would like to know as soon as possible,
especially since we have scheduled an additional Committee
meeting for July 16.
The subcommittee will provide a more organized approach to
identifying and researching developments, both pro and con, that
affect the industry and which may attract press coverage. Each
subcommittee will be responsible for preparing brief background
papers or reports on issues that fall within its purview.
Erick Kanter and his staff will assist in the development
of these reports, which should simply provide a few key points
that might be emphasized with the press. The reports will be
discussed at Committee meetings, but Erick will fax them to all
members promptly if the issue is of immediate concern or is
generating press inquiries. The current press interest in the
safety of money funds, for example, would be an issue requiring
prompt communication.
The subcommittee should not only focus on controversial
issues that may pose a threat to the industry, such as junk
bonds, but should also explore opportunities for favorable
publicity, such as increased investor interest in international
investing. The subcommittees also provide the ICI staff a more
manageable and practical way to obtain feedback from members on
important issues and areas of media interest or concern.
We identified six subcommittees that might be formed,
organized under the following headings: Industry Issues (such as
regulatory and legislative developments), Equity Investing,
Taxable Fixed-Income, Money Market, Municipal Fixed-Income, and
International. The number of subcommittees could be changed
depending on the number of participants.
Recognizing that there will be overlap from time to time,
each group would be responsible for tracking developments that
seem to fall under its "jurisdiction." The subcommittees should
act as both watchdogs and opportunists, but should not feel
obligated to file a report at each meeting or according to any
regular schedule.
I believe this system may help keep all of us better
informed on issues with PR implications and facilitate the
communication process with the ICI staff and with each other. It
should also serve to focus our Committee meetings on the most
relevant issues and opportunities, and provide some advance
preparation to guide these discussions.
If you are interested in serving on one or more of the
subcommittees listed, and have not already signed up, please call
me at 301/547-2124 or Erick Kanter at 202/955-3530. We will
promptly organize the subcommittees and designate group leaders.
Whether you want to participate or not, any suggestions you have
on this idea would be welcomed. Look forward to seeing you this
summer, if not at the General Membership Meeting next month.
Best regards,
Steve E. Norwitz