May 5, 1995
TO: BOARD OF GOVERNORS No. 48-95
MEMBERS - ONE PER COMPLEX No. 44-95
RE: MAY 5, 1995 WALL STREET JOURNAL ARTICLE ON INDEPENDENT
DIRECTORS
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Enclosed is a copy of a letter sent to the Wall Street Journal today in response to its article on the
compensation of independent directors. A copy of the article also is enclosed.
To assist you in responding to inquiries on these issues, we will send you a package of
information shortly on the role of independent directors under federal law and the ways in which their
duties exceed the responsibilities of directors of industrial corporations.
Please contact me or Paul Stevens, the InstituteGs General Counsel, with any questions.
Matthew P. Fink
President
Enclosures