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Board approves keeping manager-concentration limits in the investment policy statement after governance debate
Summary
Trustees debated whether manager implementation limits should belong in staff procedures or remain in the board-controlled investment policy statement (IPS). After discussion and a recommendation from Aon, the board voted to retain the limits in the IPS and asked staff and counsel to clean up the draft language.
Trustees voted to retain manager-concentration and implementation limits in the board’s investment policy statement rather than move them into staff procedures. The discussion at the meeting centered on governance: whether limits that constrain staff implementation decisions are better kept in a board-controlled IPS or in a staff-level procedures document. Aon, the board’s governance consultant, advised placing…
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