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Board approves $12 million rebalancing, issues RFP, adopts succession rules and forms executive director selection committee
Summary
Trustees approved a $12 million rebalancing to bring fixed income back into IPS compliance, authorized an RFP to review investment policy, adopted a temporary leadership-succession resolution, and authorized formation of a selection committee to hire the next executive director.
The board approved several formal actions affecting the trust’s governance and asset allocation.
Asset rebalancing: Trustees approved a rebalancing plan to raise $12,000,000 by selling holdings in the Mellon Acquiax US index and redeploying the proceeds into fixed income to bring the fixed-income allocation back into compliance with the investment policy statement (IPS). The motion was made and, per the meeting record, identified as moved by Mister Remkus and seconded by Mister Pena; roll-call votes recorded 'Aye'…
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