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Trustees authorize Allspring–State Street direction letter pending consultant sign-off
Summary
The board authorized the chair to sign a direction letter to Salem Trust to transfer certain functions from Allspring to State Street Global Advisors, subject to the financial consultant’s approval; legal counsel reported no objection.
The board authorized the chair to sign a direction letter permitting Salem Trust to reflect the Allspring partnership with State Street Global Advisors, contingent on the plan’s consultant providing a sign-off.
Allspring’s representative presented a draft authorization letter that would transfer specified functions to State Street under the partnership. Legal counsel said there was no legal objection to proceeding with the authorization and recommended the consultant review the proposed direction letter.
The chair called for a motion; a trustee moved to approve the authorization subject to consultant approval and another trustee seconded. The motion was approved on a roll-call vote as recorded at the meeting. Trustees directed staff to forward the draft to the financial consultant for review and to notify the chair when the consultant clears the change so the chair can sign the direction letter.
The authorization is an administrative step to reflect a manager-level operational change; trustees recorded the action and requested consultant confirmation before execution.
