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Board makes employer-audit committee permanent and adopts securities trading policy
Summary
Trustees approved a bylaw change converting an ad hoc employer audit committee into a standing committee and adopted a new securities-trading policy requiring annual trustee training and prohibiting distribution of material non-public information; investment-staff rules will be moved to a KPA policy.
The board completed a second reading and approved a bylaw amendment to convert the ad hoc employer audit committee into a permanent standing committee, a change prompted by state-auditor inquiries about employer audits.
Separately, trustees approved a streamlined securities-trading policy aimed at preventing insider trading and front-running by trustees and the CEO. The policy requires annual training and certification for trustees and moves investment-staff-specific requirements to a separate KPA policy. Carrie, who walked the board through the policy, confirmed that front-running is covered under the insider-trading prohibition and said staff will develop an annual training program (internally or via third-party vendors) and circulate the policy for signature.
