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The Committee discussed the structure of the endowment fund management in light of one manager's recent poor performance and the new asset allocation guidelines. The Committee perceived that the manager's share of the endowment assets is disproportional and should be reduced. Before its next meeting, the Committee will consider further the merits of a team of specialized investment managers vs. general investment managers.

DESIGNATION OF MRS. CLARK AS A REGENT EMERITUS

VOTED that, in accordance with Section 2.08 of the Bylaws, the Board of Regents confers upon Jeannine Smith Clark the title of Regent Emeritus, with all the rights and responsibilities thereof, effective August 26, 1995.

SMITHSONIAN NATIONAL BOARD

In accordance with the recommendations of the Smithsonian National Board (SNB), as approved by the Regents on January 30, 1995 (Minutes, pp. 16-23), it is the responsibility of the Board of Regents to appoint the officers and members of the SNB on a regular basis. The following nominations for Chairman, Vice Chairman, and membership appointments and reappointments were formulated by the SNB Nominating Committee and endorsed by the SNB at its meeting in Seattle, April 6-9, 1995. 

VOTED that the Board of Regents appoints Wilbur L. Ross, Jr., as the Chairman of the Smithsonian National Board, October 1994 - October 1996, and Jean B. Kilborne as Vice Chairman of the Smithsonian National Board, October 1994 - October 1995 and October 1995 - 1996. 

VOTED that the Board of Regents appoints Cason Callaway, Allison Cowles, Ruth Holmberg, and Jeffrey Watanabe to a second three-year term for the period of Spring 1995 through Spring 1998, and Marguerite Harbert for the remaining portion of her late husband's term, from Spring 1995 through Spring 1996. 

VOTED that the Board of Regents appoints the following individuals for three-year terms on the Smithsonian National Board for the period of Spring 1995 through Spring 1998: Sir Valentine Abdy, Charles Brumback, Patricia Frost, Nelly Galan, Bert A. Getz, Paul Hertelendy, Ned Johnson, Marie L. Knowles, Marc Leland, Michael P. McBride, Kelso F. Sutton, Jack Warner, and William R. Wiley. The Board of Regents also authorizes the Secretary to appoint any of the following individuals to fulfill any unexpected vacancy on the Smithsonian National Board until the next annual meeting of that Board's Nominating Committee: Joan Noto, Chuck Huggins, Margo L. O'Connell, and Pleasant Rowland.