Viewing page 6 of 95

This transcription has been completed. Contact us with corrections.

4


It was suggested that Mr. Webb should present an outline describing the types of matters to be acted upon by the Executive Committee (Permanent Committee) and the type of matters which would be referred to the Regents for final determination.

Mr. Webb stated that it was important that his services not be interpreted as a monitoring effort.

The question was raised as to whether the Executive Committee (Permanent Committee) has authority to act on matters between meetings. The consensus was that on policy, e.g., the problem concerning the total return concept for investments, the Executive Committee (Permanent Committee) would not have such authority. It was suggested that the limits of the interim actions of the Executive Committee (Permanent Committee) be described.

The Secretary stated that there would be prepared a monthly report to the Executive Committee (Permanent Committee) setting forth matters of interest as well as major issues with appropriate financial statements, sample of which is included in Appendix A.

Mr. Webb referred to the background paper on the relationship of the Board of Regents, the Executive Committee (Permanent Committee) and the Secretary which is included as Appendix A.