Board Meeting of Trustees Wednesday 4 March 2009 Via teleconference, Sydney & Melbourne
Attendees: David Haintz CFP Corinna Dieters, Chair Michael Neary Susan Grice
Minutes of meeting
The meeting commenced at 3.05 pm 1.0 1.1 Confirmation of agenda Welcome and confirmation of quorum Apologies were received from Peter Bobbin and Ray Griffin Review of Agenda Confirmation of minutes Approval of minutes Agreed / Action
1.2 2.0 2.1
Resolution: The Board of Trustees resolved to approve the minutes of the meeting on 27 January 2009. Motion carried
Matters arising from previous minutes None raised Action list A number of action items will be dealt with under appropriate agenda items, excepting: 27/01/09 Item 4.6.1: Southside Education Noted that a letter addressing their concerns about the Future2 film had been reviewed by Corinna Dieters and Peter Bobbin and dispatched by Susan Grice to Liz Walsh at Southside Education. No response has been received. 27/01/09 Item 4.1.4: Appointment of Patrons and / or Chair Noted that Susan Grice had compiled a list of potential people to be considered for the roles of patron, ambassador or Chair. The list will be reviewed by Corinna Dieters and David Haintz and circulated to trustees prior to the April Board meeting, at which a paper from David Haintz would also be discussed. Matters for discussion, action, approval Bushfire Appeal Funds raised to date Noted:
Action: No further action at this stage.
Action: CD / DH to review list and circulate to trustees before the 7 April meeting. Action: DH to complete paper to be discussed at meeting on 7 April
3.0 3.1 3.1.1
to date 10 donations had been received totaling approx $3,000. [Subsequently updated to 11 donations totaling $3,150] ii. the VIC government has not yet replied regarding appropriate fund to which F2 may contribute the appeal funds, though one option is the Red Cross iii. Corinna Dieters had spoken to the Gippsland and Bendigo FPA Chapters, being those most affected by the bush fires, and asked them to consider project for direct F2 support. It is expected that opportunities may emerge over the next month or so iv. Michael Neary’s preference to donate the funds through a Chapter as this will have a greater impact for Future2 and the FPA members supporting Future2. Precedence: Grant giving for necessitous circumstances Noted: i. Michael Neary’s concern about the appropriateness of granting lump sums from F2 general funds in addition to what has been raised directly by the appeal. He pointed to the desirably for F2 to add value through the use of its funds, which is hard to do if donating to a major charity such as the Red Cross ii. The expected impact of ‘donor fatigue’ on further contributions to Future2 and its overall purpose iii. David Haintz’s view that F2 would not be going outside its mandate by contributing additional ‘general’ funds, and that these funds had been made in the knowledge that F2 would make grants to ‘give a second chance’. Further actions for bushfire relief Trustees discussed whether to extend the bushfire appeal through March in an effort to gain more support from FPA members, even though the majority who are likely to give would probably have done so already Term Deposit rollover Noted:
Agreed: To hold any decision on the allocation of bushfire appeal funds to early April by which time Chapter suggestions may have been received
Agreed: i. To hold a decision regarding an additional F2 contribution to the bushfire appeal pending any projects that may be recommended by the Gippsland and Bendigo Chapters ii. To seek the views of the Grants & Projects Committee on this point. Action: i. CD to convene a meeting of the Grants and Projects Committee before the Board meeting on 7 April
Agreed: To put out one more call to action in the issue of CEO e-news scheduled for the week of 10 March. Agreed: Providing there are no more donor receipts and no significant unplanned expense, the July grant payments can be covered from the cash account
the balance of funds in three accounts with NAB, provided to David Haintz by Dora Spanidis at NAB, with a $75k term deposit maturing on 2 March.
The rates of interest being offered by the banks for differing terms The $20 break fee chargeable by the bank for early withdrawals
Resolved: The Board of Trustees resolved that the 4.1% rate for 90 day deposits provides the most attractive rate of return and the term deposit should be renewed at this rate. Action: DH to instruct the bank to roll over the term deposit for 90 days.
Director’s and Officers Insurance renewal Noted: i. The quotation received for the renewal of the policy, providing $2 million cover for a premium of $2,527.80 and $3 million cover for $2,894.10 ii. Current cover is $3 million ShareGift concept Noted: i. Peter Bobbin’s email on ShareGift and the additional idea that F2 could do its own style of ShareGift by encouraging direct donations of shares that it holds to establish a dividend flow The decision by the trustees of ShareGift to recognize F2 as a potential recipient of funds realized from the sale of gifted shares The expectation of ShareGift that, in return, the FPA will agree to promote ShareGift to FPA members so that they can introduce the concept to clients The initial response of FPA CEO Jo-Anne Bloch (following early discussion with ShareGift) that promotion would be contingent on F2 being a potential beneficiary The caution expressed by trustees based on the fact that Future2 is one of many potential beneficiaries, and the need to avoid direct marketing of ShareGift to FPA members ShareGift provides an easy way for clients to make a donation to F2 if promoted well by financial planners, especially if they are holding small unmarketable parcels of shares An original motivation behind ShareGift had been to assist share registries tidy up their operations and to save money and that approx $70-80k had been raised from share sales over a few years.
Resolved: The Board of Trustees resolved to renew Directors’ and Officers’ Insurance at the current cover level of $2 million. Action: CD to arrange policy renewal
iv. 3.4 v.
Agreed: i. Inclusion of F2 in the ShareGift list of beneficiaries is potentially beneficial provided that promotion to financial planners takes place hand in hand with F2; ii. F2 should be guided by JoAnne Bloch with respect to the promotion of ShareGift iii. F2 should explore Peter Bobbin’s suggestion of doing something similar to ShareGift before committing to ShareGift Action: i. SG to discuss further with JoAnne Bloch to gain her support for ShareGift promotion to FPA members coupled with a promotion of F2 ii Trustees to carry forward discussion on ShareGift and related F2 initiative at April meeting, providing Peter Bobbin is able to be present
4.0 4.1. 4.4.1
Committee updates Fundraising Update Gwen Fletcher request re use of donated funds Noted: i. The intention of Gwen Fletcher, a former President of FPA and a Life Member, to donate $5,000 to F2 and her wish to see the money go towards the development of a financial literacy program (based on one already in use in the USA) for use in Australian universities and TAFEs ii. The concern expressed by trustees that while still at an embryonic stage of development, it would be unrealistic to devote time to such a specific program iii. The need for F2, at this time, to build exposure in its chosen area of focus rather than to introduce new initiatives which may ‘create a rod for our own back’ iv. The idea that trustees might adopt a ‘materiality clause’ which establishes a threshold below which donors would not be enabled to require trustees to apply the funds to a specific project; such a threshold might be $50k Kevin Bailey, Fincare Noted: i. David Haintz reported an approach from Kevin Bailey with regard to the annual fundraising black tie dinner of Fincare, a group of Victorian financial professionals who raise money for charity ii. Fincare have proposed fundraising in support of F2 at the 2009 event and have asked F2 to name an ultimate recipient of the funds (not necessarily in Victoria) Marketing Update Communications calendar Noted: i. The draft communications calendar setting out a framework for communications messages through 2009 ii. ShareGift communications are contingent on discussions with Jo-Anne Bloch and further consideration by F2 trustees in April
Action: CD to call Gwen Fletcher to explain the trustees’ position and seek agreement on the way forward
Action: CD to put this matter to the next meeting of the Grants & Projects Committee for suggestions of potential projects to support.
Agreed: The Marketing Committee will give detailed consideration to the communications plan and report back to trustees in April Action: i. SG to draft a letter to Richard
Richard Knight Noted: i. Richard Knight’s decision to withdraw his services as F2’s pro bono designer and to step down from the F2 Marketing Committee ii. the very substantial contribution made by Richard over a period of nearly two years, giving F2 a strong and enduring brand identity iii. the need now to bolster the membership of the Marketing Committee which is left with only three members (Michael Nearly, Loretta Uberti and Susan Grice) FPA 2009 National Conference, Melbourne Corinna Dieters reported on the meeting of the Conference Networking Committee on 2 March 2009, which she attended with Loretta Uberti, who will carry forward as F2 representative on the committee. Noted a number of points for discussion by the Marketing Committee: i. Golf Day: what promotion is required before the event, if a separate raffle will be held and what prizes might be offered ii. Women in Finance breakfast: nature of raffle, gift bags, etc iii. Future2 Day on Friday of the conference, and what promotional items, raffle, etc Grants Update Noted i. Cheques for the payments agreed by trustees at the January meeting have been sent ii. A meeting of the Grants & Projects Committee would be convened during March and will report to the April Board meeting Date of next meeting of Trustees Tuesday 7 April 2009 at 2.00pm
expressing the trustees’ thanks and appreciation ii MN to inform of a suitable date for a meeting of the Marketing Committee during the week of 9 March
Action: CD to convene meeting of the Grants & Projects Committee