Board of Directors Meeting April 24, 2019 3:00pm 5:00pm AGENDA · Board of Directors Meeting April...

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Board of Directors Meeting April 24, 2019 3:00pm – 5:00pm

Union League Club of Chicago - Heritage Room Conference Call Details: 866-325-4310; ID#: 265-778-9101

AGENDA

Procedural/Consent

3:00 p.m. Call to Order Digenan

3:05 p.m. Presentation of Consent Agenda Digenan/Curley

Consent Agenda Overview (p. 2-3)

Items for Approval

Meeting Minutes – Audit, Board, External Relations, Governance and Nominating, Leadership Awards (p.4-12)

Informational Reports

Quarterly Financials / Investment Portfolio (p.13-17)

Board Governance Calendar & Meeting Schedule (p.18)

Divisional Reports / Event Recap Summary (p.19-25)

Board Committees (p. 26-27)

CFA Chicago Membership Trends (p.28-30)

New Members Recently Approved (p.31-34)

Top Employer Scorecard (p.35)

Advisory Group Participation (p.36-40)

Information Reports 3:10 p.m. CFA Society Chicago/CFA Institute

CEO Update Curley

Treasurer’s Report Rowland/Curley

3:20 p.m. Board Committees

Audit Committee Laskowski/Curley

FY2017-2018 Financial Statements (for review & approval – Email Attachment)

External Relations Committee Digenan/Curley

Governance and Nominating Committee Winters/Curley

2019-2020 Officers and Directors Slate (for review & approval – Email Attachment)

Leadership Awards Committee Curley

Hortense Friedman, Award of Excellence (for review/approval) (p.41)

Discussion/Exploration 3:30 p.m. Long Range Strategic Visioning Digenan/Curley

Function Tickets Other Business

4:30 p.m. New Business Digenan 4:45 p.m. Executive Session Digenan

Adjournment Digenan 5:00 p.m.

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CFA SOCIETY CHICAGO UPDATE April 24, 2019

Dear Board of Directors:

This is the last formal Board meeting of this fiscal year, hard to believe it is the end of April already! For some this is their last Board meeting, although remember you term is not over until August 31, 2019 and if needed we will recall the group. Remember the date: June 20, 2019 is the Annual Business Meeting at Convene 16 West Adams from 5-7pm. We hope

to see everyone there to formally thank and honor those that will be leaving, and welcome those who will begin their term in September. We continue to experience strong financial results; net income is just above $350K. We are well within operating expense budget guidelines, adjusting for seasonality. We now expect to increase to capital expenses to install new phone system, including the conference room system, and purchase new computers and monitors for the staff. The phone system is original Society office equipment (circa 2005), and the computers and monitors are 4-6 years old. We are awaiting final quotes but these will not materially impact reserves, and will not appear on the income statement until depreciation entries are made 12 months from implementation. We are over 16 months of reserves. We continue to believe that reserves will be approximately 14 months at its lowest point even with the additional capital expenses. The Annual Dinner is set for November 7, 2019 featuring Bill Browder, CEO and Co-Founder of Hermitage Capital Management at the Sheraton Towers. We will have the sponsorship flyer ready soon, please keep an eye out for the

announcement! We have signed a formal agreement for CFA Institute to spend $50,000 over the next few months on marketing, featuring the Measure Up campaign. The advertisements will be featured on a variety of print and digital platforms including: NPR, ESPN, Crain’s, and various digital platforms through Tradedesk. These are advertisements featuring our logo and Society Name. On June 11, 2019 we are partnering with CAIA, and the Markets Group on ALTCHI, a daylong event on alternative assets and markets. They are offering a free pass to all Board members, please let us know if you would like one and we will get you signed up.

Society highlights for the second quarter include:

Distinguished Speakers Series presentation by Howard Marks, CFA was just sort of a luncheon record, and John

Streur from Calvert gave an excellent presentation on ESG Investing in March. Sheila Penrose, Chair of JLL began

April by talking about Board of Directors opportunities, issues and challenges;

Present like a Pro the Professional Development event featuring Scott Wentworth, Wentworth Communications sold

out;

Sold out Education Advisory Group event on Portfolio Construction in February and a well-received Risk Premium

presentation in April, which featured Prof. Aswath Damodaran; and

The Women Network hosted its second POWER Breakfast featuring Melody Hobson, President of Ariel Investments.

Events scheduled for this quarter include:

Distinguished Speakers this quarter include: Fritz Kaegi, CFA Cook County Assessor (come tell him what you think of your taxes!), Charlie Bobrinskoy, CFA on Behavioral Finance and Mike O’Grady CEO of Northern Trust.

Big Data, Machine Learning and AI featuring Cathy O’Neill Founder of ORCAA and author of Weapons of Math Destruction is hosted by the Education Advisory Group;

Professional Development presents: Storytelling: A Critical Brand-building Skill for Leaders; and

The Women’s Network features Carol Seymour- Building Relationship Equity in June. Please see the website to register for these upcoming events; we hope to see you there! Just a reminder the website has a board page under “Resources” header that has data and our policies for your use if needed. Password is CFAboard1819. Also if you have done so as yet, CFA Institute has an APP you can download, which has current publications, blog pieces, Take 15 Interviews and past recordings of conferences. Respectfully, Shannon J. Curley, CFA Chief Executive Officer CFA Society Chicago

https://www.cfachicago.org/board-resources/

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Return to Agenda THE CONSENT AGENDA: A TOOL FOR IMPROVING GOVERNANCE Excerpts from BoardSource - The Consent Agenda: A Tool for Improving Governance www.boardsource.org © 2006 BoardSource Board meetings are the ultimate venue for executing the complementary responsibilities of oversight and strategy. Collectively, the board must satisfy legal requirements and provide programmatic, financial, and ethical oversight. As strategists, board members shape the future of the organization. Equally important — but often overlooked — board meetings bring together the governing body that is responsible for the organization’s health and sustainability. As allies with the chief executive in pursuit of the mission, board members must be well informed about the opportunities and challenges facing the organization and ensure that the organization has appropriate strategies, plans, and resources to meet them. As a practical matter, duly-called meetings are the main mechanism through which boards make organizational decisions. Often, meetings are the only time when the board as a whole gets together to execute its governing responsibilities. For these reasons, board meetings are precious times, indeed. More often than not, however, nonprofit board members find themselves in meetings that are filled with the least interesting and least challenging issues. Many board members and chief executives struggle to make board meetings valuable to the organization and the individuals in attendance. A consent agenda can turn a board meeting into a meeting of the minds around the things that matter most. A consent agenda is a bundle of items that is voted on, without discussion, as a package. It differentiates between routine matters not needing explanation and more complex issues needing examination. While not difficult to use, a consent agenda requires discipline in working through the following seven steps: 1. Set the meeting agenda 2. Distribute materials in advance 3. Read materials in advance 4. Introduce the consent agenda at the meeting 5. Remove (if requested) an item from and accept the consent agenda 6. Approve the consent agenda 7. Document acceptance of the consent agenda With a consent agenda, what might have taken an hour for the board to review, takes only five minutes. Because it promotes good time management, a consent agenda leaves room for the board to focus on issues of real importance to the organization and its future, such as the organization’s image and brand, changing demographics of its constituents, or program opportunities created by new technology. SEVEN STEPS TO USING A CONSENT AGENDA Consent agendas offer the opportunity to convert board meetings from boring recitations into active discourses by freeing up scarce meeting time for genuine board discussion of critical issues, emerging opportunities, and forward-looking plans. Chief executives and board members who use consent agendas speak glowingly of their impact on organizational decision making and board-staff solidarity. They appreciate the fact that their limited time is used well and that conversations in the boardroom are productive. The following seven steps outline how to use a consent agenda successfully. 1. Set the meeting agenda. Together, the board chair and the chief executive identify what issues should be at the heart of the meeting and what other items need to be addressed. They then assign routine reports to the consent agenda and create adequate time for more substantive discussions. This challenging but valuable exercise enables the board chair and chief executive to focus the board on organizational priorities. 2. Distribute materials in advance. All items included on the consent agenda must be supported by documents that enable board members to make informed decisions. The chief executive sends materials supporting items on the consent agenda to the board sufficiently in advance of the meeting to permit review. Committees and staff may also have to circulate memoranda summarizing committee actions. 3. Read materials in advance. Preparation is an absolute prerequisite for using a consent agenda. Board members must read materials ahead of the board meeting so that they are prepared to ask questions about items

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on the consent agenda or to vote their approval. While this may require additional effort from board members, it results in more productive meetings and therefore more satisfied and engaged board members. 4. Introduce the consent agenda at the meeting. The consent agenda is usually listed as the first item on the board meeting agenda. The board chair notes the items on the consent agenda and asks if any board member wishes for an item to be removed. This is the final moment for board members to raise their concerns. 5. Remove (if requested) an item from and accept the consent agenda. If a board member has a question, wants to discuss an item, or disagrees with a recommendation, he or she should request that the item be removed from the consent agenda. Without question or argument, the board chair should remove the item from the consent agenda and add it to the meeting agenda for discussion. If a board member needs to abstain from voting on a particular item in the consent agenda, he or she can make this explicit ahead of time and the item need not be removed. 6. Approve the consent agenda. If no one requests that an item be removed from the consent agenda, a simple unanimous yes vote is needed. The chair asks the board for a motion to approve the consent agenda in its entirety. After a motion and a second, the chair asks the board for its approval of the consent agenda. The board votes on the consent agenda items as a whole. The vote will, of necessity, be unanimous since any disagreement with an item should have been expressed earlier and the item removed from the consent agenda. 7. Document acceptance of the consent agenda. The minutes, circulated after the meeting, state that the consent agenda was approved unanimously and indicate which, if any, items were removed and addressed separately. All supporting materials should be saved with the agenda to demonstrate the information on which the board based its decision.

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Audit Committee Conference Call January 28, 2019

3:30 pm MINUTES

Committee Members In Attendance Doug Laskowski, CFA - Chair Garrett Glawe, CFA Michael Holt, CFA Tanya Williams, CFA Kristan Rowland, CFA – Secretary/Treasurer, Chair, Budget Committee Committee Members Not Present Tom Digenan, CFA (Chair) (ex-officio) Daniel Kastholm, CFA (Vice Chair) (ex-officio) CFA Society Chicago Staff Shannon Curley, CFA, Chief Executive Officer Nicole Harris, CAE – Senior Director, Operations and Outreach The Audit Committee shall provide assistance to the Board of Directors in fulfilling their oversight responsibility to the members relating to the Society's financial statements and the financial reporting process, the systems of internal accounting and financial controls, the internal audit function, and the annual independent audit of the Society's financial statements. In so doing, it is the responsibility of the Committee to maintain free and open communication between the independent auditors, management of the Society, and Society members. Call to Order The meeting was called to order at 3:33 pm. The Audit Committee met via conference call to review the draft of the 2017-2018 financial statements. Non-committee members Shannon Curley, CFA (Chief Executive Officer) and Nicole Harris, CAE (Senior Director, Operations and Outreach) took part in the discussions as well. Items of note included;

Mr. Curley gave an overview of the call

Mr. Curley informed the group the audited financial statements were received and distributed to the committee electronically

Mr. Curley shared with the group that the Audit Committee Chair and staff met with the Auditor via conference call to discuss the statements and ask questions before presenting the statements to the committee for review

Mr. Curly advised the group their recommendation for the audited statements will be presented to the Board in April for approval

Audit Chair, Doug Laskowski gave a broad overview of the audited financial statements and asked the committee if they had any questions. Below is a summary of the group’s discussion:

o Internal Controls o Program Revenue o Other Income

The committee agreed the Other Income section should be reclassified to reflect the type of income recorded in the line item (CFA Institute – Operational and Project Funding)

Mr. Curley advised the group he would have the auditor to change the Other Income section heading and ask for revised statements. He noted the revised statements would be distributed electronically for a committee vote.

The meeting was adjourned at 3:55 pm.

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Board of Directors Meeting January 23, 2019 3:00pm – 5:00pm

Northern Trust

MINUTES

In Attendance Executive Committee (EC): Thomas Digenan, CFA –Chair (Conference Line) Dan Kastholm, CFA – Vice Chair Kristan Rowland, CFA – Secretary Treasurer Marie Winters, CFA – Immediate Past Chair Shannon Curley, CFA – Chief Executive Officer Directors: Jenifer Aronson, CFA Michelle Beck, CFA (Conference Line) William Fitzpatrick, CFA Garrett Glawe, CFA Michael Holt, CFA (Conference Line) Doug Laskowski, CFA (Conference Line) Cosmin Lucaci, CFA Linda Ruegsegger, CFA David Smith, CFA (Conference Line) Mark Toledo, CFA (Conference Line) Tanya Williams, CFA Staff: Kim Augustyn, CMP Nicole Harris, CAE Pari Patel

Not In Attendance Directors: Levoyd Robinson, CFA Dhvani Shah, CFA

I. Call to Order

The meeting was called to order at 3:03pm. CEO Curley informed the Directors that the Chair, Tom Digenan was in London and participate in the meeting via conference call. Chair Digenan welcomed everyone to the meeting and asked CEO to take the lead in moving through the agenda.

II. Presentation of Consent Agenda

CEO Curley directed everyone to the materials in the consent agenda. He asked if there were any items on the consent agenda the Directors wished to discuss separately in more detail. There was brief discussion regarding the Quarterly Financials with respect to the salary line item. There being no more discussion, a motion was made and seconded to approve the consent agenda as presented.

MOTION: Resolved that items on the January 23, 2019 meeting consent agenda be approved as presented. (APPROVED)

III. CFA Society Chicago/CFA Institute

A. Chief Executive Officer Update

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2019-2020 Membership Dues Rates

CEO Curley directed the Board’s attention to the membership dues flyer included in the meeting materials. A motion was made and seconded to approve the 2019-2020 CFA Society Chicago membership dues as presented.

MOTION: Resolved to approve the 2019-2020 CFA Society Chicago membership dues as presented. (APPROVED - UNANIMOUS)

Continuing Professional Development CEO Curley reported that CFA Institute was revisiting its approach to continuing professional development (CPD) and moving the program towards a more intentional form of learning focused on practical skill and personal development. It was noted CFA Institute identified 14 proficiency groups and would identify specific skillsets needed within the proficiency. The proficiency groups would allow learners to see the needed skills and identify gaps in their abilities. CEO Curley shared that societies could develop programming to bridge the learner gap and meet the requirements within the proficiencies through Societies 2.0. High Net Worth Investors Campaign CEO Curley told the Board that CFA Institute conducted market research to determine how to differentiate CFA private wealth managers’ value proposition, how to better articulate that value proposition and how CFA Institute and societies could deliver that value. It was noted that based on the research the HNW target audience would be those members less than 50 years of age or 25-39 with $3M+ in AUM and members over 50 years of age with $3M+ in AUM. CEO Curley ended by sharing the campaign would have an ethical component and would not contain a local component.

2018 Annual Dinner Financial Review CEO Curley reported the Annual Dinner had another successful year with over 1,100 registrations.

He mentioned survey feedback was excellent and that the dinner made just over $27K vs a planned loss of $15K. CEO Curley noted the better than expected results were mainly attributed to higher than expected sponsorships (+$27K) and event receipts (+$12K).

B. Treasurer Report

Secretary Treasurer Rowland reported the society continued to experience strong financial results with a net income just above $500K. She noted the finances were well within budget guidelines and did not anticipate any material variances by year end. Secretary Treasurer Rowland stated reserves we slightly over 18X, even though capital gains swung from a gain of $33k to a loss of $100K (a swing of just under 1 month of reserves), due to the receipt of operational funding from CFA Institute in the quarter this loss was offset in the quarter. She reported, assuming flat markets for 6 month, the reserves would be approximately 14 months by fiscal year end, well above the action level of 8 months.

Secretary Treasurer Rowland directed the group to the Investment Portfolio on page 14 in the Board meeting packet. The YTD date results showed a total loss of 6%. It was noted the rebalancing effort in the summer from stocks to bonds was well timed. Rowland report the current move has equally moved two funds 3% away from target- Bond Market Index fund was 3% over and International Stock Index fund was 3% under. Secretary Treasurer Rowland recommended to the Board to rebalance both funds back to policy levels. A motion was made and seconded to rebalance the Bond Market Index and International Stock Index funds be rebalanced to policy % level.

MOTION: Resolved that the Bond Market Index and International Stock Index funds be rebalanced to policy % level. (APPROVED)

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IV. Board Committees

A. Governance and Nominating Committee

Ms. Winters, Chair, Governance and Nominating Committee shared with the Board that the committee would meet on January 31 after the Board meeting. She informed the group that there would be five available slots to fill for the 2019-2020 Board of Directors slate. She noted the committee would vet potential candidates and conduct in-person interviews. She ended her update by stating the slate would be presented for Board approval at the April meeting.

B. Audit Committee Audit Committee Chair, Doug Laskowski reported the committee would meet on January 28 after the Board meeting. He shared that he and staff held a conference call with the Auditor to prepare for the committee meeting. Mr. Laskowski stated the audited statements appeared to be in order and would have more to report in April.

V. Long Range Strategic Visioning

A. Society Chairman’s Dinner Chairman Digenan stated the Board approved a small budget for engagement dinners with top employers. He stated the purpose of the dinners was to meet with senior professionals and influencers in the industry that aren’t knowledgeable about the society. He stated the plan would be to hold monthly dinners and asked for input from the Board as to what should the “ask” be of those attending the dinner. The following was a summary of the discussion:

Future speakers

Future sponsors

Building awareness and establish relationship between the firm and the society

Corporate engagement and getting employees to become members and active with the society

VI. New Business

A. CFA Society Chicago Staffing Update

CEO Curley report that Dianna Reeves was hired as the society’s Office Manager and had started on January 2.

B. Education Seminars Advisory Group Request CEO Curley mentioned the Education Advisory Group was planning a SpaceX event and wanted to know if any Director had contacts the group could leverage. Mr. Curley stated he would circulate the list of potential speakers to the Board after the meeting.

VII. Executive Session

Non-Board members and staff were excused from the meeting. VIII. Adjournment

Chair Digenan adjourned the meeting at 4:11pm.

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External Relations Committee Meeting

January 29, 2019 Committee Members in Attendance Tom Digenan, CFA - Chair David Smith, CFA Linda Ruegsegger, CFA (Conference Line) Mark Toledo, CFA (Conference Line) Cosmin Lucaci, CFA Daniel Kastholm, CFA (Vice Chair) (ex-officio) (Conference Line) Society Staff Shannon Curley, CFA, CEO Nicole Harris, CAE, Senior Director, Operations & Outreach The External Relations Committee is dedicated to raising awareness of the CFA designation and of the CFA Society of Chicago activities to outside parties in the Chicago community. Through outreach, the Committee aims to build the CFA brand and showcase the talent of Society members. The Chairman of the Board chairs this Committee. The current Vice Chair also serves on the Committee in an ex-officio role. Committee members met on January 29 2019 in the CFA Society Chicago office. Non-committee members Shannon Curley, CFA (CEO) and Nicole Harris, CAE (Senior Director, Operations and Outreach) took part in the discussions as well. A summary of the meeting is below.

The meeting was called to order at 3:00pm and CEO Curley gave an overview of the Chairman’s Dinners. He shared a list of leader contacts for the committee to review and explain the list was not an exhaustive list. Mr. Curley asked the committee members to review the list to identify any gaps and to identify where they might have contacts.

Chairman Digenan explained the dinners would take place monthly on the third Thursday and worked with the group to identify February 21, March 14, April 18 and May 23 to hold the next dinners. He explained determining the dates in advance would assist in securing leaders.

Chairman Digenan asked the committee for to discuss the dinner format and potential leaders to target. The list of leaders to target included:

o Stephanie Braming, CFA o John Dugenske

o Michael Mauboussin

Mr. Curley informed the group prior to 2016, the External Relations Committee hadn’t met since May 2014. He stated the committee’s primary charge was to build stronger awareness and relationships with the greater Chicagoland business community, in particular with businesses that currently employ (or could employ in the future) local CFAs.

Mr. Curley stated several employer meetings were held last year with the assistance of previous committee members that are no longer on the Board or External Relations Committee. He shared the committee identified several companies to approach in 2018 but were not successful including:

o Harris Associates o Grosvenor o Guggenheim o Legal and General

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o Morgan Stanley o PPM America o Prudential Financial

CEO Curley asked the group to review the list and identify companies in which they had contacts. He also added if there are other firms the committee should consider that they email them to the group.

The call ended at 4:10pm.

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Governance and Nominating Committee Meeting

January 31, 2019 33 N. LaSalle, Ste. 910

Committee Members in Attendance Marie Winters, CFA – Chair, Immediate Past Chair Terrence Mullen, CFA (Conference Line) Levoyd Robinson, CFA (Conference Line) Justin Sheperd, CFA Tom Digenan, CFA (Chair) (ex-officio) Kristan Rowland, CFA – (Secretary/Treasurer) (ex-officio) Committee Members not in Attendance Michelle Beck CFA Chicago Staff Shannon Curley, CFA, Chief Executive Officer Nicole M. Harris, CAE, Senior Director, Operations and Outreach The Governance Committee's role is to act as a resource to the Board by developing and overseeing the Society's chosen governance principles and structure. Recommendations requiring by-law changes are submitted to the full membership for a vote during the Society's Annual Business Meeting. The Nominating Committee's role is to recommend individuals for consideration by the Society membership for Board of Director and Executive Committee positions. The Committee aims to nominate qualified and committed individuals. The Committee is mindful of the value of diversity of job functions, industry sectors, and other differences in potential leaders' perspectives. The recommendations are presented to the full membership for a vote during the Society's Annual Business Meeting. The Nominating Committee also recommends individuals for consideration by CFA Institute for their Board of Governors and other Committee positions. The Governance and Nominating Committee is comprised of 5 members, at least two of whom shall not be members of the Board of Directors. The Immediate Past Chairman of the Society serves as the Chair. The current Chairman, Vice Chair and Secretary Treasurer also serve on the Committee in an ex-officio role. The CEO will serve as the permanent staff liaison. Call to Order The meeting was called to order at 3:10 pm. Committee members met on January 31, 2019 at the CFA Society Chicago office. Non-committee members Shannon Curley, CFA (CEO) and Nicole M. Harris, CAE, took part in the discussions as well. A summary of the meeting is below.

Ms. Winters thanked everyone for attending the meeting, gave an overview of the meeting’s objectives, shared an update on committee member Beck not in attendance and briefly reviewed the meeting materials.

Ms. Winters directed the group’s attention to the meeting materials which contained a prospective candidate list by firm type and firm size, a candidate ranking document and committee guidelines.

Ms. Winters led the group in a discussion of the candidates and ranked each candidate.

The committee agreed to take a week to review each candidate’s bio and background information and then convene via conference call to select the top five candidates to vet via an in-person interview.

Ms. Winters ended the meeting by stating after the conference call; the candidate interviews would need to take place relatively soon so that the official slate could be presented for Board approval two weeks before the April 2019 Board meeting.

The meeting was adjourned at 4:20 pm.

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CFA Society Chicago Leadership Awards Committee

February 5, 2019 CFA Chicago Office: 33 N. LaSalle, Ste. 910

MINUTES

Committee Members in Attendance Doug Jackman, CFA - Chair Bill Fitzpatrick, CFA Susan McDermott, CFA (Conference Line) Michelle Moreno, CFA Dhvani Shah, CFA Kevin Silverman, CFA Mark Toledo, CFA Tom Digenan, CFA (Chair) (ex-officio) Committee Members Not Present Jenifer Aronson, CFA James Stirling, CFA Jim Whitney, CFA Daniel Kastholm, CFA (Vice Chair) (ex-officio) The Leadership Awards Committee recommends deserving candidates from the CFA Society Chicago to be nominated for a number of Awards program. Specifically, the committee is tasked with identifying worthy and accomplished CFA Chicago members who may be considered for the Hortense Freidman, CFA, Award for Excellence (annually) and CFA Institute Leader and Member Awards (when applicable). Candidates shall be members of the Chicago-area investment community who have demonstrated initiative, leadership, and a commitment to professional excellence. The committee is tasked with identifying deserving nominees (for Board approval) but is not required to present a nominee unless merited. The chairman and members of this committee are composed of past leaders as identified by the Board. The current CFA Chicago Chair and Vice Chair also serve on the Committee in an ex-officio role. Committee members met on February 5, 2019 at the CFA Chicago office. Non-committee members Shannon Curley, CFA, (CEO) and Nicole Harris, CAE (Senior Director, Operations and Outreach) took part in the discussions as well. A summary of the meeting is below.

The meeting was called to order at 12:05pm with a welcome and introductions.

Mr. Jackman and gave an overview of the committee’s charge, provided an overview of the meeting’s goals which included reviewing the candidate list and identifying additional potential candidates for the Hortense Freidman award.

The group discussed the process and guiding principles for identifying candidates for the Hortense Freidman award including contributions to the Society, contributions to the industry, having earned their Charter and inspiration to others in the industry.

The committee reviewed names from the Future Award Recipient Candidate List and added Heather Brilliant, CFA, William McLean, CFA, Joan Rockey, CFA Jose Santillan, CFA, Jim Reynolds, Richard Driehaus, CFA and Stephanie Braming, CFA for the consideration for the Hortense Freidman, CFA, Award for Excellence recipient.

The committee discussed if a posthumous candidate should be identified. It was agreed that the committee preferred giving annual award if there was a deserving candidate.

The group agreed that the Chair would send a prioritized list of candidates via email and committee members would identify their top five choices via conference call.

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An email vote for the 2019 Hortense Freidman, CFA, Award for Excellence recipient will take place in early March so that the committee can forward their recommendation to the Board in April 2019.

******************************************************************************************************************************** Previous Award Recipient/Posthumous Recipient Winners

Year Recipient Posthumous (if applicable)

2000: J. Parker Hall, III, CFA N/A

2003: Jon T. Ender, CFA N/A

2004: William S. Gray, III, CFA N/A

2005: C. Reed Parker, CFA N/A

2006: Kenneth R. Meyer, CFA William C. Norby, CFA

2007: Michael L. McCowin, CFA Mary Petrie, CFA

2008: Frank Helsom, CFA M. Dutton Morehouse, CFA

2009: Frank K. Reilly, CFA William A. Cornish, CFA

2010: Gary Brinson, CFA Corliss D. Anderson, CFA

2011: Philip Edward Arnold, CFA Raymond J. Sidney

2012: Jeff Diermeier, CFA N/A

2013: James Stirling, CFA Brierly Anderson, CFA

2014: Ralph Wanger, CFA N/A

2015: Priscilla Perry, CFA N/A

2016: Richard Ennis, CFA George Norton

2017: Larry Lonis, CFA Robert Harper

2018: Brian Singer, CFA N/A

************************************************************************************************************* Future Award Recipient Candidate List Stephanie Braming, CFA Heather Brilliant, CFA Roger Brown Richard M. Burridge, CFA Richard Driehaus, CFA James Goss, CFA Doug Harman, CFA Leo Harmon, CFA Michael Lindh, CFA William McLean, CFA Alan Meder, CFA Joseph Mansueto Charles O’Connell, CFA Jim Reynolds Tom Richards Joan Rockey, CFA Jose Santillan, CFA Richard Thaler

Future Award Recipient Candidate List - Posthumous Michael Borrelli, CFA James Coulter Thomas Mathers, CFA

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CFA Society Chicago

Statement of Financial Position

As of March 31, 2019

Total

ASSETS

Current Assets

Bank Accounts

Cash Assets

Total Cash Assets $ 591,402.51

Total Bank Accounts $ 591,402.51

Accounts Receivable 0.00

Total Accounts Receivable $ 0.00

Other Current Assets

2600.03 Vanguard 584 558,476.65

2600.04 Vanguard 585 574,932.56

2600.05 Vanguard 569 491,792.75

Total 2600 Investments $ 1,625,201.96

Other Current Assets

Total Other Current Assets $ 58,123.33

Total Other Current Assets $ 1,683,325.29

Total Current Assets $ 2,274,727.80

Fixed Assets

Fixed Asset

Total Fixed Asset $ 93,026.31

Total Fixed Assets $ 93,026.31

Other Assets

Total Other Assets $ 35,000.00

TOTAL ASSETS $ 2,402,754.11

LIABILITIES AND EQUITY

Liabilities

Current Liabilities

Accounts Payable

Total Accounts Payable -$ 4,206.23

Other Current Liabilities

Other Current Liabilities

Total Other Current Liabilities $ 33,226.17

Total Other Current Liabilities $ 33,226.17

Total Current Liabilities $ 29,019.94

Total Liabilities $ 29,019.94

Equity

3900 Retained Earnings 2,019,947.74

Net Revenue 353,786.43

Total Equity $ 2,373,734.17

TOTAL LIABILITIES AND EQUITY $ 2,402,754.11

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2018-2019 Board of Directors – Governing at a Glance

April

CFA Society Chicago Board of Directors Meeting (4th Wednesday of the month)

CEO to submit dues adjustment notice to CFA Institute (if any changes)

Approve Officers and Directors Slate and Bylaws (if any changes)

Approve Hortense Friedman Award Winner(s)

May CFA Institute Annual Meeting

June

Annual Business Meeting – Election of new Officers/Directors, Bylaw amendments o Convene, 16 W. Adams; 5:00pm – 7:00pm

CFA Post-Exam Party o St. Jane Hotel, 230 N Michigan Ave; 5:00pm – 6:30pm

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Advisory Group Co-Chairs FY2018-2019 Updates (April 17, 2019) Academic Programs Education Seminars: Rich Excell (Co-Chair) and Miranda Yu, CFA (Co-Chair) Current Programs/Events/Projects

Big Data/AI – May 7, 2019

Impact Investing – June 5, 2019

The New Space Race – August or September of 2019

ESG – The Return on Investment in Alternative Energy – October or December of 2019

Alternative Investment Series – Hedge Funds – October or December of 2019

Replace of Libor – January or February of 2020

Cannabis – January or February of 2020

Completed Programs/Events/Projects

Economic Outlook – 1/16/2019

Portfolio Construction – 2/20/2019

Equity Risk Premium – 4/2/2019

Monthly Investment Exchange Forum

Monthly Special Situations Forum

Monthly Book Club Meeting Distinguished Speaker Series: Andy Baker, CFA (Co-Chair) and Jeremy Heer, CFA (Co-Chair) Completed Programs/Events/Projects

Howard Marks (Oaktree) – 2/22/19

Aegon USA (3/12/19)

John Streur (Calvert) – 3/13/19

Sheila Penrose (Penrose Group) – 4/9/19

Current Programs/Events/Projects

Fritz Kaegi (Cook County Assessor) – 5/1/19

Charlie Bobrinskoy (Ariel) – 5/15/19

Michael O’Grady (Northern Trust) – 6/13/19

Vivien Azer (Cowen) – 7/9/19

David Booth (DFA) – 8/14/19

Rob Brown (Lincoln International) – 9/10/19

David Herro (Harris Associates) – 10/8/19

Curt Bailey (Related) – 11/20/19

Anthony Scaramucci (SkyBridge) – 12/10/19

Roy Swan (Ford Foundation) – 4/1/20

Vault Series

Capital Innovations (5/16/19)

CFRA (7/17/19) Challenges/Items of Note The group has actively sought to bring in women and minority speakers but has not been able to achieve its goals thus far. Actions/Solutions We continue to focus attention on the issue and seek new sources of ideas – all are welcome

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Member Development CFA Women’s Network: Tiffany Greenhouse, CFA (Co-Chair) and Christine Tinker, CFA Current Programs/Events/Projects

Alan Meder Empowerment Series o (Part 4) 6/10/19 Building Relationship Equity and Sponsorship - Carol Seymour

How to build internal networks – what types of relationships are needed to help you

succeed, affect change at your organization, and set yourself up for sponsorship.

Carol to provide practical applications and recommendations for navigating common

issues/barriers

Event will include a networking cocktail hour

P.O.W.E.R. Breakfast o 9/17/19 – Sallie Krawcheck

Partnership Opportunities o University Outreach

AG is getting re-focused on university outreach efforts (undergraduate mainly, but graduate/MBA level as well) and new AG/board members volunteered as new “champions”

“Champions” subcommittee to meet in June to provide updates and share ideas

Completed Programs/Events/Projects

Alan Meder Empowerment Series o (Part 3) 3/15/19 Personal Branding – Karyl Innis

Overview: What is personal branding and why is it important? Interactive workshop: Defining your value proposition and successfully

presenting/communicating it

P.O.W.E.R. Breakfast o 2/6/19 – Mellody Hobson

Mellody provided her perspective on current risks and opportunities in the financial

markets and discussed her career experiences in a fireside chat format with Moderator

Linda Ruegsegger. Discussion highlights:

The value of diversity on boards and Mellody’s path to board membership

Financial literacy and community involvement

Mellody’s career path and Ariel’s investment story

AG continues to attract/recruit new members and increase attendance at monthly meetings Challenges/Items of Note

AG is focused on identifying the intended audience for programs and then designing and marketing programs to meet audience expectations.

Overlap of program content with other AGs, i.e. PDAG (free vs. fee)

To assist with our university outreach efforts we hope to continue leveraging relationships that board members may have with local university faculty/staff members

Actions/Solutions

AG requested to incorporate survey questions in Annual Membership Survey to help identify future themes/topics for events

o Types and timing of events

Formal vs. Informal

Presentation style or workshop/networking based

Small (low attendance, high impact?) vs. large audience

Soft vs. hard/technical skills

Should content be specific to stage of career (junior/mid/senior level)?

Can we ask what stage the survey respondent is in?

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Preferred/ideal time of day for events

Interest in attending a female-oriented event

Topic suggestions

Continued collaboration with other AGs to cross-promote events and attract new members to the Women’s Network.

We plan to further utilize social media and our individual networks (i.e. colleagues) to promote events. We also want to get creative and hopefully find ways to use the CFASC website to directly promote or more prominently advertise the Women’s Network to increase overall awareness.

Membership Engagement: Gerald Norby, CFA (Co-Chair), Aaron Taylor, CFA (Co-Chair) Current Programs/Events/Projects

Financial Literacy Partnership with Economic Awareness Council (EAC)

On the Money Mentoring – 4/24/2019, 5/15/2019

On the Money Graduation – 5/29/2019

Schweser Live Mock Exam – 5/18/2019

Ongoing welcome wagon calls and introductions

Behavioral finance subcommittee ready to take on more projects

December Exam Scholarships

Kimberly Paige – Deadline: 7/5/2019, Winners notified: 7/12/2019

Exam registration -- Deadline: 8/9/2019, Winners notified: 8/17/2019 Completed Programs/Events/Projects

Final Countdown to June Exams – 4/3/2019

Experts at each exam level shared study strategy and advice to help candidates registered for the June exam

Financial Literacy Partnership with Economic Awareness Council (EAC)

On the Money Mentoring – 1/16/2019, 1/23/2019, 2/13/2019, 3/6/2019, 3/27/2019, 4/10/2019

High School Classroom Visit –1/31/2019

Visit to Malcom X College –3/7/2019

Money Smart Week – 4/2/2019 – 4/4/2019

Research Challenge

Oral Competition – 3/1/2019

Illinois Tech will proceed to Americas Regional – 4/23-4/29

Research Challenge committee holds follow up calls with Faculty Advisors

Behavioral finance subcommittee formed, reviewed CFA Chicago Presentation deck and made

recommendations based on behavioral finance concepts 2019 Annual Celebration – 1/17/2019

Operations Communication AG: Brett Bina, CFA (Co-Chair) and Richard Schiller, CFA (Co-Chair) Current Programs/Events/Projects

Adding additional content / news items / people movement to blog / CFA Society webpage

Enhancing website with video podcasts—both of events and post-Q&A recaps

Creating a new communication channel on the Apple Podcast App for the Society

Continue our Ongoing blog reporting efforts recapping the Society’s events

Merger the current blog website into the newly redesigned website Completed Programs/Events/Projects

Created Podcast / Multimedia Subcommittee o Technical (ie audio engineering as well as interviewers / content creators)

Subscribed to Soundcloud as RSS platform for uploading podcasts to Apple Podcasts app

Purchased hardware to record Q&A and event podcasts

Confirmed Audacity is sufficient to edit audio files (free platform installed on CFA computer)

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Proof of concept for podcasts – Chicago Media Angels

Proofreading system for peer reviewing blog articles ahead of publishing

Increased number of attendees at AG meetings and number of writers for event coverage

Set of writing standards for blog Challenges/Items of Note

Dealing with potentially a high volume of data & podcast recordings

Technological challenges associated with new communication verticals Actions/Solutions

Limit podcasts to current event recordings / interviews

Test Chicago Media Angels on Apple iTunes Podcast app and CFA Chicago website upload

Assign future recordings and podcast questionnaire sessions to future events Special Events

Annual Dinner: Melissa Binder, CFA (Chair)

The Annual Dinner AG held its first meeting since the 2018 Dinner on April 10 and the group plans to meet via conference call every other month through September

The 2019 Annual Dinner will be held on November 7, 2019 at the Sheraton Grand Ohio

Keynote Speaker William Browder, Hermitage Capital Management

Professional Development: Shai Dobrusin, CFA (Co-Chair) and Anne Durkin, CFA (Co-Chair) Current Programs/Events/Projects

Event Fiscal 2019 Completion Date

Job Seekers Forum Monthly

Mentorship Program Closing May/June 2019

Storytelling – A Critical Brand Building Skill for Leaders 14-May-19

EQ vs. IQ Event TBD

Communication Series TBD

Organizational Psychology TBD

Transition Technique Panel TBD

Non-Traditional Career Paths for Charterholders TBD

We are also in the process of developing a professional development resource library to be housed on the CFA Society Chicago website and accessible by the membership base. The resources will include material from prior PDAG programs, recordings of future events, links to 3

rd party resources and subject

matter experts, interview prep material (i.e., sample case studies, investment pitch preparation guides, resume tips), articles/white papers of professional development topics (i.e., networking, mentorship, professional branding), links to training resources (i.e., wall street training, Bloomberg, FactSet). We plan to have these links available to be posted to the website by the end of April.

Completed Programs/Events/Projects Since January Report

Event Fiscal 2019 Completion Date

Job Seekers Forum Monthly

Industry Roundtables 26-Feb-19

Career Fair 8-Mar-19 Wentworth Communications (Presentation Skills Event) 4-Apr-19

Items of Note

Our backlog continues to be strong, but we struggle with volunteer initiative to spearhead and lead some

of these ideas. We are working to form subcommittees to plan and develop the future programming.

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Social: Taylor Champion, CFA and Andrew Speight, CFA (Co-Chair) Current Programs/Events/Projects

April Informal Happy Hour – 4/25

Uncork & Unwine – 4/30 (Sold Out) Overview: Evening of networking, snacks, and exclusive wines selected by Derrick Westbrook, a certified sommelier recently honored by Wine Enthusiast as a Top 40 under 40 Tastemaker.

May Informal Happy Hour – 5/23

June Informal Happy Hour – 6/27

Kickball Team – Summer 2019

Progressive Dinner (Oakbrook) – 6/26

White Sox Game – Summer 2019

Chicago Golf Outing – Fall 2019

Out of State Golf Outing – Summer 2020 Completed Programs/Events/Projects

3/29 - March Informal Happy Hour – Townhouse Restaurant & Wine Bar

3/6 – Progressive Networking Luncheon – Lloyd’s Chicago Overview: Networking luncheon featuring a three-course meal where the attendees switch tables after each course.

3/5 – Curling Event – Kaiser Tiger Overview: Evening networking event featuring curling, food, and drinks located in Kaiser Tiger’s outdoor beer garden.

2/28 – February Informal Happy Hour – Jackson Tavern

1/24 - January Informal Happy Hour - Boleo

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CFA Society Chicago - Event Summaries

Date Host/Group Event Name Total Registered

Total Attendance

Proceeds (Loss) Notes

7/12/2018 ME Candidate Information Session 49 38 ($369.28)

7/12/2018 ME Study Group Kick Off 49 38 ($369.28) $369.28 Kaplan Expenses Split

7/13/2018 PDAG Job Seekers 10+ 8 8 $0.00

7/16/2018 DSS Vault Series: Chicago Media Angels 53 38 ($1,527.29)

7/17/2018 EDU Book Club 8 8 ($9.45)

7/23/2018 EDU Special Situations 8 7 $0.00

7/24/2018 PDAG Succession Planning 42 27 ($398.89)

7/30/2018 EDU IEF 2 2 ($125.00)

8/2/2018 ME Member Headshots 89 77 ($1,823.00)

8/7/2018 PDAG Transition Event 77 61 ($690.48)

8/8/2018 DSS DSS Ari Paul 146 133 ($1,158.30)

8/10/2018 PD Job Seeker's Forum 10 and Under 12 7 $0.00

8/14/2018 EDU IEF 7 7 $0.00

8/21/2018 EDU Book Club 11 7 ($43.26)


9/6/2018 DSS DSS Morty Schapiro 88 78 ($3,291.63)

9/10/2018 DSS Vault Series: DePaul Univ. Real Estate 69 52 $421.22

9/12/2018 DSS DSS James Bullard 167 137 ($4,571.64)

9/12/2018 DSS DSS James Bullard Webcast 286 284 ($650.00)

9/13/2018 EDU QE Postmortem 113 90 ($8,013.19) Speaker Fee - $2500; Speaker Expenses - $883

9/14/2018 PDAG Job Seeker's Forum 10 and Over 7 7 $0.00

9/18/2018 EDU Book Club 9 6 ($35.85)

9/18/2018 PDAG Jump Start Your Job Search 40 34 ($4,409.21) $4000 Speaker Fee $669.65 Strength Finder Materials

9/26/2018 EDU IEF 7 7 $0.00

10/4/2018 GA Meet the Board/Networking with Leadership 132 96 ($9,389.44)

10/10/2018 DSS DSS Rick Waddell 106 82 ($3,706.82)

10/10/2018 DSS DSS Rick Waddell 106 82 ($3,706.82)

10/12/2018 PD Job Seeker's Forum 10 and Under 22 18 $0.00

10/16/2018 EDU Book Club 9 5 ($9.60)


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10/30/2018 EDU IEF 9 8 $0.00

11/2/2018 ME Research Challenge Company Presentation 86 75 ($798.00)

11/8/2018 DSS Vault Series: Trade Informatics.com 44 30 ($83.50)

11/9/2018 PDAG Job Seeker's Forum 10 and Over 13 6 $0.00

11/14/2018 DSS DSS James Grant 300 248 ($6,381.88)

11/17/2018 ME Mock Exam 49 49 $4,800.00 $4800 Kaplan Royalty

11/20/2018 PDAG LinkedIn Event 86 53 ($912.99)


11/27/2018 CFA Women Negotiations 73 53 ($1,383.50)

$2500 Speaker Fee and $3202.36 Meder donation

11/29/2018 EDU Private Equity 120 80 $3,393.94 $1500 Sponsorship

11/30/2018 EDU IEF 7 4 $0.00

12/4/2018 ME Study Group Kick Off 92 74 ($251.79) $251.79 Kaplan Expenses Split

12/5/2018 DSS DSS Joel Greenblatt 219 174 ($182.68)

12/5/2018 DSS DSS Joel Greenblatt Webcast 279 278 ($570.00) Webcast Fee

12/11/2018 EDU WST 20 18 $3,193.82 $3193.83 Speaker Fee

12/17/2018 PDAG Job Seeker's Forum 10 and Under 12 12 $0.00

12/18/2018 EDU Book Club 14 14 $0.00

12/21/2018 EDU IEF 4 4 $0.00

1/10/2019 DSS Vault Series: Cambridge Associates 66 41 $124.23

1/15/2019 EDU Book Club 18 10 $0.00

2/6/2019 WE Women's POWER Event: Mellody Hobson 212 174 ($2,783.83)

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CFA Society Chicago Board Committee Descriptions Audit Committee The Audit Committee shall provide assistance to the Board of Directors in fulfilling their oversight responsibility to the members relating to the Society's financial statements and the financial reporting process, the systems of internal accounting and financial controls, the internal audit function, and the annual independent audit of the Society's financial statements. In so doing, it is the responsibility of the Committee to maintain free and open communication between the independent auditors, management of the Society, and Society members. The Committee shall be comprised of 5 people - 3 of whom shall be independent Board members not directly connected to Society finances. The remaining 2 slots shall be filled by the Society Treasurer and Budget and Finance, Chair. The Chairman of the Board shall appoint the members of the Audit Committee, including the Chair, subject to Board approval. The current Chairman and Vice Chair also serve on the Committee in an ex-officio role. Benefits and Compensation Committee The Compensation and Benefits Committee's role is to review the Chief Executive Officer’s contract and the non-executive staff benefits. Recommendations are made to the Board for discussion in Executive Session. The Immediate Past Chairman of the Society serves as the Chair. The current Chairman and Vice Chair serve on the Committee. Budget Committee The Budget’ Committee role is to advise the society chief executive officer in preparation of an annual budget based on priorities established by the board; submit the budget to the society board for approval; and review for fiscal implications. The Budget Committee shall consist of 4 members appointed from the society membership at large and one current Board member that will serve as the chair. The main task for the Budget Committee will include:

Reviewing the annual budget of the society, which includes: Discussing budget items, anticipated income and expenditures over the next fiscal year; Evaluating new budget items; and Comparing the new budget to the prior year's budget

Ethics Committee The Ethics Committee will review any complaints of ethical misconduct and forward recommendations to the Board of Directors for their membership determination, pursuant to the Article II, Section 16 of the CFA Chicago Bylaws. The Committee will be comprised of the CFA Institute Ethics Liaison, 1 Non-Officer Director, and 1 Director. Each member will serve a maximum 2-year term. The current Chairman and Vice Chair also serve on the Committee in an ex-officio role. External Relations Committee The External Relations Committee is dedicated to raising awareness of the CFA designation and of the CFA Society of Chicago activities to outside parties in the Chicago community. Through outreach, the Committee aims to build the CFA brand and showcase the talent of Society members. The Chairman of the Board chairs this Committee. The current Vice Chair also serves on the Committee in an ex-officio role. Governance and Nominating Committee The Governance Committee's role is to act as a resource to the Board by developing and overseeing the Society's chosen governance principles and structure. Recommendations requiring by-law changes are submitted to the full membership for a vote during the Society's Annual Business Meeting. The Nominating Committee's role is to recommend individuals for consideration by the Society membership for Board of Director and Executive Committee positions. The Committee aims to nominate qualified and committed individuals. The Committee is mindful of the value of diversity of job functions, industry sectors, and other differences in potential leaders' perspectives. The recommendations are presented to the full membership for a vote during the Society's Annual

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Business Meeting. The Nominating Committee also recommends individuals for consideration by CFA Institute for their Board of Governors and other Committee positions. The Governance and Nominating Committee is comprised of 5 members, at least two of whom shall not be members of the Board of Directors. The Immediate Past Chairman of the Society serves as the Chair. The current Chairman, Vice Chair and Secretary Treasurer also serve on the Committee in an ex-officio role. The CEO will serve as the permanent staff liaison. Leadership Awards Committee The Leadership Awards Committee shall recommend deserving candidates to be nominated for the CFA Society Chicago Awards program. Specifically, the committee is tasked with identifying worthy and accomplished CFA Chicago members who may be considered for the Hortense Freidman, CFA, Award for Excellence (annually) and CFA Institute Leader and Member Awards (when applicable). Candidates shall be members of the Chicago-area investment community who have demonstrated initiative, leadership, and a commitment to professional excellence. The committee is tasked with identifying deserving nominees (for Board approval) but is not required to present a nominee unless merited. The chairman and members of this committee are composed of past leaders as identified by the Board. The current Chairman and Vice Chair also serve on the Committee in an ex-officio role.

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CFA Chicago Membership Trends- Fiscal Year End

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New Members Approved (January 15, 2019 – March 29, 2019)

January Members Approved as of 01/15/19

REGULAR

Name Title Employer Name Employer Rank

# of Charterholders

Ashwini Birla, CFA Research Associate

William Blair & Company, L.L.C. 2 125

Ryan King Yu Lam Principal Financial Group 53 11

Xiaoqing Li Fazal Investment Group Unavaila

ble Unavailable

AFFILIATE


# of Charterholders

Susana Garmen Chan

Associate Business Development Executive Northern Trust 1 192

Frederick Dewald III N/A N/A

January Members Approved as of 01/31/19

REGULAR


# of Charterholders

Ryan Crabtree Analyst Vista Credit Partners Unavaila

ble Unavailable

Gruwell Gregory Robert

Investment Performance Analyst Northern Trust 1 192

Spencer James Jacque Altus Group Unavaila

ble Unavailable

Michael Patchen, CFA N/A N/A

Tharindu Darshana Randeny Product Analyst Enfusion LLC

Unavailable Unavailable

Jason Curtis Smith, CFA

Institutional Relationship Specialist Capital Group 219 3

Marshall S Watts Susquehanna International Group, Llp. 173 3

Seth Williams, CFA Leveraged Lending Associate BMO Capital Markets 3 88

Wen Yao, CFA VP Neuberg Berman LLC 13 36

STUDENT Name University

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Lesley Mizhquiri Dartmouth

Gabrielle Morante Depaul University

Lilyana Grantcharova University of Chicago Marc Nistor Loyola University William Hartke Illinois State University

February Members Approved as of 02/15/19

REGULAR


# of Charterholders

James Farrell Bresler XR Trading 243 2

Abhinav Jaganath Davuluri Equity Analyst Morningstar 4 84

Richard Frank Johnson Jr., CFA N/A N/A

Casey Lee Karbowski Credit Analyst Charles Schwab 91 6

Christopher Robert Swanson Product Manager Nuveen TIAA 5 64

Adrian Szumilo Credit Suisse 108 6

Michael Lee Williams Portfolio Management Analyst Invesco 21 23

Joshua Thomas Worthy Allstate Investments 6 53

AFFILIATE


# of Charterholders

Patrick Christie Jones Valtec Unavailabl

e Unavailable


Paul Stasiek

University of Illinois Urbana Champaign

Sijing Xie Northern Illinois University Victoria Gin University of Chicago Anamika Banerjee DePaul University Charlie Levin Lake Forest

February Members Approved as of 02/28/19

REGULAR Name Title Employer Name Employer Rank # of Charterholders

Xiaoyu Gu AVP Bank of America Merrill Lynch 8 49

Lorrie Ann Minor Cardinal Mark LLC Unvavailable Unavailable

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Corey Patrick Snyder THE BOEING COMPANY 57 11

Michael Joseph Peter Tilatti Trader Xr Trading LLC 243 2

March Members to Approve as of 03/15/19

REGULAR


# of Charterholders

Nicholas Shaw Polachek

Senior Principal, Strategy

Maven Wave Partners Unavailable Unavailable

Liuxi Ren BNP Paribas 1318 1

Cory Michael Swartzlander

State Farm Insurance 9 45

AFFILIATE


# of Charterholders

Ellen Freeman Managing Director Advisory Research, Inc. 66 9


Patrick R. Mullen Loyola University

Winter Haynes Loyola University

Aiman Moizuddin IIT

Tyler Kennedy Illinois State University

Singh Surbhi IIT

Xuan Ru (Chloe) Tan University of Chicago

Jose Ortiz Morales Depaul University

Sriranjini Gurunath Northern Illinois

Surabhi Sutari IIT

Trishala Shety IIT

Jain Abhinav Northern Illinois

Markovic Uros Northern Illinois

Andrew Cepress

University of Minnesota

March Members Approved as of 03/29/19

REGULAR Name Title Employer Name Employer Rank # of Charterholders

Richard Birge Senior Consultant Ernst & Young 30 16

Zekai Li Milliman 48 12

Diyun Ni Ernst & Young LLP 30 16

AFFILIATE Name Title Employer Name Employer Rank # of Charterholders

Yufu Chu Altair Advisers 152 4

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Harsha Talakad Rajasherkara

University of Illinois

Hefei Wang


Zhujun Wang Depaul

Priya Gouri


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Top Employer Scorecard FY2018/2019

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Advisory Group Participation FY2018-2019

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Hortense Friedman, CFA, Award for Excellence – 2019 Nominees Proposed Nominees for 2019 – for Board Consideration/Approval The Leader Awards Committee recommends Alan Meder, CFA, for the Hortense Friedman, CFA, Award for Excellence

Alan Meder, CFA, CPA joined Duff & Phelps in 1985 and leads risk management and quantitative research for the firm’s equity and fixed income strategies. He also serves as Treasurer and Assistant Secretary of the four Duff & Phelps-advised closed-end funds: DNP Select Income Fund Inc., Duff & Phelps Global Utility Income Fund Inc., Duff and Phelps Utility and Corporate Bond Trust Inc. and DTF Tax-Free Income Inc. Prior to joining Duff & Phelps he was an auditor with National City Corp. He holds a BBA from Cleveland State University and an MBA from Baldwin-Wallace College. Meder is a CFA charterholder, a member of CFA Society Chicago, and has been actively involved with CFA Institute in various capacities for nearly 20 years. He served on the CFA Institute Board of Governors for six years and as chair from 2012-2013. He was on the Research Foundation Board of Trustees for two years, chaired the Education Advisory Committee and Test Specification Task Force, and served on other committees including Candidate Curriculum and Minimum Passing Score. Meder is coauthor of the Capital Market Expectations reading

in “Managing Investment Portfolios: A Dynamic Process,” which is in the CFA Program Curriculum. Meder received the Distinguished Service Award, in honor of Alfred C. “Pete” Morley, in recognition of significant contribution to CFA Institute through leadership, stewardship, and outstanding service at the CFA Institute Society Leadership Conference in San Jose, California, in October 2017. The Leader Awards Committee recommends Thomas Mathers, for the Posthumous Hortense Friedman, CFA, Award for Excellence

Board of Directors Meeting April 24, 2019 3:00pm 5:00pm AGENDA · Board of Directors Meeting April...

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