Hancock Library Board of Trustees
Minutes November 13, 2009
Present: Laurie Bryan, Mary Garland, Amy Markus, Peter Ryner
The Board met to discuss a proposed reallocation of certain Library funds. The proposal, submitted by Bank of America in response to a previous meeting, would place those monies which are under the direct control of the Library Trustees into a portfolio comprised exclusively of equity-based mutual funds.
After discussing the recommendations at some length, a general consensus emerged that while the present portfolio is too conservative, the new proposal is too aggressive, creating a degree of risk and a need for close monitoring of performance that is inappropriate. It was agreed that Michael Wrenn and Danielle Ward of Bank of America should be asked to prepare a new proposal that would reflect a more conservative investment strategy, with equities making up no more than 50 or 60 percent. Amy agreed to communicate this request to Michael Wrenn.
Submitted by Peter Ryner