2020 Convention

2020-R.5 Trustees Endowment Policy Statement Revisions Background:

The Trustees of the Funds investment policy statement directs the Executive Committee of the Trustees of the Funds to review and consider amendments to the Trustees investment policy annually as necessary. The policy statement also states that the Executive Committee of the Trustees of the Funds shall amend the Endowment Policy Statement. Over the past two years, the Trustees have opted to meet regularly as a full board over the course of the year rather than having an Executive Committee assist with decision-making independently. Changes to the endowment policy statement have been ratified by the entire board including the members of the Executive Committee. Thus, future changes to policy seem more effectively adopted by the whole board eliminating the need for the Executive Committee to make policy revisions independently. Moreover, the Endowment Policy Statement also states that amendments to the policy are to be ratified by Diocesan Convention. Upon review, the current Trustees concur that the Executive Board acting as a regionally representative body of the Convention can be in a more continuous dialogue with the Trustees of the Funds over the course of the year for the sake of more carefully and adequately adopting detailed changes to the policy. Should questions arise concerning the direction or technical particulars of the policy, the two boards can be in sustained conversation, spend more time learning about current investment strategies, and handle the investment details over the course of several months. Resolution: WHEREAS, the full board (including the Executive Committee) of the Trustees of the Funds of the Protestant Episcopal Church in the Diocese of Southwestern Virginia, Inc amended its investment policy statement at its meeting on October 10, 2019; and WHEREAS, proposed amendments to the portions of the investment policy statement are shown below by strikethroughs (deletions) or italicized text (insertions); NOW, THEREFORE, BE IT RESOLVED that the 100 th Annual Convention of The Episcopal Diocese of Southwestern Virginia hereby ratifies amendments to the investment policy statement as noted in this booklet by strikethrough or italicized text.

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