Marc Brière
The Committee held a conference call on April 19, 2017 to discuss the possibility of selling off all of our individual securities in our equity portfolio and reinvesting the funds obtained in Exchange Traded Funds (ETFs) as proposed by Howard Greenberg, UTE’s Investment Advisor from CIBC Wood Gundy.
The Committee reviewed the investment document provided by Mr. Greenberg and discussed the different options available.
The Committee agreed to accept our advisor's proposal and approved the sale of the individual securities and the reinvestment in CIBC Wood Gundy’s Growth ETFs.
The Committee also reviewed the over expenditures of some line items.
The Finance Committee recommends the following:
Recommendation # 1
Be It Resolved that the following line item be approved for overspending:
UTE
OVER-EXPENDITURES
JUNE 2017 EXECUTIVE COUNCIL
|
DATE |
LINE ITEM DESCRIPTION |
EXPLANATION |
2017 BUDGET |
ACTUAL+ |
OVERAGE |
|
15-May-17 |
Legal (Professional Fees) |
Over budget approval |
35,000.00 |
65,000.00 |
(30,000.00) |
Marc Brière
Chair of the Finance Committee