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Social Responsibility Committee
April 7, 2009
Meeting Minutes

Wheaton proposed the following related to the Endowment Transparency Proposal:

1.   We list, on the SRC website, managers not subject to confidentiality agreements.  Should there be questions regarding a particular company, the links can be reviewed to determine if that company appears in the index.  (We do not hold proxy voting or buy/sell rights to the index fund.)

      S & P 500 (Large US companies)
http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/indices_500/2,3,22,0,0,0,0,0,2,3,0,0,0,0,0,.html
      Russell 2000 (Small US companies)
      http://www.russell.com/indexes/membershipReconstitution/US_Membership_Dropdown.asp
Vanguard Europe Fund (component of developed international market companies), and Vanguard Pacific Fund (the other component of developed international market companies)
https://personal.vanguard.com/us/FundsAllHoldings?FundId=0079&FundIntExt=INT&tableName=Equity&tableIndex=0
https://personal.vanguard.com/us/FundsAllHold?FundId=0072&FundIntExt=INT&tableName=Equity&tableIndex=0
      Vanguard Emerging Markets (companies in underdeveloped/emerging countries)
https://personal.vanguard.com/us/FundsAllHoldings?FundId=0533&FundIntExt=INT&tableName=Equity&tableIndex=0

2.   Reporting on holdings in individually managed accounts.

When we have managers who separately buy and sell individual securities for our account (not subject to confidentiality agreements), the Investment Office will commit to responding to questions from the SRC or its designees regarding holdings of specific companies within 10 days of receipt of the request.

3.   Contacting Managers

      We will not provide names of individual managers.

It was agreed we would add this to SRC (new) website, but charging next year’s SRC to develop clarifying procedures for questioning investments.

SRC voted to not approve the submitted Endowment Transparency proposal but to adapt the 3 points recommended by David Wheaton in an April 6, 2009 Moodle forum.

Meeting adjourned.

Submitted by Laurie B. Hamre


Macalester College · 1600 Grand Avenue, St. Paul, MN 55105  USA · 651-696-6000
Comments and questions to hamre@macalester.edu