FIXED INCOME ANALYSTS’ SOCIETY, INC.
Board of Directors Meeting Minutes
Monday, January 23, 2023
PRESENT: Monica Aggarwal, Jessica Broughton, Joyce Chang, Ralph DeCesare, Mark Howard, Gregg Lemos-Stein, Erin Lyons, Pawel Mosakowski, Henry Shilling, Robert Slowko, Mariarosa Verde, Lauren Nauser
Absent: Diane Vazza
Welcome Remarks made by Monica Aggarwal:
Monica Aggarwal outlined briefly the agenda for the meeting, which will focus on HOF discussion; likely to take place in September with the front runner venue being the Harvard Club. Other topics include upcoming WIFI and ESG events.
Announcement: Erin Lyons shared that Peter Petas (founder of CreditSights) lost his husband after a short illness. Recommendation made to send something from the Board.
Acceptance of Minutes from 11/1/22:
Jessica Broughton made a motion to accept the minutes; Erin Lyons seconded the motion. The minutes were approved as written.
Financial Report (Lauren Nauser)
Review of the P&L statement:
Figures represented include through December 2022
F&B relates to Holiday Party
Advertising and PR for PR Newswire-have 3 left
Mark Howard requested Pawel Mosakowski to review insurance policies and companies ratings; Lauren confirmed both policies did not increase in price this year
Web Development cost = ½ of total price (full cost approximately $30K)
Fordham 10K earmarked for winners of ESG Competition
Pawel Mosakowski made a motion to accept report; Erin 2nd; approved as presented.
New Member Report (Lauren Nauser)
Mark Howard made motion to accept, Robert Slowko 2nd the motion. Approved.
Hall of Fame Update (Mark Howard)
Recap of the process and discussion ensued:
Nominating committee consisted of Joyce Chang, Bob Atwater, Alex Goldman, Steve Berkley, Monica Aggarwal, Erin Lyons and himself
20 candidates put forward to Nominating Committee. Whittled down to 15; came to agreement on top 5-6 finalists
Mark Howard and Monica Aggarwal applied strategic overlay with the intent of looking for diversity and the ability to make a splash/guarantee a big event since there has been a 3-year absence. Tried to break out beyond academia and asset managers
He presented final selection, with rationale for each candidate provide to Board of Directors:
Darrell Duffie-Professor at Stanford University and Author
Stephen Berkley-Bloomberg (he removed himself from committee once he was formally nominated as an inductee)
Bob Michele-JPMAM FI CIO
Barbara Novick-Retired, Co-Founder and Advisor, Blackrock
List of 11 candidates provided for future consideration
Reiterated that they are struggling to find a venue due to many hotel closings and price increases for remaining sites. Definitely want to do in person event. Note that unlike in the past, HOF will likely not be a money-maker, but hope to break even
Will reconsider a live link or virtual address should any candidates not be able to attend in person
The vote was unanimous 11-0 to approve the 4 nominees for 2023 HOF induction
Mark Howard suggested removing introducer and procure a high-profile Emcee instead. Open to suggestions, but mentioned John Farrell of Bloomberg’s Morning Show as a potential candidate
WIFI Update (Monica Aggarwal):
Thanked BOD for procuring long list of sponsors including:
S&P, DBRS Morningstar, CreditSights, JP Morgan, BNP Paribas and Fitch
Currently managing in-person attendees due to size of venue (140 max). Have 70 already signed up, with the rest remaining on a waiting list. Monica Aggarwal asked the BOD to reach out to their contacts to provide broader list of potential attendees
Can handle up to 1000 on Zoom; can increase that capacity if necessary
Joyce Chang will be travelling up until event, so she will re-post on LinkedIn prior to her trip
ESG Update:
Currently scheduled for Thursday, 4/20/23 for the full day; have McNally Auditorium procured at no cost. Need confirmation that Wednesday 4/19 is not available for the full day
Event Sponsorship & Individual Fee Structure:
Monica confirmed that Sustaining Membership has been raised to $7,500 (without) and $10,000 (with a speaker)
Goal to vote on individual membership fees this evening:
Recommended increase to $200 from current $160, with elimination of Associate and Academic levels; Student to be raised to $100 from $25
Non-membership costs for events @ $90 for in-person and $30 for virtual. Prices have not increased in over 15 years
Henry Schilling asked if a cost model analysis had been done to weigh possible loss of membership due to price increase—Monica confirmed no formal evaluation had not been done
Lauren Nauser reported that there are currently 52 members that fall into tiers:
26 Associate Members (primarily retirees) $50
22 Student Members @ $25 (some of which actually are no longer students and have full paying jobs)
5 Academic Memberships (Fordham professors) @80
Mariarosa Verde stated she would be in favor of going to a non-tiered system; with $200 for all
Erin Lyons mentioned that she thought the HOF ticket prices seemed high—Monica Aggarwal said that the prices had not yet been finalized. Erin Lyons suggested a possible Drink Only option, but Lauren Nauser said she felt that would be very difficult to handle logistically
Monica Aggarwal and Mark Howard suggested the BOD think about the discussion and put it to an email vote by next week
Having no further business items, the meeting was adjourned.
