FIXED INCOME ANALYSTS SOCIETY, INC.
Board of Directors Meeting Minutes
Wednesday, September 29th, 2021
PRESENT: M. Aggarwal, M. Howard, G. Lemos-Stein, E. Lyons, P. Mosakowski, H. Shilling, R. Slowko, L. White, and L. Nauser
ABSENT: R. DeCesare, D. Vazza, M. Verde
Review of Minutes from 5/5/21:
Monica Aggarwal made a motion to accept the minutes from the 5/5/21 Board Meeting. Henry Shilling seconded the motion. The minutes were approved.
Treasurer’s Report:
Pawel Mosakowski presented the Treasurer’s report.
FIASI continues to be in good financial position.
$109K increase in gross profit vs YAG; Expenses down from $102K to $90k vs YAG
CSM has doubled; Meeting income increased from $3.7K to10K, Event income increased from $0-$31K
Gregg Lemos-Stein made a motion to accept Treasurer’s report; Henry Shilling seconded the motion. Approved.
New Member Report:
Lauren Nauser presented membership update.
Large increase in membership due to success of events including speakers, attendees and rejoins
Mark Howard made a motion to accept; Erin Lyons seconded the motion. Approved.
Opening Remarks:
Monica Aggarwal set the stage for the meeting (focused on committee updates), and outlined priorities for the year.
Build resilience into the revenue model
Focus on leadership recruitment, development and diversity
Building out communication and business plans
Marketing Programs (Robert Slowko), Membership (Erin Lyons), Programming (Ralph DeCesare)
Short-term infrastructure needs, marketing tools and resources
Optimistic that committee structure will allow FIASI to identify future board members and committee leaders so that the Nominating/Governance Committee can begin the vetting process for candidates
Mark Howard made a statement regarding the current business climate that has forced companies to look inward into their organizations. Believes FIASI is ahead of the curve due to the great energy and work of the committees. He sees this as a unique opportunity to host objective, independent content, and to stimulate thoughtful exchange and debate around challenges of today.
Marketing Committee Report:
Robert Slowko presented an update on the committee’s work to date. He reported that there are 11 members on the committee; broken down into two sub-groups
Brand
Competitive Analysis
Major initiatives moving forward include:
Update and upgrade FIASI’s standing and brand perception
Improved use of resources
Events, membership, established network, and communication tools
Presented action plan goals: 1.) Brand Enhancement and 2.) Events / Competitive Analysis
Biggest project upcoming is the redevelopment of the website. Lauren Nauser and Arash have whittled down the potential firms from 12 to 4 that make the most sense for FIASI’s needs.
Main objectives of Website project:
Image and Brand
Change look, feel and functionality
Create a more comprehensive portal for Lauren Nauser
Most of the companies suggested a 12 week timeline for the project.
Need budget pre-approval: $20-$25K so that Lauren Nauser and Arash can go back to finalists to iron out details. When they whittle down to 1-2 candidates they can set up a meeting with the board.
Some concern from the board (Monica Aggarwal/Gregg Lemos-Stein/Erin Lyons) regarding the price tag; is it enough? Will there be subsequent costs/add-ons down the road that will balloon the project?
Monica Aggarwal suggested the board send questions to Lauren Nauser for continued discussion on what the $25K gets us, and is more needed.
Robert Slowko asked for approval for a social media manager intern to help with LinkedIn and other database projects
Estimated cost would be $20 per hour/approximately 15 hours per month ($300)
Monica Aggarwal suggested the team provide the board with a SOW and measurement plan for approval
Erin Lyons suggested this person may need some senior leadership guidance for consistency of content
Membership Committee Report:
Erin Lyons presented FIASI Corporate Membership Proposal
Goal to diversify FIASI’s revenue stream and expand the value proposition for existing members
Annual Fees
Event Level Sponsorships
Increase Membership
Phase 1 Plan:
Increase revenue from existing Sustaining members
Expand the list to a maximum of 10
Come up with a process to identify new member
Explore sponsorship of specific events
Phase 2 Plan:
Tiering of sponsorship levels
Expansion of what companies get in exchange for sponsorships
Currently have 7 sustaining corporate memberships; propose increasing to 10 with increase in dues to $10K/$15K (including table at HOF). HOF table can be purchased separately at $7500.
Discussion from board on “why 10” and what does the committee envision re mix of companies?
Erin Lyons suggested ESG providers, Trading Platform companies, Platform providers in FIN/TECH. Suggested that asset management firms/ banks more likely to sponsor specific events. Current proposal does not include guaranteed speaking slots for CSM. However should we guarantee a speaking spot for events? Henry Shilling experience with ESG success was to pick the panelist first before reaching out to firms for sponsorships. This allows Best in Class expertise and independence around key issues. No quid pro quo.
Mark Howard suggested tapping into 10 strategically chosen HOF members to help identify and reach out to our target list of 10-12 companies.
Erin Lyons is working on a draft of the vetting process/application and will reach out to the BOD for input.
Next Steps (Monica Aggarwal):
Budget approval for website post question from board
Intern specifications from Robert Slowko
Criteria for potential CSM
Final Comments:
Mark Howard applauded committee work and suggested a potential rethink of governance. Floated the idea of an Advisory Board made up of 5 or 6 retired “heavy hitters” who are still vibrant but may have arced out of their careers, and are good friends of FIASI. These people have deep connections within the industry and the ability to open doors and make things happen.
Monica Aggarwal asked Mark Howard to put his vision on paper about the role of the Advisory Board
Having no further business the meeting was adjourned.
