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Caption: Board of Trustees Minutes - 1988
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1987] UNIVERSITY OF ILLINOIS 347 Dr. Resek is presently director of the Bureau of Economic and Business Research and professor of economics at the Urbana-Champaign campus. He will serve in place of Dr. Morton W. Weir who is serving as interim chancellor of the Urbana-Champaign campus. O n motion of Mr. Wolff, this appointment was approved. REQUEST TO BE HEARD T h e secretary presented a request from Peter B. Draper, chairman of the Committee for H u m a n e Health Care, a group of staff members and medical students at the University of Illinois at Chicago. T h e group sent written comments on recent changes in the University Hospital mission statement and admissions policy and on proposed reductions in bed capacity and work force due to fiscal difficulties. Mr. Draper asked to be heard at a forthcoming meeting. By consensus, the board agreed to hear from the committee at the September 10 meeting. BOARD MEETING RECESSED T h e board recessed at 9:55 a.m. for a meeting of the Finance and Audit Committee, called for review of investment policy and of investment managers. T h e board then reconvened at 2:10 p.m. to receive a report and recommendation from the Finance and Audit Committee. Investment Policy: Report of Finance and Audit Committee (3) Mr. Forsyth reported for the committee and the chairman entertained a motion from Miss Smith as follows: that the University's endowment portfolio be restructured, in accord with the recommendations of the consultants and the committee, as follows: 1. Fifty-five percent of the assets be invested in South Africa-free index funds commingled, and, subject to availability, with Wells Fargo Investment Advisors, San Francisco. 2. Thirty-five percent of the assets be invested in active bond funds managed by Miller, Anderson & Sherrerd of Bala Cynwyd, Pennsylvania; and 3. Ten percent in real estate—or cash equivalents — with Wells Fargo, pending decisions regarding real estate investments and hedging options. T h e motion was approved by the following vote: Aye, Mrs. Calder, Mr. Forsyth, Mrs. Gravenhorst, Mr. Howard, Mr. Logan, Mrs. Shepherd, Miss Smith, Mr. Wolff; no, none; absent, Mr. H a h n , Governor Thompson. ( T h e student advisory vote was: Aye, Mr. Evenson, Mr. Wylie; no, none.) T h e r e being no further business, the board adjourned. EARL W. PORTER GEORGE W. HOWARD III Secretary President
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