2001 Annual Report
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Schedule K - Letter From Towers Perrin Summarizing Their
Activities for the Fiscal Year Ended March 31, 2001.
PRIVATE & CONFIDENTIAL
VIA COURIER
May 1, 2001
Our Ref: 85384/001/ACS 01
Ms. Bonnie A. Tough
Hodgson Tough Shields DesBrisay O'Donnell
Barristers & Solicitors
36 Toronto Street, Suite 550
Toronto, Ontario
M5C 2C5
Dear Ms. Tough:
HEPATITIS 'C' 86/90 ANNUAL BUDGET 2001-2002
This letter is in response to your request regarding our
budget for our services as investment consultant for the fiscal
year ended March 2002. As with last year we have included
in this budget only the scheduled activities. Should there
be the need for additional services (e.g., special reports,
revisions, other form of assistance), a separate budget will
be established at that time.
The scheduled activities include:
- Day-to-day/When required
- Interact with Investment Manager and Trustee to resolve
any issues within the Investment Guidelines and their
application
- Authorize temporary asset mix positions that are
outside of the ranges allowed by the Investment Guidelines,
if appropriate
- Monitor the developments that may affect the ongoing
suitability of the Investment Guidelines
- Perform such administrative and housekeeping duties
that are within the rules and spirit of the Investment
Guidelines. Otherwise, refer decisions to the Joint
Committee or the Joint Committee and the Courts with
a recommendation
- Receive any comment or suggestion from Investment
Manager for changes to the Investment Guidelines, mandate
or investment program
- Receive any written disclosure of conflict of interest
from any party or agent
- Receive Investment Manager's policy statements for
applicable pooled funds
- Monthly
- Receive and review Investment Manager reports and
portfolio listings
- Receive and review custodian reports
- Quarterly
- Receive and review quarterly certificates of compliance
from Investment Manager
- Prepare investment performance report
- Annually
- Conduct site visit of Investment Manager and review
status, issues, etc.
- Conduct site visit of Trustee and review status,
issues, etc.
- Present investment performance report to the Joint
Committee and assist the Joint Committee with the review
of the Investment Manager's organization and performance
- Review any major developments to determine whether
changes to the Investment Guidelines, manager structure
and mandates are required.
For these activities we would request a budget of $56,000
plus G.S.T.
Please note that:
- Out-of-pocket expenses, travel expenses and applicable
taxes are not included in the above.
- We understand that the annual budget has to be approved
by the Court and that it will be paid on a monthly basis.
The monthly payment including G.S.T., will be $4,993.33.
If you have any questions, please do not hesitate to communicate
with us.
Sincerely,
D. Robert Bevan, CA
DRB:jmcb
Direct Dial: 416-960-2752
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