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Home > About Us > Company > Board of Directors

January 2012 Board Meeting Minutes

 

January 12, 2012

The regular meeting of the Board of Directors of the Omaha Public Power District was held in the Board Room on the Atrium Level of Energy Plaza East on January 12, 2012, at 10:00 a.m. 

Present were Directors M. J. Cavanaugh, N. P. Dodge, J. K. Green, A. L. McGuire, L. Scheve, J. R. Thompson, and F. J. Ulrich.  Also present were W. G. Gates, President and S. M. Bruckner and T. Meyerson, General Counsel for the District.  Mr. Green, Board Chair, presided, and Ms. Emerson, Corporate Secretary, recorded the minutes.  Other members of Management present were D. J. Bannister, T. J. Burke, M. I. Doghman, E. E. Easterlin, J. T. Hansen, S. L. Hutcherson, J. W. Thurber, D. C. Mueller, D. J. Jacobberger, R. J. Rogers, P. E. Lukowski, M. R. Jones, and S. Boyer (Third Planet Wind).  Others present included several customer owners.

The Corporate Secretary read the following:

“Notice of the time and place of this meeting was publicized by notifying the area news media; by publicizing the same in the Omaha World-Herald and Outlets; by displaying such notice on the Arcade Level of Energy Plaza since January 6, 2012; and by mailing such notice to each of the District’s Directors on that same date.

“A copy of the proposed agenda for this meeting has been maintained, on a current basis, and is readily available for public inspection in the office of the District’s Corporate Secretary.

“Additionally, a copy of the Open Meetings Law is available for inspection in the public meeting book located in this meeting room.”

It was moved and seconded that the Board reviewed the November 2011 Comprehensive Financial and Operating Report and that the minutes for the last meeting be approved.  The vote was recorded as follows:  Cavanaugh – Yes; Dodge – Yes; McGuire – Yes; Scheve – Yes; Thompson – Yes; Ulrich – Yes; Weber – Absent; and Green – Yes.  The motion carried.

Thereafter, the Corporate Secretary read the following:

“Persons wishing to address the Board on a particular item are asked to approach the microphone as that agenda item is discussed.  Comments will be heard following Board discussion of the item and prior to a vote by the Board.  Persons wishing to address the Board on all other matters will have an opportunity before the close of the meeting.”

The following resolutions were then read, and upon motion duly seconded, were placed on roll call.  The vote on each resolution is indicated following the description of that resolution.

RESOLUTION NO. 5896 approves the appointment of Investment Managers for OPPD’s Retirement Plan. Committee Chair Thompson said that in August 2011, the Board approved an updated Statement of Investment Policy (“Policy”) for the OPPD Retirement Plan that included the addition of five new asset classes. In September 2011, the Trust Selection Committee, assisted by RogersCasey, the District’s investment advisor, established an implementation plan for hiring investment managers in the new asset classes. Initially, searches were conducted for Retirement Plan investment managers in the Emerging Markets equity asset class and Treasury Inflation Protected Securities (“TIPS”) fixed income asset class using criteria established by the Board of Directors.  Due to the nature of the Emerging Markets sector, the Trust Fund Selection Committee (“Committee”) recommends hiring two investment managers for this asset class.  The Committee reviewed five leading candidates in the Emerging Markets Equity universe and interviews were held with Oppenheimer Funds Inc. (“OFI”) located in New York, New York, and Wells Capital Management, Inc. (“Wells”) located in San Francisco, California.  OFI and Wells both exceed all of the Policy consideration criteria for an investment manager. Their performance has been in the top 25% of all Emerging Markets equity investment managers for the past three- and five-year periods.  Due to the nature of the TIPS market, the Committee recommends that a passive index manager be hired to manage the TIPS fund.  The Committee also recommends that one of the Retirement Fund’s current investment managers be utilized in this capacity to minimize the number of new managers being added as a result of the new Policy.  The Committee reviewed the current Retirement Plan fixed income managers to determine if any existing manager meets the TIPS consideration criteria.  State Street Global Advisors manages a TIPS index fund that exceeds all of the Policy consideration criteria for an investment manager.  The Committee recommends that the Board of Directors appoint Oppenheimer Funds Inc. and Wells Capital Management, Inc. as Emerging Markets equity investment managers for OPPD’s Retirement Plan.  Additionally, the Trust Selection Committee recommends that the Board of Directors appoint State Street Global Advisors as a Treasury Inflation Protected Securities investment manager for OPPD’s Retirement Plan.  Attached is a letter from RogersCasey outlining the manager search process and concurring with the Trust Selection Committee’s recommendations to appoint Oppenheimer Funds Inc., Wells Capital Management Inc. and State Street Global Advisors as OPPD Retirement Plan investment managers.

Chairman Green said that although the Board would go forward with the recommendation today, in the future, he would like to encourage OPPD’s Investment Committee as well as RogersCasey to explore the possibility of accommodating smaller as well as any local managers to serve as passive index managers.  President Gates said this would be considered in the future.      

Following the discussion, the vote was recorded as follows:  Cavanaugh – Yes; Dodge – Yes; McGuire – Yes; Scheve – Yes; Thompson – Yes; Ulrich – Yes; Weber – Absent; and Green – Yes.  The motion carried.

Copies of the foregoing resolutions are filed in the District’s Corporate Records file.

The next order of business was the election of Board Officers.  The Board proposed a roll call vote.

CHAIRMAN OF THE BOARD

Director McGuire nominated Director Dodge for the office of Chairman of the Board.  As there were no other nominations, nominations were closed and the vote was recorded as follows:  Cavanaugh – Yes; Dodge – Abstain; McGuire – Yes; Scheve – Yes; Thompson – Yes; Ulrich – Yes; Weber – Absent; and Green – Yes.    The motion carried.  Director Dodge was elected Chairman of the Board.

VICE CHAIRMAN OF THE BOARD

Director Dodge nominated Director Thompson for the office of Vice Chairman of the Board.  As there were no other nominations, nominations were closed and the vote was recorded as follows:  Cavanaugh – Yes; Dodge – Yes; McGuire – Yes; Scheve – Yes; Thompson – Abstain; Ulrich – Yes; Weber – Absent; and Green – Yes. The motion carried.  Director Thompson was elected Vice Chairman of the Board.

TREASURER OF THE BOARD

Director Ulrich nominated Director Cavanaugh for the office of Treasurer of the Board.  As there were no other nominations, nominations were closed and the vote was recorded as follows:  Cavanaugh – Yes; Dodge – Yes; McGuire – Yes; Scheve – Yes; Thompson – Yes; Ulrich – Yes; Weber – Absent; and Green – Yes.    The motion carried.  Director Cavanaugh was elected Treasurer of the Board.

SECRETARY OF THE BOARD

Director Cavanaugh nominated Director McGuire for the office of Secretary of the Board.  As there were no other nominations, nominations were closed and the vote was recorded as follows:  Cavanaugh – Yes; Dodge – Yes; McGuire – Yes; Scheve – Yes; Thompson – Yes; Ulrich – Yes; Weber – Absent; and Green – Yes;.   The motion carried.  Director McGuire was elected Secretary of the Board.

The next item of business was the opportunity for those in attendance to address the Board on any items of District concern.

Mr. John Pollack, 1412 N. 35 Street, Omaha, NE  68131, thanked the Board for the initiation of the Air Conditioning Management Program and briefed the Board on the country’s changing climate.

Mr. Laverne Threan of 4728 Cass Street, Omaha, NE  68132, expressed his displeasure with the rate increase and OPPD’s management of renewable energy and home energy efficiency projects.

At this time, Director Dodge presented out-going Chairman Green with a plaque and thanked him for his leadership as 2010-2011 Chairman.  President Gates added his and the entire organization’s appreciation for John’s leadership and forward thinking.  Director Ulrich added that he always appreciated John’s perspective and great counsel.

There being no further business, the meeting adjourned at 10:21 a.m.

 

________________________________

E. E. Easterlin
Assistant Secretary

D. S. Emerson
Corporate Secretary

 

 

Board of Directors

bullet Board Mtg Schedule
bullet Board Mtg Minutes
bullet Committee Mtg Agendas
bullet Committee Mtg Material
bullet Board Mtg Agenda
bullet Rules for Public Participation
bullet Approved Board of Directors Redistricting
bullet Preliminary 2014 Corporate Operating Plan
bullet Sustainablity Update March 20 2014
bullet Energy Assistance Program (EAP)/Common Fund

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