Memorial 765

WESLEYAN INVESTMENT FOUNDATION: Revision of Ex-Officio Membership

Whereas, The General Treasurer of The Wesleyan Church is an ex officio member of the Wesleyan Investment Foundation Board of Directors;

Whereas, The General Treasurer, the General Superintendent and all of the members of the current WIF Board of Directors have concluded that this puts the General Treasurer in a "conflict of interest";

Whereas, The conflict of interest exists because the General Treasurer has a fiduciary responsibility to represent the best interests of Wesleyan Investment Foundation but also has a duty of loyalty and good faith to his employer (The Wesleyan Church);

Whereas, The WIF Board has also concluded that it is possible that an individual that is a good fit for the position of General Treasurer for the denomination might not necessarily be a good fit as a member of the WIF Board of Directors; and

Whereas, The General Board has already acted to remove the General Treasurer of The Wesleyan Church as an ex officio member of the Board of Directors of Wesleyan Investment Foundation;

Resolved, That the second sentence of paragraph 4310:5 of The Discipline be revised by striking the words "with the General Treasurer/Chief Financial Officer and ten other members" so that the first two sentences read:

(5) Wesleyan Investment Foundation, Inc. The Wesleyan Investment Foundation, Inc. is a not-for-profit corporation under the laws of the State of Indiana. It is governed by a board of directors of eleven members elected by the General Board (1655:19).

Resolved, That the Editing Committee is authorized to make any other changes in The Discipline necessary to implement this resolution.

COMMITTEE ON MEMORIALS

Wayne A. MacBeth, Secretary

Committee on Memorials

Recommended

General Conference

____ Adopted ____ Not Adopted

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