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Regents adopt charters for committees

The Board of Regents adopted charters Dec. 12 for two standing committees created by the board last February when it established a committee structure.

The charter for the Compensation and Personnel Committee, chaired by Regent Olivia Maynard, states that it will review and make recommendations to the full board about "matters regarding the evaluation and compensation of the president." The committee periodically will review with the president the procedures and methods used to evaluate the University's executive officers. The committee members (named in June) are Regents Daniel Horning and Katherine White.

The charter for the Finance, Audit and Investment Committee, chaired by Regent David Brandon, states that it will review and make recommendations to the full board in the areas of finance, audit and investment. The scope of the finance component will include, but not be limited to, "the University's financing plans, financial condition, borrowing and investment policies, annual operating budgets, insurance and risk management programs, capital investment criteria, and financial reporting practices." In the area of audit, the scope will include, but not be limited to, the University's external and internal audits and internal controls, as well as matters of financial and/or compliance risk. The scope of the committee vis a vis investment will cover the University's investment performance and reporting practices. The committee members are Rebecca McGowan and Martin Taylor.

The charters will extend to the Ann Arbor, Dearborn and Flint campuses, the U-M Health System and the Department of Intercollegiate Athletics.

The standing committees will advise the board, but will not have the power to bind the board on any matter. When the committee structure was created, it was noted that additional committees may be appointed by the chair, as needed, and their duties prescribed by the members of the board. The committee structure, designed to coincide with the two-year term of the chair, will allow all regents to participate in committees at some point during their terms.

Regent Laurence Deitch serves as chair of the full board, and Regent Andrea Fischer Newman is vice chair.

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