EMAG Committee Meeting

24th Oct, 2000 at 7.00pm at the Institute of Civil Engineers

Present: BT Tom Lake (Membership Secretary) Kevin O'Sullivan Adrian Howard-Jones (Secretary) Michael Lister (Treasurer) Vincent Nolan (Facilitator) Paul Braithwaite

Apologies Edgar Harborne, `JB', Kevin O'Sullivan

Minutes The Minutes of the Meeting held on Oct. 9th were approved

Actions Arising from Oct. 9th Meeting EMAG Objectives are now on the Website EH has decided to defer contact with NAPF and Institute of Actuaries

Treasurer: Treasurer's role has been handed over from BT to ML. BT presented a summary of EMAG Financial Situation showing a surplus of 2055; ML has received additional cheques amounting to 350. A bank mandate was signed by VN (as acting Chairman), TL and AHJ to enable ML to open the EMAG bank account. ML undertook to provide a weekly report on the cash position by e-mail.

Letter to ELAS re full range of Options: AHJ has not yet written to ELAS about the full range of options open to the Society. He will now write to ELAS asking them to explore alternatives to sale, the exploration to be carried out by independent specialists (not a merchant bank with an interest in a sale) so that members are not faced with a fait accompli. It was agreed to publish AHJ's note on GARs and GIRs on the Website, after AHJ had been through the comments of Committee members.

AHJ circulated copies of his letters of complaint to the Occupational Pension Advisory Service)

Recruitment Mailing: EH's report on his negotiations with ELAS about the purchase of 10,000 members names was read to the meeting, but it was not clear whether the names had yet been despatched to us (they had not been received by ML). VN undertook to check the situation with EH and if necessary go to see the ELAS Company Secretary to get the transaction completed and the names sent to ML. It was agreed to mail 2000 names. TL and ML will organise the mailing. A budget of 700 was agreed for postage, printing and stationery.

Draft Questionnaire VN and PB had drawn up Opinion Poll questions for a Questionnaire to be sent to a representative sample of ELAS members and also to EMAG members and visitors to the Website. They will finalise an agreed draft and circulate it to Committee members, with proposals on how the results should be used to generate publicity and influence ELAS. VN agreed to receive and analyse the replies

Appeal for funds: A letter has gone out to EMAG members by e-mail and post

Advertising: PB reported on advertising rates for a number of papers. It was agreed to test an advert in the Saturday Daily Telegraph. PB and TL will finalise the wording and design. Half the Committe wanted to include a postal address as well as the website. ML agreed to investigate a PO Box. A budget of 600 was agreed for the advertising test

Press Officer: There were no volunteers for this position. A journalist working in commodity news had offered to help with Press Releases. PB agreed to 'caretake' the drafting of PR under the guidance of the Committee.

Website: TL had improved the design of the website and will delete out of date material

Legal Opinion on Ring-Fencing: AHJ reported that a leading lawyer was revising an article in the light of comments he had received. We will publish it on the website when it is available

Alternative Options to Sale: It was agreed that alternative options included:

Closed Fund Re-assessment of possibility of negotiations with GAR holders (better options for them) Sale of parts of the business, e.g. fund management company

TL will ask an actuarial adviser to outline the technical possibilities, including the possibility of a less than 75% vote for the proposed sale.

Constitution/Financial Responsibility: In the absence of an agreed Constitution, BT proposed a set of rules for the conduct of EMAG's financial affairs. The rules were agreed subject to possible modification of the financial limits proposed. BT will circulate the rules by e-mail. The Committe has already agreed the following expenditure:

155 to ELAS for 10,000 members names 600 for broadsheet advert 700 for postage , stationery and printing for the Recruitment letter to 2000 ELAS members

Whitechurch: VN agreed to contact EH about his contact with Whitechurch and pursue possible collaboration with them and their Equitable Policyholders Action Group

Chairman out of UK: The Committe agreed that they wanted EH to continue as Chairman in spite of his absence in France. VN confirmed that he is willing to continue facilitating Committee Meetings, and to assist the Chairman with some of the tasks he is currently handling (as listed in these Minutes)

Next Meeting The next meeting of the Committee will be on Monday Nov. 6th at 7 p.m., as previously agreed. It will be held at the same location, the Institution of Civil Engineers, unless notified to the contrary