27 April 2004
Bank Information Center
Minutes of the Board of Directors Meeting
February 25, 2004
Conference Call: 11:30am – 12:30pm
Present:
Ms. Robin Broad
Ms. Andrea Durbin
Mr. Jonathan Fox, Chair
Ms. Marianne Ginsburg
Mr. Manish Bapna (ex-officio)
1. Call to Order: Board Chair Jonathan Fox called the meeting to order at 11:30am. The meeting took place via a conference call.
2. Approval of Minutes: The Directors approved the minutes of the Board of Directors meeting of December 15, 2003. As per the decision reached in the previous Board meeting, the minutes from this meeting (and all future Board of Director meetings) would be placed on BIC’s website to enhance the transparency of Board decisions.
3. Progress Report on Auditors Statement: Mr. Bapna presented a progress report on the recommendations contained in the management letter that accompanied the 2002 audited financial statements. The Directors noted the report and looks forward to continued progress on outstanding items. The Directors specifically requested that a draft of the Accounting Manual and Employee Handbook be completed by June 15, 2004 in time to be reviewed by the Board during its summer meeting.
4. Review and Approval of 2004 Budget: Mr. Bapna presented the draft 2004 BIC Budget for review by the Board. The budget was considered preliminary as several potential grants for 2004 have not yet been confirmed. The Directors approved a motion to endorse the provisional budget, but the Directors noted that the estimated deficit for 2004 was significant if additional income is not secured. The Directors agreed to reassess the budget and possible deficit in the summer meeting and requested Mr. Bapna to present a revised budget to the Directors by June 15, 2004. The Directors agreed to make a decision on any projected deficit for 2004 at this time.
5. Program Workplans: The Directors agreed to discuss program workplans in more detail during the next full Board meeting scheduled for April 2004.
6. Board Development: The Directors unanimously approved two separate motions to invite Mr. Atila Roque and Ms. Frances Seymour to become Directors on the Board of the BIC. The Directors agreed that Mr. Fox would formally extend the invitation to the new Directors.
7. Discussion on next Board Meeting: The Directors expressed an interest to have the next full Board meeting in April 2004. Agenda items requested include a discussion on BIC Program Workplans; Board Development; and Strategic Planning (including a debrief from Mr. Bapna on the recent NGO strategy meeting in Penang).
Adjournment: The chair adjourned the meeting at 12:45pm.