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Date recorded:

In a session that lasted only five minutes the Board went through a due process paper presented by the staff. Specifically, the Board was asked (a) to agree that no re-exposure was necessary, (b) whether any member intended to dissent, and (c) to confirm that all necessary steps had been observed.

On (a) and (c) the Board agreed unanimously that re-exposure was not necessary and that all necessary due process steps had been adhered to. With regard to item (b), one Board indicated that she was likely to dissent because of non-cash distributions and the permission granted to preparers to take into account the notion of 'undue cost and effort'.

Given that there had been no objections, the Board agreed that staff could begin with the balloting process.

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