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» All budgets, or proposals for increases or desreases therein; sli-matters involving _ unusual or extraordinary major expenditures; anc any propcsals involving a chanse in or departure from the financial policy or operation of the Corpor@@{ion, shall in advance of adoption be submitted’ to the Pinance Com. mittee fof stucy and recommendation to the Board of Directors. ;
The Finance Committee is# not PR Eee upon its own initiative to make any changes, in policy, or to authorize extraordinary and umusual expenditures. Its authority is strictly limited to study and analysis of
x». Such proposals as may be presented, or such appropriate matters as may come to its attention, and.to make a report with recommenda‘ tions to the Board 6f Directors at any reguler or special meetings. ~ —
it shell require the affirmative action of the Soard of Directors to validate ang action, proposal or recommendation of the ‘ Hananse Comittee. ae
~ The Pinence Committee shall be rezarded by the Executive Officer of the Corporation and oy the Controller as at all times available for consultation.
. (e) The Corporation lacks any long-range incentive scheme to @Acourage extraordinary effort upon the part of staff to either &ncrease She volume of business or decréase 5 the cost incident to securing business. es
The Committee, therefore, recommends.
‘that authorization be granted for an immedGMs a,
date study of the possibilit and a recon. mendstiorn to the Board bs Directors on -this_ae 5
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o Pe | ea , ' For the Somnittee, vessrs. Gole and Siff concurrivig, this .
Report is : cranes of OO Sn ° — ; ‘ s eon
CC to Messrs. Nei) houen,. Sydney Shands Soamnien Oakes Rex errr ae a8 Pte, Isaac A. Sahel & a