Finance Committee of the
Clean Power Alliance of Southern California
Regular Meeting
Thursday, January 11, 2024
11:00 a.m.
Visit CPA’s YouTube Channel to view a Live Stream of the Meeting www.youtube.com/@CPApublicmeetings
*There may be a streaming delay of up to 90 seconds. This is a view-only live stream.
Clean Power Alliance
Executive Conference Room
801 S. Grand Ave., Suite 400
Los Angeles, CA 90017
Members of the public may also participate in this meeting at the following locations:
Camarillo City Hall
Administrative Conference Room
601 Carmen Drive
Camarillo, CA 93010
Claremont City Hall
Citrus Room
207 Harvard Avenue
Claremont, CA 91711
Carson City Hall
Executive Conference Room
701 East Carson Street
Carson, CA 90745
Rolling Hills Estates City Hall
Conference Room
4045 Palos Verdes Drive North
Rolling Hills Estates, CA 90274
Thousand Oaks City Hall
City Manager’s Office, Council Office #1
2100 Thousand Oaks Blvd.
Thousand Oaks, CA 91362
PUBLIC COMMENT: Members of the public may submit their comments by one of the following options:
• Email Public Comment: Members of the public are encouraged to submit written comments on any agenda item to [email protected] up to four hours before the meeting. Written public comments will be announced at the meeting and become part of the meeting record. Public comments received in writing will not be read aloud at the meeting. • Provide Public Comment During the Meeting: The General Public Comment item is reserved for persons wishing to address the Committee on any Clean Power Alliance-related matters not on today’s agenda. Public comments on matters on today’s Consent Agenda and Regular Agenda shall be heard at the time the matter is called. Comments on items on the Consent Agenda are consolidated into one public comment period. Members of the public who wish to address the Committee at CPA’s Office are requested to complete a comment card and provide it to staff. If you are attending from a remote location, please identify yourself to a CPA representative when your item is called. Each speaker is limited to two (2) minutes (in whole-minute increments) per agenda item with a cumulative total of five 5 minutes to be allocated between the General Public Comment, Agenda Page 1 of 34
the entire Consent Agenda, or individual items in the Regular Agenda. Please refer to Policy No. 8 – Public Comment for additional information.
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If the PDF is downloaded, the bookmark panel (ribbon icon) appears on the left side of the screen.
ACCESSIBILITY: Meetings are accessible to people with disabilities. Individuals who need special assistance or a disability-related modification or accommodation to participate in this meeting, or who have a disability and wish to request an alternative format for the meeting materials, should contact the Clerk of the Board at least two (2) working days before the meeting at [email protected] or (213) 713- 5995. Notification in advance of the meeting, while not required, will enable us to make reasonable arrangements to ensure accessibility to this meeting and the materials related to it.
CALL TO ORDER & ROLL CALL
GENERAL PUBLIC COMMENT
CONSENT AGENDA
1. Approve Minutes from the November 28, 2023, Finance Committee Meeting
2. Receive and File November and December 2023 Risk Management Team Report
3. Receive and File November 2023 CPA Investment Report
4. Receive and File October 2023 Financial Dashboard
REGULAR AGENDA
5. Report from the Chief Financial Officer
Action Items
6. A) Direct Staff to Negotiate a Two-Year Extension and Amendment of its Credit Agreement with JPMorgan
B) Recommend to the Board of Directors the Approval of an Extension and Amendment of its Credit Agreement with JPMorgan
7. Recommend to the Board of Directors that Staff be Authorized to Invest CPA Funds in the California Asset Management Program
COMMITTEE MEMBER COMMENTS
ADJOURN – NEXT MEETING ON FEBRUARY 28, 2024
Public Records: Public records that relate to any item on the open session agenda for a Committee Meeting are available for public inspection. Those records that are distributed less than 72 hours prior to the meeting are available for public inspection at the same time they are distributed to all, or a majority of, the members of the Committee. Public records are available for inspection at CPA’s Office at 801 S. Grand Ave., Suite 400, Los Angeles, CA 90017, or online at www.cleanpoweralliance.org/agendas.
Agenda Page 2 of 34
Staff Report – Agenda Item 1
To: Finance Committee
Subject: Approve Minutes from November 28, 2023 Finance Committee Meeting
Date: January 11, 2024
RECOMMENDATION
Approve.
ATTACHMENT
1. Minutes
Agenda Page 3 of 34
Finance Committee Item 1
MINUTES
Finance Committee of the
Clean Power Alliance of Southern California
Regular Meeting
Tuesday, November 28, 2023, 11:00 a.m.
Meeting videos are available on CPA's YouTube Channel.
http://www.youtube.com/@CPApublicmeetings
Committee members participated in this meeting from the following locations:
Camarillo City Hall
Mayor’s Office
601 Carmen Drive
Camarillo, CA 93010
Clean Power Alliance
Executive Conference Room
801 S. Grand Ave., Suite 400
Los Angeles, CA 90017
Claremont City Hall
Conference Room
207 Harvard Avenue
Claremont, CA 91711
Carson City Hall
Executive Conference Room
701 East Carson Street
Carson, CA 90745
Rolling Hills Estates City Hall
Conference Room
4045 Palos Verdes Drive North
Rolling Hills Estates, CA 90274
Thousand Oaks City Hall
City Manager’s Office, Council Office #1
2100 Thousand Oaks Blvd.
Thousand Oaks, CA 91362
CALL TO ORDER & ROLL CALL
Committee Chair Santangelo called the meeting to order at 11:00 a.m. and Gabriela Monzon, Board Clerk, conducted roll call.
Roll Call
Camarillo Susan Santangelo Committee Chair Remote
Carson Reata Kulcsar Committee Member Remote
Claremont Corey Calaycay Committee Member Remote
Rolling Hills Estates Steve Zuckerman Committee Member Remote Santa Monica Pam O’Connor Committee Member Present
Thousand Oaks David Newman Committee Member Remote
All votes are unanimous unless otherwise stated.
GENERAL PUBLIC COMMENT
There was no public comment.
Agenda Page 4 of 34
Finance Committee Item 1
CONSENT AGENDA
1. Approve Minutes from the October 25, 2023, Finance Committee Meeting
2. Receive and File October 2023 Risk Management Team Report
3. Receive and File October 2023 CPA Investment Report
4. Receive and File Fiscal Year 2023-2024 Q1 Financial Report Motion: Committee Member Calaycay, Claremont
Second: Committee Member Zuckerman, Rolling Hills Estates Vote: The consent agenda was approved by a roll call vote with an abstention from Committee Member Newman.
REGULAR AGENDA
5. Report from the Chief Financial Officer
David McNeil, Chief Financial Officer, stated that CPA experienced a $7.4 million addition to its net position in Q1 of the fiscal year. CPA’s line of credit with J.P. Morgan Bank will terminate on March 31, 2024. Staff are gathering quotes for new credit agreements with other banks as well as quotes from JPMorgan to renew the current agreement.
Committee Member Zuckerman asked several questions concerning the need for a competitive selection process, whether CPA expected to pay lower interest rates and fees than it does currently, and whether banks motivated by environmental, social, and governance (ESG) factors were entering the market to provide CPA with a credit facility.
Mr. McNeil stated that CPA has had a positive relationship with JPMorgan and that the reason for a competitive process was to ensure that CPA receives the best possible terms consistent with contracting best practices. Mr. McNeil stated that he expected CPA to pay banking fees lower than what CPA pays currently, and that it is unclear to what extent banks making offers to CPA are motivated by ESG factors. In response to Committee Member Kulcsar’s request, staff are working on providing a list of CPA’s banking relationships and their respective purposes. Committee Member Kulcsar suggested comparing the financial impact of the 2022 extreme temperatures with the mild summer temperatures experienced in 2023; staff agreed to provide that analysis when more complete 2023 data was available. Committee Member Zuckerman inquired about Southern California Edison’s (SCE) delinquent accounts and hedging strategies. Staff will continue to investigate SCE’s delinquent accounts procedures; SCE’s hedging strategy is unknown. Staff are inclined to believe that SCE hedges less but that is only one factor that can impact rate competitiveness. Other variables, such as the cost of Resource Adequacy (RA) and renewable energy, are important as well.
COMMITTEE MEMBER COMMENTS
None.
ADJOURN
Committee Chair Santangelo adjourned the meeting at 11:27 p.m.
Agenda Page 5 of 34
Staff Report – Agenda Item 2
To: Finance Committee
From: David McNeil, Chief Financial Officer
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Receive and File November 2023 Investment Report Date: January 11, 2024
RECOMMENDATION
Receive and File November 2023 Investment Report.
ATTACHMENTS
1. November 2023 Investment Report
Agenda Page 6 of 34
Finance Committee Item 2
Agenda Page 7 of 34
Staff Report – Agenda Item 3
To: Finance Committee
From: David McNeil, Chief Financial Officer
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Receive and File October 2023 Financial Dashboard Date: January 11, 2024
RECOMMENDATION
Receive and File October 2023 Financial Dashboard.
ATTACHMENTS
1. October 2023 Financial Dashboard
Agenda Page 8 of 34
CUSTOMERS
Summary of Financial Results
Definitions:
Accounts: Active Accounts represents customer accounts of active customers served by CPA per Calpine Invoice.
Participation Rate %: Participation Rate represents active accounts divided by eligible CPA accounts YTD Sales Volume: Year-to-date sales volume represents the amount of energy (in gigawatt hours) sold to retail customers Revenues: Retail energy sales less allowance for doubtful accounts Cost of energy: Cost of energy includes direct costs incurred to serve CPA’s load Operating expenses: Operating expenditures include general, administrative, consulting, payroll, and other costs required to fund operations Net operating income represents the difference between revenues and expenditures before interest income and expense, and capital expenditures
Cash and Cash Equivalents: Includes bank accounts and marketable securities with maturities of less than 90 days.
Year to date (YTD): Represents the fiscal period beginning July 1, 2023 YTD
Oct
2023
Financial Dashboard
Note: Numbers may not sum up due to rounding.
Active Accounts
1,006,482
Participation Rate
93.3%
YTD Sales Volume
4,029 GWh
Oct Volume
950 GWh
Agr/Oth
2% Com-Lg
22%
Com-Sm
30%
Res
46%
In October 2023, CPA recorded an operating gain of $6.5 million, $15.6 million less than the budgeted operating gain of $22 million.
October 2023 revenues were $123.2 million or 3% higher than FY 2023/24 budget. The October cost of energy was $113 million or 21% higher than the FY2023/24 budget. October cost of energy was negatively impacted by a onetime $22.8 million charge arising from a 140% increase in the 2023 market price benchmark (MPB) for renewable energy calculated by the California Public Utitilities Commission. The 2023 MPB is used to calculate the cost of 2023 vintage renewable energy purchased from Southern California Edison under the Voluntary Allocation and Market Offer (VAMO) process. Absent this adjustment, CPA would have recorded operating income of $29.3 million in October or 33% higher than budgeted net income. Operating costs were 22% below budget for the year to date due to lower than budgeted spending on general and administrative expenses, customer programs and other services, and the non-utilization of contingencies.
For the year-to-date CPA recorded net income of $13 million, $39 million below budget. CPA’s financial results were negatively impacted by the aforementioned increase in the MPB and by cooler than normal temperatures in September which reduced revenues and resulted in losses on certain energy hedges.
As of October 31, 2023, CPA had $223.2 million in unrestricted cash and cash equivalents and $159.853 million available in its bank line of credit representing 112 Days Liquidity on Hand.
CPA is financially sound and in compliance with its bank and other credit covenants.
Agenda Page 9 of 34
Staff Report – Agenda Item 4
To: Finance Committee
From: David McNeil, Chief Financial Officer
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Receive and File November and December 2023 Risk Management Team Report
Date: January 11, 2024
November and December 2023 RMT REPORT
Key Actions
• Reviewed the counterparty credit exposure summary.
• Reviewed August and September 2023 day-ahead load forecast performance • Reviewed October and November 2023 market performance • Reviewed energy positions and approved 2023-2027 hedges for monthly RFO • Reviewed positions for Resource Adequacy (RA), RPS and Carbon-Free energy • products (CF)
• Reviewed 2023 LT PPA deliveries
• Previewed the 2024 Forward RA purchase strategy
• Reviewed the 2025-2027 slice of day RA position
• Reviewed Energy Risk Management Policy (ERMP) compliance • Reviewed November and December 2023 CRR Allocations
• Reviewed and approved the Negative REC Price Strategy Agenda Page 10 of 34
Finance Committee Item 4
Policy Compliance
Policy Deviation Required Action
In December 2023, the second quarter
(April to June) Energy Hedge Position
increased above the maximum second
quarter hedge limit starting in 2027 and
continuing in the second quarter of each
year through the end of the measurement
window in 2033.
None. The policy deviations arise from
CPA continuing to enter into long term
contracts for renewable energy consistent
with its objective to reduce exposure to
the short-term renewable energy market.
The deviations occur during the second
quarter because electricity consumption
by CPA customers is projected to be at
its lowest level in this quarter. The
deviations are expected to resolve
themselves as the electricity production
period nears and the corresponding
policy hedge limit maximums increase
above the level of energy hedges under
contract.
During the 2024 ERMP review, staff will
consider proposing an amendment to the
ERMP increasing the maximum hedge
limit in the second quarter of years that
are four and more years in the future to
eliminate policy deviations caused by
load and generation patterns specific to
the second quarter.
ATTACHMENT
None.
Agenda Page 11 of 34
Staff Report – Agenda Item 5
To: Finance Committee
From: David McNeil, Chief Financial Officer
Subject: Report from the Chief Financial Officer
Date: January 11, 2024
The CFO will provide an oral update on October 2023 financial results, CPA’s investing activities, SCE’s collection activities and CPA’s residential accounts receivable, and an overview of CPA’s banking relationships as described in Attachment 1.
Agenda Page 12 of 34
CPA’s Banking Relationships
1 Depository
River City Bank
JPMorgan Chase
Lender / Credit Provider
JPMorgan Chase
Prepay
Underwriter: Goldman Sachs1
Custodian/Trustee: US Bank2
Broker/Dealer & Trustee3
Examples: US Bank, Royal Bank
of Canada
1) Served as the bond underwriter for CPA’s first and second prepay deals. The underwriter for future prepay bond issuances has not been determined.
2) Serving as the custodian/trustee for CPA’s first and second prepay deals. The custodian/trustee for future prepay bond issuances has not been determined.
3) CPA is exploring broker/dealer and trustee relationships to support the implementation of CPA’s Board-approved Investment Policy including the purchase of Treasury securities and certificates of deposit (CDs) Agenda Page 13 of 34
Staff Report – Agenda Item 6
To: Finance Committee
From: David McNeil, Chief Financial Officer
Kate Freeman, Strategic Finance Manager
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Credit Agreement Update
Date: January 11, 2024
RECOMMENDATION
Direct Staff to negotiate a two-year extension and amendment of its credit agreement with JPMorgan consistent with the proposed terms described in the second column in Slide 5 of the attached presentation.
Recommend that the Board approve an extension and amendment of its credit agreement with JPMorgan consistent with said terms at its March 7, 2023 meeting.
ATTACHMENT
1. Presentation on Credit Agreement
Agenda Page 14 of 34
Item 6 – Credit Agreement Update
January 11, 2024
Agenda Page 15 of 34
Direct Staff to negotiate a two-year extension and amendment of its credit agreement with JPMorgan consistent with the terms described in slide 5 Recommend that the Board approve an extension and amendment of its credit agreement with JPMorgan consistent with said terms at its March 7, 2024 meeting
Recommendation
2 Agenda Page 16 of 34
Background
3 CPA uses its current Credit Agreement with JPMorgan to provide letters of credit and to borrow funds to provide working capital. The current agreement expires on March 31, 2024.
Maintenance of a credit facility is important to:
Provide additional liquidity and support the days liquidity on hand target described in CPA’s Reserve Policy
Demonstrate financial strength to market participants and CPA’s credit rating agency, Standard & Poor’s
Agenda Page 17 of 34
Background
4 Over the past several months staff solicited offers from banks that meet the following criteria
Strong balance sheet and credit ratings; “there when you need them” Ability to offer a $160 million credit facility
Experience with CCAs
Appetite for additional CCA business
JPMorgan Chase Bank (“JPMorgan”) and Royal Bank of Canada (“RBC”) submitted proposals
Agenda Page 18 of 34
Credit facility terms proposed by JPM and RBC both offer significant fee reductions compared to current credit agreement with JPM
Longer term facilities were offered but at a price premium Current JPM Credit
Agreement
Proposed JPM
Agreement
(Recommended)
Proposed RBC
Agreement (A)
Proposed RBC
Agreement (B)
1 Facility Size $160 million $160 million $160 million $160 million 2 Maturity Date 3/31/2024 3/31/2026 3/31/2026 3/31/2026 3 Borrowing Rate SOFR + 1.90% SOFR + 1.25% SOFR + 1.30% SOFR + 1.30% 4 LC Fee 1.65% 1.25% 1.30% 1.30%
5 Non-Utilization Fee 0.45% 0.32% 0.37% 0.27%
6 Delayed Draw* No No No Yes
7 Annual Undrawn Fee $720,000 $512,000 $592,000 $432,000 8 Annual Savings
9 Borrowing Rate 0.65% 0.60 0.60%
10 LC Fee 0.40% 0.35% 0.35%
11 Non-Utilization Fee $208,000 $128,000 $288,000
*Under the Delayed Draw Agreement terms, RBC would be able to delay fulfillment of a CPA Borrowing Request for up to 30 days following receipt of the request
Comparison of Proposed Credit Agreement Terms
5 Agenda Page 19 of 34
Peer CCA* CPA
(Recommended) MCE EBCE SDCP
S&P / Moody’s Rating ( A- / NR ) ( A / Baa1 ) ( A / NR ) ( NR ) 1 Counterparty JPM RBC US Bank JPM
2 Facility Size 160,000,000 60,000,000 200,000,000 150,000,000 3 Term (Years) 2 2 3 5
4 Borrowing Rate SOFR +
1.25%
SOFR +
1.20% to 1.30%
SOFR +
1.90%
SOFR +
1.525% to 1.60%
5 LC Fee 1.25% 1.20% to 1.30% 1.65% 1.10%
6 Non-Utilization Fee 0.32% 0.33% 0.45% 0.65%
7 Delayed Draw No Yes No No
JPMorgan’s proposed credit facility terms offer CPA competitive fees and terms Comparison to Peer CCA Credit Agreements
6 *3CE, Peninsula Clean Energy, and Sonoma Clean Power do not have active credit facilities Agenda Page 20 of 34
7 Staff recommend a 2-year, $160 million agreement with JPMorgan for the following reasons:
The $160 million facility meets CPA’s liquidity needs and affords a sufficient buffer in the event of an unfavorable ruling by the CPUC in the Provider of Last Resort (POLR) proceeding, which may increase CPA’s Financial Security Requirement beginning in June 2024
JPMorgan permits CPA to reduce the facility amount and non-utilization fee expenses as needed throughout the term
CPA has had a positive experience with JPMorgan (ease of contracting, support for several requests for credit facility increases)
Reduced fees: $208,000 annual savings compared to current non-utilization fees, JPM has agreed to reduced fees effective October 1, 2023 resulting in an additional $102,000 of savings
JPM’s proposal compares favorably with RBC’s offer and with credit facilities arranged by other CCAs in California
Discussion and Analysis
Agenda Page 21 of 34
Direct Staff to negotiate a two-year extension and amendment of its credit agreement with JPMorgan consistent with the terms described in slide 5 Recommend that the Board approve an extension and amendment of its credit agreement with JPMorgan consistent with said terms at its March 7, 2024 meeting
Recommendation
8 Agenda Page 22 of 34
Questions?
Agenda Page 23 of 34
Staff Report – Agenda Item 7
To: Finance Committee
From: David McNeil, Chief Financial Officer
Kate Freeman, Strategic Finance Manager
Approved By: Ted Bardacke, Chief Executive Officer
Subject: California Asset Management Program (CAMP) Investment Proposal
Date: January 11, 2024
RECOMMENDATION
Recommend to the Board that Staff be authorized to invest CPA funds in the California Asset Management Program (CAMP).
ATTACHMENTS
1. Presentation on Proposed CAMP Investment
Agenda Page 24 of 34
Item 7 – CAMP Investment Proposal
January 11, 2024
Agenda Page 25 of 34
Recommend to the Board that Staff be authorized to invest CPA funds in the California Asset Management Program ("CAMP")
Recommendation
Agenda Page 26 of 34
Background
3 Staff manage cash balances and invest surplus funds consistent with California state law and CPA’s Board-approved Investment Policy ensuring (in order of priority) the safety of funds, the availability of funds, and investment returns CPA has growing levels of unrestricted cash and current interest rates offer attractive returns
CPA investable funds are currently held in:
Savings accounts earning returns of approximately 3.5%
Local Agency Investment Fund (“LAIF”) earning approximately 3.5% Certificates of Deposit (“CDs”) earning 5.0 – 5.5%
CPA has reached the 30% cap on investments in CDs as defined in the Investment Policy and state law. Staff are pursuing the administrative measures necessary to begin investing in short-term Treasury securities consistent with the Investment Policy
Agenda Page 27 of 34
California Asset Management Program Overview
CAMP is a California JPA established in 1989 under provisions of the California Joint Exercise of Powers Act to provide public agencies with professional investment services CAMP has roughly $17B assets under management, comparable to LAIF’s $20B 160 California counties, cities and public agencies are CAMP members, including 45 of California’s 58 counties
CPA member cities: Arcadia, Paramount, Simi Valley
CCAs: Silicon Valley Clean Energy, Peninsula Clean Energy Southern California cities: Glendale, Burbank
Service Providers
Investment Adviser, Administrator & Transfer Agent: PFM Asset Management Depository and Custodian: US Bank, NA
Independent Auditor: Ernst & Young, LLC
Counsel: Nossaman LLP
Rating agencies: S&P, Fitch
Agenda Page 28 of 34
5 Staff recommend having the option to invest CPA funds into CAMP for the following reasons:
Safety
CAMP funds are governed by an investment policy which is aligned with i) California state code which only permits investments in a narrow and low risk list of eligible securities and ii) CPA’s own investment policy; funds are subject to Local Agency Protection Program which protects agency deposits
Funds are professionally managed by PFM, a nationally-recognized fixed income asset manager with $160 billion of assets under management. Nearly all portfolio funds are invested in instruments rated A-1 or A-1+. The cash management pool has an average term to maturity of approximately 60 days The investment pools are AAA rated by Fitch and S&P
Flexibility
Up to same-day liquidity; no term commitment, in contrast with instruments like CDs or US Treasury securities
Returns
CAMP interest rates are currently ~2% higher than LAIF or savings accounts and CPA has reached its Investment Policy limit for investments in CDs, which have comparable returns Should CAMP rates fall below LAIF or savings account rates in the future, CPA can shift funds from CAMP to LAIF or savings accounts as needed
Discussion and Analysis
Agenda Page 29 of 34
6 Should the Finance Committee recommend that CPA should be authorized to invest in CAMP, at the January 18 Executive Committee meeting, staff intends to:
Summarize the two options for investing in CAMP
Option 1) Join CAMP JPA as a Participant. CPA’s Board would need to authorize CPA’s execution of the CAMP JPA; membership does not need to be approved by the CAMP Board of Trustees and would be effective immediately Option 2) Deposit funds into CAMP as an Investor. This would require CPA’s Board to authorize an amendment to CPA's Investment Policy to permit investment in public agency pools
Solicit feedback from the Executive Committee on the options and whether it has a preferred option
Next Steps
Agenda Page 30 of 34
Recommend to the Board that Staff be authorized to invest CPA funds California Asset Management Program ("CAMP")
• Should the recommendation be made, staff will provide for the Board’s consideration a Resolution and supporting documents, consistent with the governance approach preferred by the Executive Committe, at the February 1, 2024 Board meeting Recommendation
Agenda Page 31 of 34
Questions?
Agenda Page 32 of 34
CAMP Overview - Governance
CAMP is organized in accordance with its founding Declaration of Trust and its By-Laws, to which the Joint Powers Agreement is an Exhibit CAMP Board of Trustees is comprised of five government finance directors, treasurers and executive directors. Board of Trustees meets quarterly; meetings are open to the public
CAMP has no full-time employees; Trustees employ service providers to serve as custodian to CAMP’s funds and to handle all administrative operations of the Trust Investment activity is subject to CAMP’s Investment Policy, which adheres to CA Government Code 53600, to which CPA's Investment Policy also adheres Funds held at CAMP are considered government agency deposits and are subject to California’s the Local Agency Protection Program
Public agencies are able to invest in CAMP as either Participants (who are JPA members) or as Investors
Participants have a proxy vote regarding matters of CAMP’s investment policy and Board membership Participants are eligible for Board membership
Agenda Page 33 of 34
CAMP Investment Pools
Agenda Page 34 of 34