Use evidence and fiduciary framing to respond to a trustee challenge about investment fees.
Trustee Lewis TL Investment committee member A Acknowledge S Standard C Commit Committee moment 20 sec Fee pressure Trustee Lewis challenges $7.4 million of external manager fees and asks why the fund is not fully passive. A defensive answer makes the CIO sound captured by managers. A simplistic answer may cut capabilities the fund needs. $7.4M external manager fees 4 managers above peer median
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