The primary purpose of the Finance and Investment Committee (the “Committee”) of the Board of Directors (the “Board”) of Ullico Inc. (the “Company”) shall be to advise the Board and the Company’s subsidiaries (the “Subsidiaries”) with respect to investments and related financial activities of the Company and the Subsidiaries. The Committee shall also evaluate the various lines of business of the Company and the Subsidiaries and shall make reports and recommendations to the Board and the Subsidiary Boards as to the current condition of and possible advantageous changes to such lines of business.
The Committee shall be comprised of not less than three members of the Board.
The members of the Committee shall be appointed annually by the process as set forth in the bylaws. The Chairman of the Board of Directors shall also designate a Chairperson of the Committee, subject to the approval of the Board of Directors, provided, however, that if the Board does not so designate a Chairperson, the members of the Committee, by a majority vote, may designate a Chairperson.
At least one member of the Committee shall have experience related to assessing actual and potential investments and customary metrics used by financial professionals to assess the risk and performance of such investments, including without limitation experience in analyzing financial statements.
The Committee shall meet with such frequency and at such intervals as it shall determine is necessary to carry out its duties and responsibilities, but in any case not less than quarterly.
The Committee shall maintain minutes of each meeting of the Committee, and each written consent to action taken without a meeting, reflecting the actions so authorized or taken by the Committee. The minutes of each meeting and all consents shall be placed in the Company’s minute book.
The Committee shall have the resources appropriate to discharge its responsibilities if the Committee determines either that these resources are not available through management or, if available, are not appropriate for use by the Committee in a given circumstance. If the Committee wishes to rely on an outside consultant, it shall select and recommend to the Board the specific consultant and the terms of the retention, and the Board may retain such outside consultant, approve the terms of the retention, and assign the consultant to work for the Committee. The Committee has the authority to meet with all Company personnel in order to discharge its duties under this charter.
The following are the duties and responsibilities of the Committee:
Approved by the Finance and Investment Committee Date: April 17, 2014
Approved by the Board Date: April 17, 2014