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October 1, 2001
Board and Nominating Committee Members Whose Terms Will Expire at the 2002 Annual Election
NFA Bylaw 406 provides that before October 15 of each year, NFA's Secretary shall notify all Members in the FCM, IB, CPO and CTA categories of the elected Board of Directors and the members of the Nominating Committee whose terms shall expire at the Annual Election and shall request that the names of eligible persons to fill those positions be submitted to the Nominating Committee.
On August 16, 2001, NFA's Board of Directors unanimously ratified a proposal to amend NFA's Articles of Incorporation to reduce the size of the Board from 45 Directors to 25. On August 30, 2001, NFA sent out Notice to Members I-01-14 which included a ballot to vote on the proposed amendments to NFA's Articles. On October 1, 2001, NFA's Membership approved the amendments. NFA is submitting the proposed amendments to the CFTC under the ten-day automatic approval process, and expects that the CFTC will not take review. Therefore, it is anticipated that the proposed amendments will become effective on October 15, 2001.
Due to the reduction in the Board's size, for this year only, the election process for Directors will be different than usual. To accomplish a transition from the existing to the new Board, the Articles establish an Interim Board that consists of the existing Directors. The interim Directors will serve until February 2002. All new Board members will be elected during this year's election cycle, which will officially culminate on January 15, 2002, the date of the Annual Election. The newly elected Board members will take their seats at the February 21, 2002 regular annual meeting of the Board. For this election only, half of these newly elected Directors will serve two-year terms and the other half one-year terms. This will be determined by the votes received by the Directors elected in each category, with the half receiving the highest votes in each category serving the two-year terms.
As a result, the enclosed list of the Board members whose terms expire in February 2002 contains the names of all current Board members in the FCM, IB and CPO and CTA categories. Also enclosed is a list of Nominating Committee members whose terms expire in February 2002. Finally, you will find a form enclosed for your use in submitting names of persons eligible to fill the vacancies on the Board of Directors and the Nominating Committee.
The Nominating Committee shall consider names that are submitted and the Membership will be notified of its nominations. Thereafter, additional nominations may be made by petition only. Ballots will be mailed in mid-December to all Members and the ballots will be counted on January 16, 2002. The results will be circulated before the regular annual meeting in February.
NFA is a membership organization. NFA Members have a voice in NFA's governance through the exercise of the right to suggest candidates and to nominate and elect individuals to serve on NFA's Nominating Committee and Board of Directors. The Nominating Committee relies heavily on the suggestions of the Membership in making its nominating decisions. Please give this matter serious consideration and return your submission(s) to NFA no later than October 15, 2001.
Please return to:
Thomas W. Sexton, III
National Futures Association
200 West Madison Street, Suite 1600
Chicago, Illinois 60606-3447
Should you have any questions, please contact Tony Rose at (312) 781-2254.
Board of Directors
(Directors may succeed themselves)
Terrence M. Belton
J.P. Morgan Futures, Inc.
W. Robert Felker
President & Chief Executive Officer
Banc One Brokerage International Corporation
Ronald M. Hersch
Senior Managing Director & Director of Futures Division
Bear, Stearns & Co., Inc.
Douglas O. Kitchen
Rosenthal Collins Group LLC
Managing Director and Associate General Counsel
Goldman Sachs & Co.
Margaret E. McGrath
Chief Executive Officer
ING (U.S.) Securities, Futures & Options, Inc.
Charles P. Nastro
Director of Futures
Lehman Brothers, Inc.
Ronald S. Oppenheimer
First Vice President & General Counsel
Futures & Options
Merrill Lynch & Co.
O. Lee Reid, Jr.
Vice-President - Futures
A.G. Edwards & Sons, Inc.
Lawrence D. Ryan
Prudential Securities Incorporated
Michael R. Schaefer
Salomon, Smith Barney, Inc.
Frederick G. Uhlmann
Man Financial, Inc.
Jan R. Waye
Senior Vice President
Cargill Investor Services, Inc.
Paul J. Georgy
McFarland Commodities, Inc.
John D. Streich
First Capitol Ag, Inc.
CPOs and CTAs
Thomas F. Basso
Chief Executive Officer
Trendstat Capital Management, Inc.
Douglas L. Bry
Northfield Trading LP
George E. Crapple
Co-Chairman and Co-Chief Executive Officer
The Millburn Corporation
Malinda E. Goldsmith
Fundamental Futures, Inc.
Robert E. Murray
Demeter Management Corporation
Verne O. Sedlacek
Westport Capital Management Corporation
(Nominating Committee Members may NOT succeed themselves)
Franklin A. Gelber
Chief Financial Officer
Gelber Group, LLC
Patrick F. Hart, III
Hart Financial Group LLC
Composition of NFA's Board of Directors
Directors elected by the Members *:
1. Four (4) FCM Representatives from the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30 preceding the election
2. Four (4) FCM Representatives not ranked in the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30 preceding the election
3. One (1) IB Representative - Independent
4. One (1) IB Representative - Guaranteed
5. Four (4) CPO/CTA Representatives - At least two (2) affiliated with either CPOs or CTAs that are ranked in the top 20% of funds under management allocated to futures.
* Four (4) Contract Market Representatives are appointed by the top four Contract Market Members based on volume in the prior year. Two (2) Contract Market Representatives are elected by all other Contract Market Members. Five (5) Public Directors are elected by the Board of Directors.
Composition of NFA's Nominating Committee
1. One (1) FCM Representative from the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30 preceding the election
2. One (1) FCM Representative not ranked in the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30 preceding the election
3. One (1) FCM Representative from either 1 or 2 above
4. One (1) IB Representative - Independent
5. One (1) IB Representative - Guaranteed
6. One (1) IB Representative from either 4 or 5 above
7. Three (3) CPO/CTA Representatives - At least one representative acting primarily as a CPO and at least one representative acting primarily as a CTA
SUGGESTION FOR NOMINATION*
SUGGESTION FOR NOMINATION*
Suggested for nomination to:
_____________Board of Directors
NFA Member with which individual is affiliated:__________________________________
Membership Category: _____ FCM _____ IB _____ CPO/CTA
Name of person making suggestion: __________________________
on behalf of:____________________________________________
Thank you for your submission. NFA will contact the individual you suggested to confirm his/her willingness to serve and to obtain biographical information that will be forwarded to the Nominating Committee.
*Please complete a separate form for each individual suggested. This form may be photocopied.