Document zbQ660BMwB4evOEpNVQ4E8Bna

JOINT MEETING OF MCA EXECUTIVE AND FINANCE COMMITTEES 8:30 a.m. (EDT), Tuesday, May 14, 1968 The Links Club, New York City 1. Financial Report for Eleven Months Ended April 30, 1968. Z. Fiscal Year 1968-69 Budget -- Proposed Plastics Financial Package. 3. Report of Nominating Committee -- Slate of Officers and Directors for Fiscal Year 1968-69 -- Dr. Dawson. 4. Schedule of Regional Meetings for Fiscal 1968-69- 5. Annual Report for Fiscal Year 1967-68. 6. Proposal of Transportation and Distribution Committee for participation in ICC Proceeding 8406 as It pertains to covered hopper cars, and special assessment to finance mileage allowance study, 7. Administrative Matters. 11 CMA 061427 MINUTES OF JOINT MEETING MCA EXECUTIVE AND FINANCE COMMITTEES The Links Club, New York City Tuesday, May 14, 1968 Following breakfast at 8:30 a. m. (EDT), the meeting was called to order by Chairman Gerstacker. There were present: F. Leonard Bryant David H. Dawson George H. Decker Louis K. Eilers Irb H. Fooshee Carl A. Gerstacker Kenneth H. Hannan A. R. Marusi W. Kenneth Menke M. A, Minnig Charles S. Munson Charles W. Smith Henry A. Thouron Jesse Werner John E. Wood, III James R. Carnes General Counsel: Lloyd Symington Present by ^invitation: L. S. Truslow, Union Carbide Corporation (Present for portion of meeting only. ) 1. Report of the Secretary-Treasurer. The Seeretary-Treasurer re ported that income for the eleven-month period ending April 30 totalled $1, 609, 964, This is approximately $10, 000 more than the estimated income for the entire year, and it is expected that income by May 31 will exceed that estimated by $20, 000. Expenditures for the same period totalled $1,243,412. This is $233,687 or 15. 8% less than the prorated budget. Although expenditures for May will be heavy as the fiscal year is completed, there will be a substantial surplus of in come over expense at the end of the year, which it is estimated will exceed $125,000. Mr. Carnes reported that the Association's books would be closed on May 15, and that the auditors, Bond, Beebe, Bond & Bond, would come in on May 20. The auditors' report will be summarized at the Annual Meeting and the summary included in the published proceedings. On May 17, copies of the proposed budget for fiscal 1968-69, together with the tentative agenda of the Annual Business Meeting and the report of the Nominating Committee, will be sent to Executive Contacts for thgir advance information. 2. Fiscal Year 1968-69 Budget -- Proposed Plastics Financial Package. Chairman Werner of the Finance Committee reviewed the report which he pro posed to make to the Board of Directors at its meeting later in the day concerning the Association's proposed budget for fiscal 1968-69 and the plans for financing it, as approved by the Executive and Finance Committees on April 8. It was also proposed to recommend approval of the plastics financial package for fiscal year 1 CMA 061428 2- - 1968-69 m the amount of $80,439 as recommended by the Plastics Committee, which can be financed from anticipated surplus at the end of the current fiscal year and from assessments on .member plastics producers not more than 7 1/2% greater than this year's assessment. Following discussion. Dr. Werner's re port approving the proposed Association budget and financing and the plastics financial package for fiscal 1968-69 was concurred in. 3. Report of Nominating Committee. On behalf of the Nominating Committee, Dr. Dawson presented the following slate of officers and Directors tor submission to and action by the membership at the 96th Annual Business Meeting on June 6. The nominations were accepted without comment for sub mission to the Board of Directors later in the day. Chairman of the Board -- Carl A. Gerstacker, Chairman of the Board The Dow Chemical Company Chairman of the Executive Committee -- F. Leonard Bryant, Chairman of the Board, Hooker Chemical Corporation Pres ident George H. Decker, MCA Vice Presidents -- Irb H. Fooshee, Executive Vice President, Allied Chemical Corporation Charles H. Rybolt, President, Wallace & Tiernan Inc. Secretary-Treasurer -- James R. Carnes, MCA Directors: (Term Expires May 31, 1969) C. B. McCoy, President, E. I. du Pont de Nemours Company Directors : (Term Expires May 31, 1970) Harry W. Buchanan, President, Virginia Chemicals Inc. Directors: (Term Expires May 31, 1971) Clifton C. Garvin, Jr. , Vice President, Standard Oil Company (New Jersey) Robert D. Goodall, Executive Vice President, W. R. Grace &: Co. Ralph K. Gottshall, Chairman of the Board, Atlas Chemical Industries, Inc. Roger W. Gunder, President, Stauffer Chemical Company Leonard Hynes, President, Ganadian Industries Limited Earl T. McBee, Chairman and President,, Great Lakes Chemical Corporation L, J. Polite, Jr., President, Essex Chemical Corporation Clifford D. Siverd, President, American Cylnamid Company J. B. St. Clair, President, Shell Chemical Company Harold E. Thayer, Chairman and President, Mallinckrodt Chemical Works Harry B. Warner, President, The B. F. Goodrich Company i * i * CMA 061429 -3- 4. Schedule of Regional Meetings for Fiscal 1968-69. The following schedule of general and regional Board meetings for fiscal year 1968-69 was approved: October 7-8, 1968 Chicago, Illinois Regional Directors' Meeting November Z5-Z6, 1968 New York City Semi-Annual Meeting March 10-11, i960 April 14-15, 19oQ Houston, Texas Washington, D, C. Regional Directors' Meeting Directors' Meeting and Congressional Reception June 11-14, 1969 White Sulphur Springs, West Virginia 97th Annual Meeting 5. Annual Report for Fiscal Year 1967-68. The Secretary-Treasurer reported that copies of the Annual Report in draft form were sent to the Directors on April 30. They were invited to review the draft and have their comments in the hands ofVthe Secretary-Treasurer by May 10. The printed report will be mailed to all Executive Contacts and members of Association committees on June 6, the date of the Annual Meeting. 6. Ways and Means Committee Hearings on Balance of Trade Between the U, S, and Foreign Nations. General Decker inquired as to the views of the Committee concerning appearance by an Association witness in Ways and Means Committee hearings on the balance of trade between the U. S. and foreign nations which are scheduled to begin on June 4. Following discussion, it was agreed that the Association should not request that a witness be allowed to appear on its be half but should file a written statement of its views instead. (In a further dis cussion subsequent to the meeting, Dr. Dawson, Dr. Gerstacker, and Mr. Hannan agreed to request a review of the decision at the Executive Committee meeting on June 5 with a view toward an appearance by Dr. Gerstacker as MCA 's witness, ) The Association's statement should follow that prepared by the Inter national Trade Committee and forwarded by General Decker to Directors on April 17, subject to modification by the International Trade Committee to incor porate any comments received from member companies which represent a common position. It was the consensus that the Association's statement should take a position favoring U. S. border taxes, an import surcharge, and/rebate, and General Decker was requested to so inform the International Trade Commit tee. 7. Special A ssessment.for Covered Hopper Car Mileage Allowance Study, ICC Proceeding 8406. Following consideration of information furnished by Mr. L. S. Truslow, Chairman of the Car Compensation Subcommittee of the Trans portation and Distribution Committee, and discussion, it was agreed to recommend that the Board of Directors approve a special assessment to finance a covered hopper car mileage allowance study and participation by MCA in ICC Proceeding 8406 as it pertains to covered hopper cars. CMA 061430 -4- 8. Administrative Matters. General Decker reported that the Association's Director of Education, William E. Chace, who will reach normal retirement age on October 3, 1969, had inquired regarding retention beyond his normal retire ment date, probably until age 70. The Education Activities Committee has sub mitted a letter recommending that an exception to the normal retirement date be made in Dr. Chace's case, subject to annual review. It was doubted that Dr. Chace would be willing to accept retention on an annual review basis because of familv obligations which prompted the request for a longer period of retention. Following discussion, the consensus was that to grant Dr. Chace's request for retention for more than one year would establish an undesirable precedent. General Decker reported that professional members of the staff had in recent years been provided physical examinations at Association expense in The Green brier Clinic under an informal arrangement. The views of the Executive Com mittee on authorizing such examinations under a uniform policy were solicited. Following discussion, General Decker was requested to develop a proposed uni form policy on such examinations to be considered by the Executive Committee at a future meeting. 1 There being no further business to come before the meeting, it was unani mously resolved to adjourn. 1 Certified Correct . -c Carl A. Gerstacker Chairman, Executive Committee James R. Carnes Secretary -Treasurer CMA 061431