Board of Trustees Meeting Procedures

All meetings1 of the Board of Trustees of the Financial Accounting Foundation (the “Foundation”) will be open to public observation to the extent of available space at the place of the meeting, unless, in the judgment of the Chairman of the Board of Trustees of the Foundation (“Chairman”), the meeting (or a portion thereof) is likely to result in discussion or disclosure of (i) administrative matters, such as personnel rules and practices, including matters with respect to selection, removal, promotion, or salaries, (ii) oversight matters, (iii) matters that concern participation in proceedings in court or other judicial or legal or regulatory proceedings or matters involving legislative, executive, or other judicial bodies, or (iv) matters which, if before a meeting of the Financial Accounting Standards Board (“FASB”) or Governmental Accounting Standards Board (“GASB”), would permit the FASB or GASB to close such meeting (or a portion thereof) under its Rules of Procedure, and in any such case the Chairman determines to close such Trustees’ meeting or a portion thereof, as the case may be.

The Foundation will publicly announce the time, date, and place of each Trustees’ meeting, the agenda for the meeting (if then determined), the extent (if any) to which the meeting is to be closed to public observation and the reasons therefor, and a telephone number to call for further information. Such announcements will be made at least fourteen (14) days in advance of regular meetings and two (2) days in advance of special meetings, unless the Chairman determines that the business to come before the Board of Trustees requires earlier consideration, in which event such announcements will be made as soon as practicable. A Trustee meeting intended to be closed to public observation in its entirety shall not require a public announcement. The agenda for a meeting (if not in the initial public announcement), any change in the time, date, or place of a meeting, and any determination by the Chairman to close a meeting previously announced as being open in whole or in part (and the reasons therefor) or to open a meeting (or a portion thereof) previously intended to be closed will be publicly announced as soon as practicable. Other significant changes in prior publicly announced information in respect of meetings will be publicly announced if and as practicable. All public announcements contemplated or permitted by these Meeting Procedures may be made by or at the direction of the Chairman and will be sufficient if made by press release or such other means as the Chairman may determine; provided that the Chairman may adjourn any meeting in whole or in part to reconvene at another time, date, or place without any announcement other than announcement at the meeting. If and as practicable, copies of written announcements in respect of meetings will be mailed or given to the Foundation’s Trustees, the President of the Foundation, the Chairman of the Financial Accounting Standards Board, the Chairman of the Governmental Accounting Standards Board, the Chairman of the Financial Accounting Standards Advisory Council (“FASAC”), the
Chairman of the Governmental Accounting Standards Advisory Council (“GASAC”), and such others as the Chairman may determine generally or in specific cases.

Requests for information in respect of Trustees’ meetings may be directed during normal business hours to the Foundation’s President, c/o Financial Accounting Foundation, 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut 06856-5116. Those planning to attend a meeting are encouraged to contact the office of Foundation’s President shortly prior to the meeting date to confirm information with respect thereto.

Nothing in these Meeting Procedures shall (1) authorize any person, unless specifically agreed to by the Chairman or the Board of Trustees, to be heard at, or otherwise to participate in, any meeting of the Trustees, or to record any meeting or portion thereof by electronic or photographic devices; (2) grant any person any rights not otherwise existing, including, without limitation, rights of access to any document, information, or data not otherwise existing under these Meeting Procedures, or the Rules of Procedure of the FASB, GASB, FASAC, or GASAC; (3) obligate the Foundation, the Chairman, the Board of Trustees, or the President of the Foundation to provide any documents, information, or data used or referred to in the course of any meeting to any person; (4) preclude the ejection or exclusion of any person in attendance at any meeting whenever the Chairman or the Board of Trustees deems such action appropriate to preserve decorum or for health or safety reasons, or to terminate behavior unauthorized by these Meeting Procedures; (5) preclude the Chairman from directing that a meeting in session be cleared of spectators, temporarily or permanently, whenever the Chairman determines that the discussion during such meeting or any portion thereof open to public observation is likely to result in discussion or disclosure of matters which would permit such meeting or portion thereof to be closed.

The Board of Trustees of the Foundation may, from time to time, alter, amend, supplement, or repeal these Meeting Procedures, or approve other Meeting Procedures.


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1For purposes of these Meeting Procedures, a “meeting” means the joint deliberations (with or without others present) of at least a quorum of the Trustees whereby those deliberations are intended or expected by the Chairman of the Board of Trustees of the Foundation to result in the joint conduct or disposition of Foundation business, other than meetings of committees of Trustees and informal gatherings primarily of a social nature at which the joint conduct or disposition of business is not intended or expected.