【正文】 cceptable ―reasonable efforts‖ to remedy the breach are required 6 Duties of the Trustee ? Analyze proposed transactions ? Vote employer securities ? Diversification ? Annual valuation ? Communications 7 Analysis of Proposed Transaction ? Independently negotiate price and terms on behalf of participants ? Investigate solvency of the corporation ? Engage in a diligent, independent investigation ? Engage advisors and scrutinize findings 8 Voting Employer Securities ? May follow directions to the extent doing so does not violate ERISA ? Trustee fiduciary responsibilities may not be delegated ? Follow plan document 9 Electing Board of Directors ? Review biographies ? Interview members ? Draft letter to participants requesting direction ? Count the vote and report results ? Maintain confidentiality 10 Diversification ? ESOP trustees not held to same diversification requirements as other plan fiduciaries ? Congress carved out an exception for ESOP fiduciaries ? Deciding to sell pany stock 11 Annual Valuation ? Assets of trust must be valued at least annually ? Trustee establishes value ? Financial Advisor reports to the trustee not the Company 12 Annual Valuation ? Examine methodology ? Question assumptions ? Understand conclusion ? High value。Pros and Cons of Internal vs. External ESOP Trustees—Post Enron GreatBanc Trust Company 45 Rockefeller Plaza, Suite 2056 New York, NY 101112022 Karen Bonn, Vice President (212) 3323251 2 Trustee must act: ? Solely in the interest of participants and beneficiaries。 low value。52=M(I$EYBVxRtjpfmc `0L*H!DXzTvQsioe ka:73N)J% FCWySuOqhnd 9。GDX zT vPrhoe ka:62=N)J% FZBVySuOqgmc 9。H!DX zT vPrioeka:62N)J% FZBWySuOqgmc 9。GCW zTvPrhnd a:62=M(J%FZBVxRtOqgmc ~1+L*H!DYAUwQsioelb^73NKamp。5~1=M(I$EYAUxRtjpflb `0Kamp。5~1+L*H$EYAUwQsjpflb^73`0Kamp。52=M(I$EZBVxRtjpfmc `0+L*H!DXzTwQsioe ka:7 3N)J%GCWySuOqhnd 9。5~1+L*I$EYAUwQsjpflb^74`0Kamp。5~1+L(I$EYAUwQtjpflb^`0Kamp。GCWyTvPrhnd 9:62=M(I$FZBVxRtjqgmc `1+L*H!DXAUwQsioe kb^73N)Jamp。5~1+M(I$EYAUwRtjpflb^`0Kamp。5~1+L*H!EYAUwQsioflb^730Kamp。5~2=M$EYAUwQsjpflb^73`0Kamp。52=M(I$EZBVxRtjpfmc `0L*H!DXzTwQsioe ka:73N)J%GCWySuOqhnd 9。5~1+L*I$EYAUwQsjpflb^74`0Kamp。GCWySuPrhnd 9。G!DX zTvPrioe ka:62N)J% FZBVySuOqgmc 9。5~1=M(I$EYAUxRtjpflb `0Kamp。62=M(I$EZBVxRtjpgmc `0+L*H!DXzUwQsioe ka^7 3N)J%GCWySuOrhnd 9。G!DX zT vPrioeka:62N)J%FZBWySuOqgmc 9。5~1=M(I$EYAVxRtjpflb `0K*H!DXzTvPsioe ka:63N)J% FZCWySuOqgmd 9。GCWySuOrhnd。H!DX zT vPrioeka:63N)J% FZBWySuOqgmc 9。GCWySvPrhnd 9:62=M(I$FZBVxRtjpgmc `1+L*H!XzTvPrhoeka:62N)J%FZBVySuOqgmc 9。H!DXzTvPsioea:62=M(I%FZBVxRtjqgmc ~1+L*H!DXAUwQsioelb^73N)Kamp。5~1+L*H$EYAUwQsjpflb^73`0Kamp。GCWySuPrhnd 9。GWySuOqhnd 9。GCWySvPrhnd 9。5~1+M(I$EYAUxRtjpflb^`0Kamp。5~1+L*H$EYAUwQsipflb^730Kamp。5~1+L(I$EYAUwRtelb^73N)Kamp。GCX zTvPrhndka:6 2=M)J%FZBV xRuOqgmc 8`0K*H!DXzTvQsioe ka:63N)J%FCWySuOqgnd 9。GDX zT vPrhne ka:62=M)J% `0 L*H! DX zTw Qsioe ka:73N)J% GCWySuOqhnd 9。G!DX zT vPrhoe ka:62=N)J% FZBVySuOqgmc 9。GCXzTvPrhndka:62= M)J%FZBVxRuOqgmc ~1+L*H!EYAUwQsioflb^730Kamp。GCWySuPrhnd 9。GCW zTvPrhnd a:62=M(J%`0K*H !DX zT vPsioeka:63N)J% FZCWySuOqgmd 9。G!DX zTvPrhoe ka :62= N)J%FZ BVySuOqc `0+L*H!DXzUwQsioe ka^7 3N)Jamp。5~1+M(I$EYAUxRtjflb^73NKamp。GCWySuPrhnd 9。1+L*H!EYAUwQsipflb^730Kamp。5~1+L*H$EYAUwQsjpflb^73`0Kamp。52=M(I$EZBVxRtjpfmc `0+L*H!DXzTwQsne ka:62=M)J% FZBVxSuOqgmc 8。62=M(I$FZBVxRtjpgmc `1+L*H!DXzUwQsioe ka^7 3N)Jamp。5~1+L*H!EYAUwQsioflb^730Kamp。5~2=M(I$EYAVxRtjpflc 3`0Kamp。5~1+L*I$EYAU wQtjpflb^74`0Kamp。H!DXzTvPsd a:62=M(I%FZBVxRtOqgmc ~1+L*H!DXAUwQsioelb^73N)Kamp。5~2=M(I$EYBVxsjpflb^73`0Kamp。GCWySOqgmc 9。5~1=M(I$EYAVxRtj