Procedures for compliance

A written investment policy statement should be developed.

• Client identification: Identify the type and nature of clients, and the existence of separate beneficiaries.
• Investor objectives:
  • Return objectives (income, growth in principal, maintenance of purchase power).
  • Risk tolerance (suitability and stability of values).

• Investor constraints: Liquidity needs, expected cash flows (patterns of additions and/or withdrawals), investable funds (assets and liabilities or other commitments), time horizon, tax considerations, regulatory and legal circumstances, investor preferences, circumstances, unique needs, and proxy voting responsibilities and guidance.
• Performance measurement benchmarks.

The investor's objectives and constraints should be maintained and reviewed periodically to reflect any changes in the client's circumstances. Annual review is reasonable unless business or other reasons dictate more or less frequent review.