FIVB – BOARD OF ADMINISTRATION MEETING
Lausanne, 16th. – 18th. May 2001
Pages 15-16
16TH-18TH May 2001 Board of Administration FIVB
6.6. RECOMMENDATIONS TO THE FINANCE COMMISSION
Mr. VAN ZWIETEN draws particular attention to this point and to the auditors and banking experts’ advice according to which the FIVB’s total balance is a very healthy one for the immediate future.
However, due to the uncertainty of exchange rates between the Swiss Franc and the US Dollar, and the decreasing of bonds and shares profits, it would be wise to reconsider our investment policy. As for long term in investments, our experts advise to invest a part of our fortune in real-estate property.
DECISIONS
Recommendations by the Finance Commission are approved as follows:
(4.1) Treasurer’s report and recommendations
1. To advise the President to have negotiations with the bank concerning the results of the investments in the last year.
2. Following the advice from auditors and banking experts and after
discussion by the Finance Commission, to invest a part of FIVB fortune
in real estate property in Switzerland due to the uncertainty of exchange
rates between the Swiss Franc and the US dollar and the decreasing
of bonds and shares profits.
Following Mr. Wei’s recommendation, FIVB investments including
the acquisition of real estate property and the construction of facilities
for the FIVB and Volleyball purposes, to be made according to the
following requirements:
“Following the aforementioned approved recommendations by the Finance Commission under above (4.1) Treasurer’s report and recommendations, Mr. VAN ZWIETEN explains that there is a 44 year old house on sale in a good residential area of Lausanne which could be a good opportunity for the FIVB and could be used to install its Presidents. As per Mr. Wei’s recommendation above, the General Manager and himself visited the house which gas been estimated at 1.7 million Swiss Francs. The house is in good condition and just requires a new kitchen. He personally believes that this would be a very good acquisition for the FIVB.
The PRESIDENT finds that the proposed purchase of a villa is profitable
to the FIVB.
The money invested would still be in the FIVB accounts.
The GENERAL MANAGER reports that following the Executive Committee’s
recommendation, he ordered and expertise by two banks. He has a draft
agreement as per the Swiss law for real-estate property. The FIVB
is an association with legal body so there is no conflict with the
legal status of the Federation but the Board of Administration’s
approval is required for real-estate acquisition.
In reply to Mr. Mendoza, the PRESIDENT agrees that opportunities must
be seized as they come and that investments should not be restricted
to Switzerland. He convenes that Board members must keep control but
some flexibility is required.
In Mr. MENDOZA’s opinion, the FIVB President is the authority accountable for investments and therefore he must be enabled to take decisions at the right time, with which Mr. MARTE HOFFIZ agrees
DECISIONS
1. To proceed with the signing of the agreement and property title for the purchase of real-estate no.278 in Epalinges, Lausanne, by the FIVB President and the General Manager, and with the installation of a new kitchen. However, the principle that all other contracts are signed by both FIVB and Finance Commission Presidents to be maintained.
2. Mr. Van Zwieten and Mr. Mendoza to find out how to adjust the
FIVB Regulations in order not to tie hands for future acquisitions
although securing the necessary control.
3. Every acquisition to be made on the FIVB’s behalf.”
Proposal
To approve the budgets for the financial year 2002-2004
(Appendix 4)
4. PROPOSALS AND REPORTS
4.1 REPORT OF THE DECISIONS FROM THE 2001 BOARD OF ADMINISTRATION MEETING, BY THE COMMISSION PRESIDENT
“The Board of Administration approved all proposals from The FINANCE COMMISSSION. Mr. VAN ZWIETEN especially remarks on the ongoing efforts to reduce the impact of bank charge costs securing a corporate sponsor contract, notably from the bank that will handle FIVB investments. FIVB has formally taken possession of the real estate acquired in Lausanne with the agreement of the Board of Administration.”