The Secretary of the Corporation serves as the Corporation's Recording Officer and as joint signatory with the President in the awarding of academic degrees. The Office of the Secretary of the Corporation is responsible primarily for providing support to the Institute's governing board and to 26 Corporation visiting committees.
On October 5, 1995, an orientation program was held for new members of the Corporation. In the evening, new members and their spouses and guests were joined by the Executive and Membership Committees for a reception and dinner.
At the annual meeting on October 6, 1995, new members were introduced. The Corporation approved the action of the President in the awarding of September degrees. Memorial resolutions were presented in honor of Thomas D. Cabot and Hajime Mitarai '65. Members heard reports from the President, Treasurer, Vice President for Resource Development, and the chairs of the Auditing Committee, Membership Committee, Salary Subcommittee of the Executive Committee, and four visiting committees. Members of the Academic Council joined Corporation members and their spouses and guests for luncheon following the meeting.
On December 1, 1995, George N. Butzow '51 was elected to complete the term of the late Hajime Mitarai '65. The Corporation approved a new joint program in System Design and Management in the School of Engineering and the Sloan School of Management. Edward O. Vetter '42 transferred to the status of Life Member Emeritus. Memorial resolutions were presented in honor of Life Member Jerry McAfee '40. Resolutions were also presented in honor of the conferral of the 1995 Nobel Prize in Chemistry on Mario J. Molina, Lee and Geraldine Martin Professor in Environmental Studies in the Department of Earth, Atmospheric, and Planetary Sciences and the Department of Chemistry. Professor Molina briefly described his research work in ozone depletion and its implications for the world's environment. Members heard reports from the President and the chairs of the Membership Committee and four visiting committees. Professor Molina, the Dean of Science and the Heads of the Departments of Earth, Atmospheric, and Planetary Sciences and of Chemistry, their spouses, and Lee and Geraldine Martin and their guest attended the reception and luncheon following the meeting.
On March 1, 1996, the Corporation approved the action of the President in the awarding of February degrees. Joel Moses, Provost, was approved as a fund administrator of the Basic Research Fund in the Physical Sciences. Memorial resolutions were presented in honor of Herbert H. Dow, Jr. '52. Resolutions were also presented on the dedication of the Jack C. Tang Center for Management Education. T. A. Wilson transferred to the status of Life Member Emeritus. Reports were presented by the President and the chairs of the Investment Committee, Corporation Joint Advisory Committee on Institute-Wide Affairs, Membership Committee, Screening Committee, MIT Community Service Fund, two visiting committees, and the President of the Association of MIT Alumni and Alumnae. Members of the Academic Council joined the members of the Corporation for a reception and luncheon.
The quarterly meeting was held on June 7, 1995, prior to the Commencement exercises, at which the speaker was Vice President of the United States Albert Gore. The Corporation approved the awarding of June degrees, elected new members, and approved the establishment of a Master of Engineering degree in the Department of Nuclear Engineering. Resolutions were read to honor four members completing their terms of service on the Corporation. Dr. Gray announced his intention to complete his service as Chairman of the Corporation in June 1997. Members heard reports from the President and the chairs of the Membership Committee, Screening Committee, and three visiting committees. A reception and luncheon for members of the Corporation were held at the Chairman's residence following Commencement exercises.
Completed service effective June 30, 1996: Karen W. Arenson, William R. Brody, DuWayne J. Peterson Jr., and Reginald D. Tucker.
Leave of Absence: Shirley A. Jackson, Life Member, leave of absence for government service continued.
Elected to term membership effective December 1, 1995 - June 30, 2000: George N. Butzow
Elected to a five-year term effective July 1, 1996: Josephine S. Jiménez, L. Robert Johnson, Michael M. Koerner, Claudine B. Malone, Dana G. Mead, Paul Rudovsky, Theresa M. Stone, R. Robert Wickham, and Elliot K. Wolk.
Elected Life Member effective July 1, 1996: Alexander W. Dreyfoos Jr., Christian J. Matthew, Morris Tanenbaum, and William J. Weisz.
Ex officio member for one-year term effective July 1, 1996: DuWayne J. Peterson Jr., 1996-97 President of the MIT Association of Alumni and Alumnae.
Transferred to Life Member Emeritus: Joseph G. Gavin, Jr. (October 1995); Edward O. Vetter (December 1995); and T. A. Wilson (March 1996).
Deaths: Hajime Mitarai, August 31, 1995, Jerry McAfee, October 14, 1995, Herbert H. Dow, 2nd, January 26, 1996
D. Reid Weedon, Jr., continued as Chair, with Vice President for Finance and Treasurer Glenn P. Strehle serving as an ex officio member. The committee membership included Senior Vice President William R. Dickson as well as faculty and students. Elizabeth T. Harding provided staff support.
The committee met once on April 19, 1996, and conducted two telephone polls. Members voted on 21 resolutions submitted to ten companies whose stocks are held by MIT in its general investments. No single issue or set of issues dominated the resolutions. The topics included smoking, the environment, nuclear power, and human rights in the United States and abroad. The number of issues before the committee continued to decline. Compared to 1995, the number of resolutions decreased by ten, and the number of companies decreased by nine.
Meetings were held on October 5, 1995, and on February 29, 1996. Attendees at each meeting included Auditing Committee members; representatives from Coopers & Lybrand, MIT's independent public accountants; and invited members of the MIT administration.
Financial statements for fiscal year 1995 and a report on recent audit developments were discussed at the fall meeting. At the spring meeting, the MIT Audit Division reviewed its current plans and prior year accomplishments; Coopers & Lybrand presented its audit plan for fiscal year 1996; the committee discussed implications of new Financial Accounting Standards on the treatment of unrealized appreciation on funds, and reviewed plans to implement Release I of the new SAP financial system.
During the academic year 1995-96, CJAC held four meetings, which the Dean for Undergraduate Education attended as a guest. The committee discussed a number of issues relating to the work of the presidential Task Force on Student Life and Learning, including issues of self-esteem of students while enrolled at the Institute, views of alumni/ae on the MIT student experience, and the necessary balance between academics, residential life, and extracurricular activities. CJAC intends to focus next year on ways for the Corporation to interact more easily and more frequently with students and faculty.
This committee is covered in the annual report of the Vice President for Finance and Treasurer.
During the past year the Executive Committee held ten meetings. Its agenda included such topics as changes in the senior administration, new directions in education and research, federal relations, industry relations, management of the endowment, the retirement incentive program, policies relating to ROTC programs on campus, and the Institute's planning, budget, and reengineering activities.
During the spring, a subcommittee was appointed to serve as the search committee for a successor to Dr. Gray, who announced his decision to complete his service as Chairman of the Corporation on June 30, 1997.
The Investment Committee held three regularly scheduled meetings during fiscal year 1996. The Wellington Management Company of Boston remained the primary investment manager and advisor for publicly traded securities, both domestic and international. The Institute continued the program, managed by four other investment management firms, of equity investments in smaller capitalization companies. The program for domestic and international alternative investments to publicly traded securities has been expanded. These alternative investments - including venture capital, private capital, real estate, event arbitrage, and distressed debt - are typically managed by several investment managers through pooled investment funds.
The Membership Committee held three meetings during the academic year to discuss matters concerning membership on the Corporation, and nominations to various Corporation standing committees and committees of annual recurrence.
The Corporation Screening Committee for Nomination of Recent Graduates held an open meeting for students on October 2, 1995. Two teleconferences and two committee meetings were held in January and February. The committee chose a ballot of nine nominees from a group of 71 candidates (48 of whom returned a second, more detailed nomination form requested by the committee). R. Robert Wickham '93 won the nomination and was elected to serve a five-year term on the Corporation.
During the academic year 1995-96, twelve visiting committees convened: Architecture and Media Arts and Sciences; Athletics, Physical Education, and Recreation; Earth, Atmospheric, and Planetary Sciences; Linguistics and Philosophy; Materials Science and Engineering; Mathematics; Mechanical Engineering; Nuclear Engineering; Physics; Sloan School of Management; Sponsored Research; and Urban Studies and Planning. In lieu of a full, two-day meeting, Civil and Environmental Engineering met for a half-day update only.
In 1995-96 the Institute's 26 visiting committees were comprised of 389 persons
and 466 membership positions: 61 Corporation members filled 130 slots; 174
presidential nominees filled 179 slots; 156 alumni nominees filled 157 slots.
(Two people each filled both a presidential nominee slot and an alumni nominee
slot.) Women comprised 24 percent of the visiting committee membership, and
minorities 12 percent; 60 percent of the members were affiliated with
corporations, 32 percent with academia, 6 percent with government, and 2
percent with foundations.
Susan A. Lester joined the Corporation Office in August 1995 as Associate Secretary of the Corporation, transferring from the Personnel Office where she served most recently as Assistant Manager for Wage and Salary Administration. Lois A. Graham left the Institute at the end of the year to remain at home with her child. Rachel S. Rowe joined the Corporation Office in mid-October, and Jennifer N. Carroll will leave MIT in August 1996 to attend graduate school.
Kathryn A. Willmore