Skip to content
BOL Conferences
Thread Options
#993220 - 07/11/08 01:29 PM INSIDER ACTIVITY
piggybanker Offline
Member
Joined: Dec 2005
Posts: 63
I have a question can a DIRECTOR that is on the Audit Committee be paid fees for services performed for the bank. Ex milege etc.?

Return to Top
Lending Compliance
#993353 - 07/11/08 02:31 PM Re: INSIDER ACTIVITY piggybanker
ktac MITCH Offline
Diamond Poster
ktac MITCH
Joined: May 2005
Posts: 1,813
Giant side of TX
Here is my logic - At a prior bank 1 director was a surveyor & he got paid for surveys on RE loans & 1 director did pest inspections, ditto.
If what the director is doing relates to his area of expertise and you are paying what you would pay anyone else who provided the service, including paying mileage (keep it arms length) then you should be o.k.
My question is what is the director doing that you are paying mileage?
_________________________
My opinions are just that, and might be worth what you paid for them.

Return to Top
#993626 - 07/11/08 05:17 PM Re: INSIDER ACTIVITY ktac MITCH
piggybanker Offline
Member
Joined: Dec 2005
Posts: 63
I understand that. Does it make any difference that he is the Chairman of the Audit Committee? I was reading the OCC INsider Activity handbook and under the topic AUDIT COMMITTEE MEMBER FEES it discusses various fees. The milege would be to cover going to do updated inspections etc.

Return to Top

Moderator:  Andy_Z