10.1.17: Meetings and Committees

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Abstract

Meetings and Committees: Regardless of the allocation of technical legal power, well-drafted partnerships contemplate investor input as a matter of good investor relations. An annual meeting between the investors as a group and the managers has never been deemed to cross the forbidden boundary under any version of the U.L.P.A. Such meetings tend to be reporting sessions, rarely the occasion for discussion of substantive issues, but they are de rigueur Frequent written reports to the investors are a traditional obligation of the managers, bringing the limited partners up to date on the performance of the portfolio companies, new investments, and valuation changes. And, some agreements require the generals to hold special meetings on the call of a specified percentage of the limited partners. Whether or not the agreement so requires, more aggressive limited partners take the occasion for frequent private meetings (Japanese investors are famous for this...