A "current policy" clause typically stipulates that any actions, decisions, or processes outlined in a contract are to be governed by the policies and procedures that are in effect at the time the contract is executed. This clause ensures that all parties are aware of and adhere to the most up-to-date guidelines, preventing reliance on outdated practices.
We have important information concerning your investment in the Touchstone Ohio Tax-Free Bond Fund (the “Fund”), a series of Touchstone Strategic Trust (the “Trust”). As an investor in the Fund, we wish to inform you that at an in-person meeting held May 20, 2021 (the “Meeting”) the Board of Trustees of the Trust (the “Board”) approved a proposal to amend the Fund’s current fundamental investment policy stating that under normal circumstances, at least 80% of the income the Fund distributes will be exempt from federal income tax, including the federal alternative minimum tax, and Ohio personal income tax (the "Current Policy"), so that it states that under normal circumstances, at least 80% of the income the Fund distributes will be exempt from federal income tax, including the federal alternative minimum tax (the "New Policy") (the “Proposal”).
A special meeting of shareholders of the Fund is expected to be held at the offices of the Trust, 303 Broadway, Suite 1100, Cincinnati, Ohio 45202, on September 30, 2021 at 1:00 p.m., Eastern time, at which shareholders will be asked to vote on the amendment of the Fund’s fundamental investment policy from the Current Policy and to the New Policy. If the amendment of the Fund’s fundamental investment policy is approved by shareholders, the Repurposing is expected to occur on or about October 28, 2021 or as soon as practicable thereafter.
Additionally at that same Meeting, the Board approved certain changes to the Fund’s diversified status, investment objective and principal investment strategies and a reduction in Advisory Fee and Expense Limitations of the Fund. While the changes to the Fund’s name, diversified status, fee reduction and expense limitation reductions, sub-advisor and principal investment strategies (the “Repurposing”) can be accomplished without a shareholder vote, the 1940 Act requires that a fund’s shareholders approve any change in the Fund’s fundamental investment policy, such as the amendment of the Current Policy to the New Policy. The Board recommends that shareholders approve the change from the Fund’s Current Policy to the New Policy.
On September 26, 2019, the Company’s shareholders approved a compensation policy for the Company’s officers and directors for a period of three years, which was then after amended and approved by the Company’s shareholders on September 15, 2020 (the “Current Policy”).
On July 16, 2023 and on July 19, 2023, the Compensation Committee of the Board of Directors (the “Compensation Committee”) and the Board of Directors, respectively, reviewed the terms of the Current Policy in depth. Considering the growth in the Company’s business and achievements since the Current Policy was last adopted, and further to comparing different components of compensation to companies similar to the Company, using a benchmark analysis performed by an independent consultant, the Compensation Committee and the Board of Directors approved and recommended to the shareholders of the Company to approve the adoption of a new compensation policy, for a period of three years following shareholders’ approval, in the form attached hereto as Exhibit B (the “New Policy”).
Currently, in accordance with the Israeli law requirements and the Current Policy, the cash fees paid to each of our Non-Executive Directors include an annual fee of up to NIS 30,000 (approximately US$8,4251), and NIS1,500 (approximately US$4202) as a per-meeting fee.
The proposed increases to the New Per-Meeting Fee and New Annual Fee are consistent with the Israeli law requirements, the Current Policy and the New Policy, and following the reasons detailed above, in the Compensation Committee’s and the Board of Directors’ opinions, are in the best interest of the Company.
The value of Grant of RSUs to Non-Executive Directors and its terms are within the frame and principles of the Current Policy and the New Policy (brought for approval as Proposal 4 in the Proxy Statement), representing an amount of NIS24,000 (approximately $6,666).
In making its recommendation with regard to the approval of the Grant of RSUs to Non-Executive Directors, the Compensation Committee and the Board of Directors each have considered all relevant considerations and discussed all matters required under the Companies Law and the regulations promulgated thereunder and also considered, among others: (i) the position, responsibilities, background and experience of each of the Non-Executive Directors; (ii) that the RSUs granted to Non-Executive Directors reflect a fair and reasonable value for each of the Non-Executive Directors’ services; and (iii) that the Grant of RSUs to Non-Executive Directors is in accordance with the Current Policy and the New Policy (brought for approval as Proposal 4 in the Proxy Statement). It is hereby clarified that the Vesting Schedule may be accelerated upon the occurrence of special events, as defined in the Current Policy and/or the New Policy.
“Current Policy” refers to the set of rules, guidelines, or principles that are presently in effect and enforced within a particular organization, institution, or jurisdiction. These policies are created to address ongoing needs, responsibilities, and operational aspects, providing a framework for decision-making and behavior.
When Should I Use Current Policy?
You should use the term “Current Policy” when:
You are referencing an active policy that governs present operations or decisions.
Discussing compliance with existing regulations or standards.
Proposing changes or updates to existing frameworks.
Comparing proposed policies with those currently in effect.
How Do I Write Current Policy?
When writing a current policy, consider the following steps:
Define the Objective: Clearly outline the purpose and goals of the policy.
Outline Scope and Applicability: Specify who or what the policy applies to and under what circumstances.
Detail Procedures and Standards: Provide specific instructions, guidelines, or standards that are to be followed.
Include Compliance and Accountability Measures: State how the policy will be enforced and who is responsible for compliance.
Use Clear and Concise Language: Ensure the policy is easily understandable, avoiding jargon or complex language.
Example:
The current policy on remote work allows employees to work from home up to two days per week, subject to manager approval. Employees must adhere to all data security protocols as outlined in the IT Security Guidelines.
Which Contracts Typically Contain Current Policy?
Various contracts may reference or include a section on current policy, such as:
Employment Contracts: They might include references to current company policies on conduct, remote work, or benefits.
Service Agreements: These can specify adherence to current operational policies or standards.
Lease Agreements: References to current policies regarding property maintenance or tenant behavior.
Supplier Contracts: Outlining current policies related to supply chain standards or ethical sourcing requirements.
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The "Data Subject Rights" clause outlines the entitlements of individuals regarding the personal data collected and processed about them, including the rights to access, rectify, erase, restrict, and object to the processing of their data. It also often includes provisions on data portability, allowing individuals to receive their personal data in a structured, commonly used format for transfer to another data controller.
The "Death of a Member" clause stipulates the procedures and consequences if a member of the contract passes away, including how shares, responsibilities, or benefits are redistributed or managed. It aims to provide clear guidance on transition and mitigate uncertainties, ensuring continuity and protecting the interests of surviving members or stakeholders.
The "Deemed Contribution and Distribution" clause outlines the scenario in which contributions and distributions between parties are considered to occur based on agreed-upon terms, even if actual physical transfer of assets or funds does not take place. This clause ensures that the financial and legal implications of contributions and distributions are recognized and enforceable as though they had occurred in reality.
18 example clauses
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