John Larson is the investment manager of the Sun City Employee's Pension Plan. He
recently completed a search for firms to manage the alternative investment allocation of
the plan's diversified portfolio. He followed the plan's procedure of seeking presentations
from a number of qualified firms and recommended that his board choose Select
Advisers because of its experience, well-defined investment strategy, and performance
record, which was compiled and verified in accordance with the CFA Institute Global
Investment Performance Standards. Following the choice of Select Advisers, a reporter
from the Sun City newspaper called Larson asking if there was any connection between
the choice of Select Advisers and the fact that they were one of the sponsors of an
"investment fact-finding trip to Europe" that Larson made earlier in the year. The trip
was one of several conducted by the Society of Pension Plan Managers (SPPM), which
had arranged the itinerary of meetings with economic, government, and corporate
officials in major cities in several European countries. The SPPM obtains support for the
cost of these trips from a number of investment managers, including Select Advisers; the
SPPM then pays the travel expenses of the various pension plan managers on the trip
and provides all meals and accommodations. The president of Select Advisers was one of
the travelers on the trip.

被选择的咨询公司，先前曾为John Larson 的欧洲调研付费，干预公正、独立性