The Commonwealth Insurance Company, Inc. held a special Board of Directors' meeting immediately following the KACo Finance Corporation Board of Directors' meeting on Thursday, December 22, 2011 at 400 Englewood Drive in Frankfort, Kentucky.
The following Directors were present: Chairman Mike Foster, Christian Co. Attorney (via phone); Denny Nunnelley, President and Executive Director/CEO; Grant Satterly, Chief Executive Officer and Director of Financial Services; Sue Carole Perry, Shelby Co. Clerk (via phone); Lynn Lane, Ballard Co. Clerk (via phone); Randy Stevens, Trimble Co. Judge/Executive; and Jim Townsend, Webster Co. Judge/Executive.
Others present were: Sue Blakeman, Assistant Director; Lonnie Campbell, Senior Financial Analyst; Kelly Mittler, Leasing Officer; B. J. White, Accounts Receivable Officer; Carolyn Jones; Chief Financial Officer; Brian Roy, Deputy Director; Rich Ornstein, Attorney; Tim Sturgill, General Counsel; and Roger Peterman, CoLT Board Counsel.
Chairman Foster called the meeting to order.
Motion made by Sue Carole Perry, seconded by Lynn Lane, to approve the minutes of the November 23, 2011 meeting as presented. Motion carried.
Mr. Miller presented and discussed an annual financial overview of the Company.
Motion made by Grant Satterly, seconded by Denny Nunnelley, to approve the annual financial overview as presented. Motion carried.
Mr. Satterly requested approval of the following meeting schedule for 2012: March 22; June 21; September 27; and December 20 at the KACo offices upon adjournment of the KACo Finance Corporation Board meeting.
Motion made by Grant Satterly, seconded by Randy Stevens, to approve the meeting schedule for 2012. Motion carried.
Mr. Satterly requested approval to elect new officers. He said the current officers are: Mike Foster, chair; Denny Nunnelley, president; Grant Satterly, CEO; Mark Miller, COO; Sonya Chesser, secretary; and Bruce Lawson, treasurer.
Motion made by Sue Carole Perry, seconded by Jim Townsend, to elect the current officers for another term by acclamation. Motion carried.
Mr. Miller said he just received a draft audit as prepared by the Kentucky Department of Insurance and, once it is finalized, will present it to the board. He noted that it is a very clean audit.
Motion made by Grant Satterly, seconded by Sue Carole Perry, to adjourn the meeting. Motion carried.
