Management Agreements

Management Agreements

Under the Management Agreements, the Manager is appointed to provide management services to each of LLP Co and the LLP Trust in exchange for the payment of management fees.  

The Management Agreement states that the Manager must act in the interests of the shareholders of LLP.  The Manager must provide a core management team to LLP performing the functions of Chief Executive Officer (currently Rodney Fehring), General Manager/Chief Operating Officer (currently David Payne) and Chief Financial Officer (currently Paul Walsh).

All matters to be approved by the Boards must be recommended by the Manager.  All recommendations to the Boards and supporting information and analysis are prepared by the staff managing LLP including the core management team.  The Boards are under no obligation to act on any recommendation of the Manager.

The Boards will have the right to seek independent professional advice (including legal, accounting and financial advice) at the expense of LLP on any matter connected with the discharge of their duties. 

The Boards will monitor the performance of the Manager and the Manager will provide periodic reports to the Boards confirming that the Manager has complied with its obligations under the Management Agreements.