University of Missouri
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FRI - Financial Research Institute, University of Missouri

Mission Statement

Under the academic leadership of the Robert J. Trulaske, Sr. College of Business at the University of Missouri, the Financial Research Institute, through its Public Utilities Division, serves as a neutral environment for the comprehensive examination of sound regulatory policy. The FRI provides interactive forums for consumers, regulators, industry and educators to facilitate innovation, understanding, and education in public utility policy issues. 

By Laws

The purpose the Financial Research Institute (FRI) is to promote education, research and service across all areas of theoretical and applied finance. The FRI and its Public Utility Division is committed to supporting informed, effective and efficient industry regulation.

The FRI will be managed by a director who holds a tenured academic position in the Department of Finance at the University of Missouri-Columbia. The Director of the FRI will be provided with guidance in his/her management of the FRI by a board of directors. The board will consist of two officers: a chair and a vice-chair. The chair will serve a one-year term as will the vice-chair. Beginning with the fall, 2005 meeting the officer positions will rotate at the conclusion of the annual board meeting. If the chair is unable to continue in office, the vice-chair will become chair for the remaining term in addition to his/her normal term. Otherwise, the vice-chair will automatically follow as chair upon the chair’s completion of his/her one-year appointment. When possible, one of these leadership positions will be occupied by a regulator while the other will be a non-regulator.

Members to the board will be appointed by the Director of the FRI from among those individuals, institutions or corporations whose affiliation will advance the purpose of the FRI. When the member is a corporation, business or similar organization, an annual membership fee is required to retain the board seat. No membership fees will be assessed from non-industry members.


The board will hold one meeting annually, generally preceding the annual symposium. Other meetings can be held upon the demand of a majority of board members.

A majority of the board is defined as one more than half of the board’s membership. A quorum is defined as a majority of the board. The number of board members needed to take board action is a majority of the board members present. Presence can be either physical attendance or via electronic means. Each board member has one vote.

The governance committee or a nomination sub-committee of it will advance nominations for the board vice-chair position at the annual meeting.

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