Question: Assume the same facts as stated in D8- 4 except that the Pension Trust Fund is operated by a five-member board of directors. Before the

Assume the same facts as stated in D8- 4 except that the Pension Trust Fund is operated by a five-member board of directors. Before the end of the current fiscal year, three of the board members’ terms expire. If Smith appoints three new board members who are sympathetic to his plan, do you see a potential ethical problem?

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