4. the composition of a bank board and the tasks that it must perform are different from those found in industrial corporations. Consequently the functions and organization of a bank board must be different -- which brings me to the second part of tonight's assignment -- which is to report to you the work of the Special Committee created last year to consider the future composition, structure, functions and procedures of the Wells board. As members of that Committee it was our charge to study whether changes should be made in the then existing procedures in the light of the expansion internationally and into Southern California, the potential diversification of activities through the holding company, and the rapidly changing economic and social conditions facing the institution. Our answer to this question was yes, changes should be made, and we presented our recommendations and obtained approval for them at the board meeting in December. Since the directors present tonight heard me sing this song in December, I'll try to vary the tune and tempo here. The Special Committee first looked at the composition of the board and decided that balance was the quality sought -- balance by geography, age, and representation from the principal industrial, financial, commercial, and professional fields. We clung to the concept that directors should always possess the requisite skills and qualities that would qualify them to be desirable directors and that no director not possessing these qualities should be elected to the board solely because of stock ownership, sex, minority race or public representation. Except for the view that in time we would want directors from the East as well as the West Coast, we felt that the composition of the board was in good shape as far as age distribution, the ratio of inside to outside directors,