Michelle Phillips has been a member of the Board of Directors since 2003. Her extensive international finance experience includes a 15-year career at Chase Manhattan Bank in London, England in Securities Lending, where she co-developed and implemented its global international equity and fixed-income trading strategy. In 1999 when Chase merged with JP Morgan, she became Managing Director and Co-Head of Global Trading at JP Morgan Chase managing a portfolio of over $40 billion of fixed income and equity products. As Managing Director in 2002, Ms. Phillips was promoted to Global Head of Trading setting the strategic direction and development for all US and International equities and fixed-income securities across North America, Europe, and Asia and managed a $350 billion portfolio. As a Managing Director in 2008, she was promoted to European Product Head for Securities Collateral Management leading the strategic expansion of the business along with the development and evolution of the group’s future operation platform.