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  "documentTitle": "Erie Indemnity Company (ERIE)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-10-18 00:00:00",
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  "notes": "The slide highlights a specific period of fee reduction to contrast with the current practice of charging the maximum fee.",
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      "text": "Last time the management fee was reduced below 25% was in 2003",
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      "text": "Notably, the fee was last reduced below 25% in 2003 and remained below that threshold for four years. However, since 2007, the Board has consistently opted to charge the maximum fee of 25% to the Exchange.",
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      "text": "The Board of Directors establishes the management fee rate annually, typically in December for the upcoming year. In setting this rate, the Board evaluates the current year's performance against prior year results and industry estimates, while also considering various factors such as financial strength, capital position, projected revenues, expenses, earnings for the following year, future capital needs, and competitive positioning. Notably, the fee was last reduced below 25% in 2003 and remained below that threshold for four years. However, since 2007, the Board has consistently opted to charge the maximum fee of 25% to the Exchange.",
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      "text": "Source: ERIE 10-Ks 1999 to 2023",
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      "text": "Management Fee History Over Last 25 Years",
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